Can TOTAL ECONOMIC COLLAPSE BE AVERTED? When the Fed has to step in to buy Government Debt, that is the last trump card the Government has (and the Fed has) to try to stop the economic collapse. I have been warning that nothing so far is working. We have fallen off of a cliff and we keep on falling and falling. When the institution that lends us the money then buys our debt, that is an insane attempt to stop a melt down. I do not think that it will work.