Central banking works “great” for the people at the front of the line for new money, bankers, governments, other parts of the crony system. By the time that money hits Main Street however it is worth much less. Rinse and repeat and one has a recipe for exacerbated income inequality.
Yet so few people seem to understand this, including many very bright people.
More people should read and learn from Murray Rothbard on the subject of inflation.
Monetary inflation, then, acts as a hidden “tax” by which the early receivers expropriate (i.e., gain at the expense of) the late receivers. And of course since the very earliest receiver of the new money is the counterfeiter, the counterfeiter’s gain is the greatest.