fiat currencies, which can be inflated at the push of a button nowadays... and are.
Is that a good thing, or a bad thing?
Yes.
Creating currency on a whim is necessary in a modern economy. That's why the Fed was created, that's what it's supposed to do. That's its chief advantage over the gold standard. Creating of money is a powerful tool that can be used to stabilize the markets and substantially improve general prosperity and quality of life.
Of course, this powerful tool is like any other powerful tool. It can be misused, either deliberately or accidentally. Used incorrectly, it can cause as much pain as it was intended to prevent.
So, do we blame the tool? Is the tool itself bad? Or should we accept that the tool exists and that it has benefits and risks associated with its use?