Summary:
The book chronicles the life and career of Paul Volcker, the former Chairman of the Federal Reserve, highlighting his efforts to combat inflation in the late 1970s and early 1980s through high interest rates. It delves into his persistent and principled approach to monetary policy, which ultimately stabilized the American economy despite initial controversy and significant political pressure.
Key points:
1. Monetary Discipline: Paul Volcker, as Fed Chairman (1979-1987), prioritized fighting inflation with high interest rates, leading to a recession but ultimately stabilizing the economy.
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