Some people still think the Reserve Bank fights inflation. Poor saps. Here's the history of NZ's inflation, in a graph. Just take a look at what happens to inflation once a) the gold standard was 'suspended' in 1914, and b)when the Reserve Bank is established in 1934. Now, we're all aware that correlation is not causality, but seems to me that the fans of central banking have some explaining to do.
UPDATE: I should have let you know the context for the graph. It was prepared by Bryce Wilkinson from Wellington's Capital Economics Ltd, and referenced in this February article by Frederic Sautet: 'The Disastrous Effects of Central Banking: Let’s Get the Story about Inflation in New Zealand Straight.'