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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Paul A. Volcker worked in the United States Federal Government for almost 30 years, culminating in two terms as chairman of the Board of Governors of the Federal Reserve System from 1979-1987. Earlier he served as Undersecretary of the Treasury for Monetary Affairs and president of the Federal Reserve Bank of New York.
Since leaving the Federal Reserve Mr. Volcker continued his public service: as chairman of the Volcker Alliance; as head of President Obama's Economic Recovery Advisory Board; chair of the investigation of the UN's Oil-for-Food program; and head of the committee formed by Swiss and Jewish organizations to investigate deposit accounts and other assets in Swiss banks of victims of Nazi persecution and to arrange for their disposition.
Educated at Princeton, Harvard, and the London School of Economics, Mr. Volcker was a recipient of honorary doctorates from each of his "alma maters," as well as a number of other American and foreign universities.
Christine Harper has been a financial reporter and editor for more than two decades. She is the editor of Bloomberg Markets and previously was executive editor responsible for overseeing Bloomberg News's global coverage of financial companies.
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在他(著名经济学教授尤韦·莱因哈特)那场出席人数众多的追悼会上发布的项目,凸显了他对会计学学生的临别提醒:“我之所以教授会计学,是因为民主建立在责任的基础上。没有负责任的会计,就不可能有责任。”
政治压力(包括直接来自总统的)和经济放缓的可能性(尽管当时统计数据并没有显示这样的迹象),使美联储不愿意采取减少货币供应量的措施,哪怕是很小的措施。在此方面,当时和今天有太多相似之处:很多时候,中央银行都对在早期应对通胀压力犹豫不决。
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