Paul Volcker, the former US central bank chief renowned for taming rampant inflation following the oil price hikes of the 1970s, has died aged 92. Volcker’s daughter Janice Zima said the former head of the Federal Reserve died at his home in New York on Sunday. An imposing figure at six foot eight inches (2m), Volcker, who had been suffering from prostate cancer, was notoriously independent both in the way he conducted himself – smoking cheap cigars and wearing crumpled suits – and in his independent views, which often clashed with the short-term considerations of lawmakers on Capitol Hill. In 2018, he published a memoir, Keeping at It: The Quest for Sound Money and Good Government, and expressed concern about the direction of the federal government and the loss of respect for it. “The central issue is we’re developing into a plutocracy,” he told the New York Times. “We’ve got an enormous number of enormously rich people that have convinced themselves that they’re rich because they’re smart and constructive. And they don’t like government and they don’t like to pay taxes.” From the moment he was appointed Federal Reserve chairman in 1979 by Jimmy Carter with a mission to support… Read full this story
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