The short answer is no, it has never worked. Neither, over the long run, have fiat money systems controlled by governments. For a logic-based critique of central banking wrapped up in a good story, see The Golden Pinnacle, available as a book or Kindle download, and soon to be available on Nook.

http://www.amazon.com/The-Golden-Pinnacl... (book)

http://www.amazon.com/The-Golden-Pinnacl... (Kindle)