What Zaid is referring to is that any real polynomial of odd degree has a root.
If our polynomial has a root, say at $a$, then $f(a) = 0$, so we may take $y = a$.
This takes care of all polynomials that have a real root (which includes ALL polynomials of odd degree, and SOME polynomials of even degree).
Which leaves with with even degree polynomials that have no real root (like, for example, $x^4 + 1$).
If $f$ is of even degree, then $f'$ is of odd degree. By the discussion above, $f'$ has a root (it may have more than one).
Now $f$ is bounded below by 0 (if the leading term's coefficient is > 0) or bounded above by 0 (if the leading term's coefficient < 0). Since we are considering $|f|$ it doesn't matter if we talk about $f$ of $-f$, since both have the same absolute value.
So we may as well assume $f > 0$. We know that the set of real roots of $f'$ is non-empty. We can (if we feel like being thorough) distinguish 3 cases:
1. $f'$ has just one real root. This must be a global minimum for $f$.
2. $f'$ has two real roots. One of these must be the global minimum, and the other an inflection point.
3. $f'$ has 3 real roots. Two of these are local minima, the third (which is between the other two) is a local maximum. The local minimum with the smallest value is the desired global minimum.
In all 3 cases, a global minimum exists, which we can then choose to be our $y$.
As for our example above, we find that $f'(x) = 4x^3$, which has the sole root $x = 0$.
And, from inspection, it is not hard to see to $x^4 + 1$ has a minimum value of 1 at $x = 0$.