And I don't care if you define inflation per millisecond or whatever. The end result is the same - there has been no hyperinflation episodes recently, exactly because central banks got quite good at lowering inflation.
The highest inflation after that was 13.91% in 1980, it was not a hyperinflation by any stretch. And I lived through an _actual_ period of hyperinflation after the USSR breakup.
Here's a list of hyperinflation episodes during the last 100 years: http://www.cato.org/sites/cato...
Do you see there any developed country with a central bank controlled by these devious money-grabbing bankers? Nope. All such countries have generally stable currencies and moderate inflation. There's a simple reason for that - inflation hurts rich people dis-proportionally. While deflation actually benefits them somewhat and hurts poor people.
Yes, I can come up with a thousand free market answers. And yes, that pretty much answers your question.
Would you buy a vehicle from any company whatsoever if you knew that parts were difficult to acquire? A manufacturer can play a game with parts availability only if they don't plan to stay in business.
Maybe we should go back to renting our phones from ATT as well.
In fact, right now ECB doesn't print _enough_ money - inflation is way under the targeted level, threatening to go into outright deflation.
The classic banking system evolved for a LONG time to minimize the effects of bank failures and bad bank employees. Besides, it's almost impossible to actually _steal_ money from a bank. Sure, you can rob a bank and maybe get a couple hundred thousands in cash. But stealing any non-trivial sum is impossible, because accounts are not kept in anonymous cash.