The ensuing debasement of the currency is the economically devastating outcome of central banks' unlimited power to suppress the interest rate. This, in turn, is the result of the government taking full control over money production.
The downward manipulation of the interest rate drives a wedge between the (real) market interest rate and the societal time-preference rate , and therefore wreaks havoc with the economy's intertemporal production structure.
At the end of the day, inflation is a serious threat to freedom. The majority of the people, suffering badly from inflation, would most likely blame the free market for their plight, rather than blame the central bank for the debasing of the currency.
Perhaps most importantly, the very source of the crises would remain in place: the concept of "price index targeting," which rests on the erroneous "stabilization" idea, a concept that is in full contradiction to the notion of free markets: "Human action originates change. As far as there is human...