Independent central banks were created specifically to make it harder to create fiat currency. But the game nature of human society dictates that every system will be corrupted, and every good idea turned bad, over time. As such, the central-bank experiment, while brilliant and noble, has come to an abrupt end in failure since the 08 crisis. Global fiat currency system was an ingenious and bold experiment except for its reliance on an optimistic view of human's ability to overcome greed and fear. Soft inhibition/prohibition against the creation of money, be it moral, legal, or political, is not enough to prevent us from caving in to greed and fear when the time is right (or wrong). We need something stronger to save us from ourselves. Back to gold.

DURDEN, TYLER, Gold, the Improbable Answer to Life, the Universe, and Everything, January 11, 2011

[A] government ought not, any more than a private person, to be able to take whatever it wants, but be strictly limited to the use of the means placed at its disposal by the representatives of the people, and to be unable to extend its resources beyond what the people have agreed to let it have. The modern expansion of government was largely assisted by the possibility of covering deficits by issuing money – usually on the pretense that it was creating employment.

HAYEK, FRIEDRICH, Denationalization of Money: The Argument Refined

[M]oney manipulation...does not produce goods. Such action has only one final witchery and that is, to undermine the confidence of men in the future safety of their savings and thus to stifle their enterprise in renewing and improving their plant and equipment.

HOOVER, HERBERT, The Challenge to Liberty, Chapter VII, Charles Scribner’s Sons, 1934

It could be argued that discretion is only used by central banks today in order to eliminate inflation and maintain the stability of the currency, which is positive for markets. However, although an increasing number of central banks today conduct monetary policy with the sole objective of keeping inflation low, they are still involved in setting interest rates and controlling the money supply in the pursuit of a particular outcome: namely to ensure that economic growth is kept at 'sustainable non-inflationary' levels. In other words, central banks operate and act on the basis of very limited information in order to achieve macro economic certain outcomes, by using discretionary power – i.e. they operate in a manner which is contrary to the requirements of the spontaneous order. It should also be remembered that legally, central banks retain the same capacity to create inflation as during the 1970s – only attitudes towards inflation have changed, not the capacity of governments to cause it.

MIKKELSON, ADAM

A monopoly over money supply also allows government to finance itself by in effect 'printing' money, which although is politically useful in creating short term aggregate demand, is ultimately inflationary and reduces the value of the currency. This acts as a coercive taking of private property, similar to a tax, and is typically unconstrained by any Parliamentary or Constitutional process.

MIKKELSON, ADAM

Before the Federal Reserve, there were a number of panics and crashes. As many as a few dozen banks went bust each time. After the Fed was created in 1913, a massive inflationary bubble ran the market up, which subsequently crashed and almost half the country's banks ceased to exist. The Fed is the progenitor of most systemic risk.

STANSBERRY, PORTER, The S&A Digest, March 25, 2009

Central banking is almost entirely a phenomenon of the 20th century . . . . created as a means of financing the government. . . . If you say central banking is essential to a free market economy, I have to ask you about Hong Kong, which has no central bank at all . . . Yet it does quite well in terms of economic growth and stability.

VOLCKER, PAUL, Former Federal Reserve Chairman, August, 1990 symposium sponsored by the Federal Reserve Bank of Kansas City