Paul A. Volcker
The Fed chairman who believed ‘no pain, no gain’
Paul A. Volcker, who defeated runaway inflation as Federal Reserve chairman in the 1980s, establishing the importance to the economy of an independent central bank, and whose “Volcker Rule” became a controversial element of post-crisis banking regulation in the Obama administration, died On December 08, at 92 years old. He became one of the most unpopular Fed chairmen in history for pushing interest rates as high as 20% to break the soaring inflation that consumed the U.S. economy in the 1970s. But his actions succeeded in bringing down inflation that has been in control ever since.
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