The Forgotten Legacy of Paul Volcker

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Paul Volcker has been a figure both hated and revered in equal measure throughout his tenure at the Federal Reserve. Nowadays, he is something of a distant figure, consigned to a now bygone era of late 70s’ stagflation and high interest rates. Occasionally Volcker’s comments on the current environment rise to the surface of financial news — one always hears them in his characteristic low drawl. But his prudent counsel often…