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Volcker and the Fed: A Timely Tale of Triumph

September 4, 2012 1 minute Read by Amity Shlaes

There hasn't appeared a book as timely as William Silber's “Volcker” in a long time. I read this book in draft form, but am now stunned to see how it lines up with our current situation. With authority, Professor Silber, who teaches at the NYU Stern School of Business, tracks Paul Volcker's unpredicted heroism in vanquishing inflation. Worth the purchase price alone is the facsimile of Volcker's handwritten notes from his first FOMC meeting as Fed head in August, 1979:

Like to set out a few thoughts...3B) I don't have to belabor inflation side of dilemma. Energy big factor, but will continue....3B1) Inflation expectation radically changed in past year or two....'Easing' may not work.

Congratulations to Professor Silber on this important book and also, of course, for writing about a living person, something that is always difficult. And congratulations are due Chairman Volcker as well on his historic work.

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