With many of the Western economies all running huge deficits at a time of near-zero interest rates printing money is not going to work in a way that will have a happy ending.
With Western governments looking for ways to raise revenues without imposing economy-unfriendly taxes, it puzzles me greatly why the big deficit countries, who also happen to have large gold holdings, dont get to together and revalue their gold holdings from $35 per ounce to $2500. At the same time they could declare themselves sellers at that price( in bars or gold bonds backed with gold) and willing buyers at $2200. The result would be a high powered liquidity injection that would rebalance government balance sheets and get the economy moving again. Some countries that have sold gold might not like this solution as it might cause political embarrasment - tough. That shouldnt be allowed to get in the way of speeding up a solution to the high powered liquidity problem that the world faces.
This will never happen because governments love dishonest fiat currency which enables them to enslave their people with debt. More importantly, acknowledging that gold has a meaningful place in the international payments system would be an admisssion of failure of the floating currency system that has been in place sine USA went of the gold standard in 1971. The past 40 years of illusory fiat money wealth is about to be shown up as the charade it really was.