With the FED & other central banks racing to engage in monetary pumping (e.g., Quantitative Easing), there are real reasons to be concerned about price inflation, & in the extreme, hyperinflation.
(Following Philip Cagan’s definition, hyperinflation begins when monthly increases in the price level are at least 50% & when monthly inflation rate goes below 50% & stays there for at least a year, the episode is over.)
In a Cato Institute working paper (World Hyperinflations), Steve Hanke & Nicholas Krus examine 56 episodes of hyperinflation over 250 years. It appears that almost all occurred under a centrally-controlled monetary arrangements, either by a central bank or government treasury.
In these instances, there was neither a de jure nor de facto commodity standard based on either gold or silver nor was there a constraints based on a foreign-exchange standard whereby the local currency was redeemable at a fixed rate aginst foreign currency(s).
This undermines arguments against “sound money” under either a gold standard or “free banking” on the grounds that they cause more monetary instability than is experienced with a fiat money monetary system guided by central banks.