The last true enemy of inflation the Federal Reserve has seen died earlier this week.

Paul Volcker, former chairman of the Federal Reserve from 1979-1987, has passed away.

Credited with tampering incredibly high levels of inflation during the Carter and Reagan administration by jacking up interest rates to unpleasant levels, Volcker’s passing harkens back to a time when central bankers weren’t afraid to make tough choices.

Volcker instinctively knew that central planning of the economy by tugging on monetary policy levers was not only a tall order, but also wouldn’t ultimately succeed.

In an interview the former chairman said about the Keynesian “religion,” “…I was a bit turned off by ... Read more »