Shortages

[Skybird]

Who are the officers of that central bank???

Governments. And not just in case of that one, but all central banks.

I recommend to study the history of the growing in significance of the Bank of England over the 18th century. It began at the end of the 17th century with the need by the crown to finance the payment of icreasing the fleet strength of the RN although the crown's finances did not allow that and laid in ruins. When during the Napoleonic wars the "bank of the banks", that achieved that status in several steps of institutional rise during the forgoing century, had eroded its material safeties to a degree that it ended up in a situation where it had mandated seven times more notes in circulation (imagine there are 7 chips handed out by the wardrobe, but there is only 1 coat...), parliament granted it the right to switch to cash-free finance businesses without need for mateiral value safeties.

The first paper money experiment however was run not by the British, but the Chinese, and already in the 12th century. One generation after that one kingdom where it took place had started the attempt, the kingdom was up in flames and broke apart in civil war, the state structures blown apart, and the economy having degenerated into total collapse. After that the Chinese did not touch paper moeny experiments again just until recent modern times.

Whether a medieval king reduces the content of silver in silver coins, or a government of the present has its central bank inflating paper currency - intention and effect both are identical: to gain real value by paying material substance and labour service with nothing. The securing of royal monopoly for minting, and the govenrment monopoly to control paper money and printing it exclusively, both are precondition for the committing of the crime: forging money. This serves the desire of politicians to bribe voters with more promise than what could be afforded and fulfilled, while pushing the paying of the bills for the escalating promises and briberies to a time beyond that politician's career end.