What other chance they got other than printing more money? They tried to raise the interest rates and banks started to go bust. Now they see they can't do that anymore, they will go back what they do best. Printing. You might ask now, "but weren't they trying to stop the consequences of printing money?" and you are right, they were. They were. Since they can't stop the inflation, what else is left to do? Making it even greater.
A wise man once said: "If you can't beat them, join them."
Another one said: "Fight fire with fire."
These 2 wise men know what will happen next. It is hyperinflation.
I hope that doesn't really happen because if it does then we are going to end up in so much trouble. I know that there are a lot of people who will do their best to prevent this from happening and they will try to stop printing of money and figure out a way to just focus on how to drop the inflation.
The problem is that most of those people who will fight against it are people who do not have the power, and we need to give these people their rights and power so that they can do that. How can we do that? We can do that with our votes in our own nations, pick the politicians that will make the nation better and the economy better so that we can get better. But you know what's the issue? Those people not get enough votes, and we end up with demagogs who rule however they want.