Behind the 20 Cigar

No one has to tell Paul Volcker about the anguish of high interest rates and a moribund economy. Whereas many top Government officials can often find themselves cushioned from the consequences of their actions as public servants, the chairman of the Federal Reserve has been feeling the direct and personal impact of his economic prescriptions virtually every day of his life for the past 2½% years.

In 1979 Volcker stood near the zenith of a brilliant career in international banking and, as president of the Federal Reserve Bank of New York, commanded a salary of $110,000 yearly. Upon accepting Jimmy Carter's appointment...

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