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Reader question: Please explain “save the day” in this sentence: With the global economy spluttering and financial markets on the rocks, the world need reassurance the US central bank stands ready to save the day. My comments: In other words, the world need to be sure that the US central bank, the Federal Reserve, will keep authorizing the printing of the greenback, i.e. pouring new money into the system. Which, on a side note, is exactly what the Federal Reserve has been doing and has been wont to do all along, I assure you. And that’s the thing - too much paper money is a big part of the problem, and so how can you solve the problem of too much printed money by printing even more of it? Therefore, printing more money in the form of what is called quantitative easing can but only be an expedient and temporary measure. In the long run, it’ll probable exacerbate the problem – making a bad situation even worse – at the fundamental level. And the Fed Reserve, by the way, is “neither Federal, nor does it have any reserves”, as pointed out by, among others, Rick Sanchez (It’s Time to Audit the Fed, HuffingtonPost, June 5, 2011): The mystery that is the Federal Reserve begins with its name, since it is neither Federal nor does it have any reserves. Those two facts are the crux of the problem. If you’re interested, you can Google “neither Federal nor does it have any reserves” and find out more about those two facts – two crucial facts, in fact, if you want to really understand how this world is run – but I’m not prepared to look deep into that intricate system here and now. | 
