He Promised, and He Delivered

The U.S. was on the verge of a financial crisis when Paul A. Volcker became The U.S. was on the verge of a financial crisis when Paul A. Volcker became Federal Reserve Board chairman in August 1979. Inflation was roaring ahead at an annual rate of 13%, and the dollar was sinking on international money markets. Worldwide confidence in the Government's ability to manage the American economy had seldom been lower. Today inflation has slowed to less than 4%, and the dollar has become the world's strongest currency. Many experts attribute that remarkable...

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