Paul Volcker Death, the former head of the US central bank who was known for fighting inflation, has died at the age of 92.
Appointed chair of the Federal Reserve in 1979, Mr. Volcker dramatically raised interest rates to combat inflation.
The move drove the US into recession, but was credited with creating the conditions for long-term growth. It also helped to burnish the bank’s reputation for independence.
Mr Volcker’s tenure at the top of the Fed ended in 1987.
More recently he had advised former US President Barack Obama on bank regulation following the financial crisis, overseen the return of money to Holocaust victims, and investigated a United Nations oil-for-food programme.
“His life exemplified the highest ideals – integrity, courage, and a commitment to do what was best for all Americans,” current Federal Reserve Chair Jerome Powell said in a statement.
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A legendary figure in American finance, Mr Volcker was known for his penchant for cheap cigars as well as his towering height, given that he was six feet eight inches tall.
He also had a reputation for delivering blunt truths. In order to reduce inflation, he warned the US Congress: “The standard of living of the average American has to decline. I don’t think you can escape that.”
In a 2018 interview with the New York Times, he said he saw a “hell of a mess in every direction” due to the loss of respect for institutions like the Supreme Court, presidency and Federal Reserve.
“I don’t know, how can you run a democracy when nobody believes in the leadership of the country?” he said.
