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The extraordinary life story of the former chairman of the Federal Reserve, whose absolute integrity provides the inspiration we need as our constitutional system and political tradition are being tested to the breaking point.

As chairman of the Federal Reserve (1979-1987), Paul Volcker slayed the inflation dragon that was consuming the American economy and restored the world’s faith in central bankers. That extraordinary feat was just one pivotal episode in a decades-long career serving six presidents.

Told with wit, humor, and down-to-earth erudition, the narrative of Volcker’s career illuminates the changes that have taken place in American life, government, and the economy since World War II. He vibrantly illustrates the crises he managed alongside the world’s leading politicians, central bankers, and financiers. Yet he first found his model for competent and ethical governance in his father, the town manager of Teaneck, NJ, who instilled Volcker’s dedication to absolute integrity and his “three verities” of stable prices, sound finance, and good government.

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In the News

December 9 2019

Paul A. Volcker, Fed Chairman Who Waged War on Inflation, Is Dead at 92

Mr. Volcker helped shape American economic policy for decades, notably by leading the Federal Reserve’s brute-force campaign to subdue inflation in the 1970s and ’80s.

Paul Volcker, at 91, Sees ‘a Hell of a Mess in Every Direction’

The former Fed chairman, whose memoir will be published this month, had a feisty take on the state of politics and government during an interview.

Paul Volcker’s memoir invites a rethink of the fight against inflation

Mr Volcker acted with grim determination, tightening monetary policy even as the economy sank into deep recession and beleaguered Americans pleaded for relief. Eventually he not only routed inflation, but also won a hard-earned credibility for the Fed that would help successors keep inflation stable. Mr Volcker himself recounts the story in a new memoir, “Keeping At It”, which calls on central banks to resist the siren song of loose money.