When the US Federal Reserve was created in 1913, its most important function was to serve as a lender of last resort to troubled banks, providing emergency liquidity via the discount facility. The current crisis suggests that this is no longer enough.
当1931年建立美国联邦储备系统的时候，它最重要的作用是作为陷入困境的银行的最后贷款人，通过贴现工具为这些银行提供紧急流动性。当前的危机显示，中央银行的这一作用已经不能满足需求了。全球中央银行都被迫在证券市场作为最终做市商。这种迹象已经很明显了。