When Volcker Ruled
The Wall Street Journal
September 7, 2012
Book review of: Volcker: The Triumph of Persistence by William L. Silber
Featuring: Paul Volcker, Belfer Center International Council member
Topic: Volcker’s influence on economic history
“Whoever wins the election in November, high on the president’s agenda must be the task of reviving a flagging economy. Just as important as figuring out what to do will be actually making it happen—getting something done despite the inevitable obstacles and infighting.
William Silber’s ‘Volcker: The Triumph of Persistence’ thus comes at the perfect time, for Paul Volcker is one of those rare Washington figures who know how to think shrewdly about the economy and also how to make broad intentions into hard political realities. As Treasury undersecretary and as Fed chairman in the 1970s and 1980s, he got very big things done indeed. Mr. Silber offers fascinating subplots and revelations along the way—not to mention a portrait of a tough and colorful man—but his main storyline concerns two of the most dramatic-policy changes in economic history, one international, the other domestic. Mr. Volcker played a key role in both.”