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On Standing Tall

Courageous oversight, then and now

Posted in Contemporary economics, US politics Tagged with: , , , , ,

It’s difficult to explain heroics of the past to young leaders of the present day.  Circumstances change so swiftly, new perils mount with such sudden speed that what was required even forty years ago in terms of preparation, ingenuity, and courage may fail to impress – especially if it happens to involve monetary policy. Former Federal Reserve Board chairman Paul Volcker died last week, at 92. In recognition of his passing, I read the superbly detailed The Reform of October 1979: How It Happened and Why, by David Lindsey, Athanasios Orphanides, and Robert Rasche.  Their article was written for a