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Keeping at It: The Quest for Sound Money and Good Government

Ebook Free Keeping at It: The Quest for Sound Money and Good Government

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The extraordinary life story of the former chairman of the Federal Reserve, whose absolute integrity provides the inspiration we need as our constitutional system and political tradition are being tested to the breaking point.

As chairman of the Federal Reserve (1979-1987), Paul Volcker slayed the inflation dragon that was consuming the American economy and restored the world's faith in central bankers. That extraordinary feat was just one pivotal episode in a decades-long career serving six presidents.

Told with wit, humor, and down-to-earth erudition, the narrative of Volcker's career illuminates the changes that have taken place in American life, government, and the economy since World War II. He vibrantly illustrates the crises he managed alongside the world's leading politicians, central bankers, and financiers. Yet he first found his model for competent and ethical governance in his father, the town manager of Teaneck, NJ, who instilled Volcker's dedication to absolute integrity and his "three verities" of stable prices, sound finance, and good government.

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Audible Audiobook

Listening Length: 10 hours and 6 minutes

Program Type: Audiobook

Version: Unabridged

Publisher: Hachette Audio

Audible.com Release Date: October 30, 2018

Whispersync for Voice: Ready

Language: English, English

ASIN: B07JQSF5TT

Amazon Best Sellers Rank:

Paul Volcker (with Christine Harper) has written in a manner that is simple and clear. This means 'simple and clear' to anyone who knows anything at all about The Federal Reserve (Fed) which is the USA's Central bank. This doesn't mean that an interested reader will learn the many details connected with our central bank. It is not that kind of a book. There are many other books that will serve the purpose of explaining the "nuts and bolts' of the system. can be called a personal description in skeletal form, of Volcker's early life and education, followed by a reasonably fleshed-out account of his professional life as Chairman of the Fed, his activities thereafter, and his concerns about the future. The book is around 290 pgs. long, and has a very good 'time-line' section before the first chapter.Paul Volcker was Chairman of the Federal Reserve for 8 years, 1979-1987. During most of that time Ronald Reagan was President. The national economy was in a pickle when Volcker took over. Monetary inflation was over 10%. Dr. Volcker is best known as the Fed Chairman who stood rock solid behind the corrective course of maintaining high discount (interest) rates (up to 20%), long enough to break the back of high inflation. (High discount rates are painful to businesses but pleasurable to savers).Mr. Volcker remained active as chairman of various boards and in other ways. For example he chaired the board behind the successful investigation of corruption in the "Oil For Food" program (involving Iraq) launched in 1996. Another example of post-Gov't. work is as chairman of the so-called "Volcker Commission" that successfully investigated alleged irregularities involving Swiss Banks as holders of unreported assets that had belonged to Jewish victims of the WW 2 Holocaust.Though Paul Volcker still lives (over 90) as I write this, he is unlikely to be remembered now (2018) by younger generations unless they are involved in the subjects of economics and the Federal Reserve. In that the aforementioned subjects don't generally interest the 'man in the street' or perhaps not even the general reader, I don't see this book as being a knockout of a seller other than to libraries, bankers, financial advisors and contemporaries of Dr. Volcker. I hope I am wrong about this.Readers will learn of the 'Triffin Dilemma' pertaining to the gold supply, and about Volcker's 'Three Verities' which he considers (and any citizen should consider) highly important to this country. They are (1), Stable Prices; (2), Sound Finance, and (3), Good Government.A certain revelation in this book that I was completely unaware of is the fact that President Reagan, in company with and via Chief of Staff Jim Baker, made an embarrassing demand of Chairman Volcker - a demand involving the interest rate level. (Pgs. 118-119).I highly recommend the book.

A great book by a great man. A legend in financial history. There is a lot of history here and Paul Volcker looks back on some of these events-what he did right and what he delayed in doing. While he may have his critics, the reader is left with Volcker's strong desire for public service. The book is well-balanced and sets the bar for all future fed chair leaders who plan to write one. i.e former Fed Chair Janet Yellen

Paul Volcker knocks the ball out of the park through his autobiography, published at the advanced age of 90. Thereâ€™s something endearing about Volckerâ€™s style: he comes off as a chip off the old block, approachable, a wise and simple man.Fiscal standards became unbridled proceeding August 1971 when the last vestige of the US Dollar Gold Convertibility Standard was dismantled by fiat. The money supply grew like never before and it eventually set off a wave of price inflation in major markets including the price of gasoline and cost of borrowing. Geopolitical events unraveling in the Middle East werenâ€™t helping, and the US Dollar itself risked being speculated into oblivion.Paul Volcker may be considered â€œThe Fedâ€™s Last Hawkâ€. As chief of the Fed, he administered the medicine necessary to extinguish the United Statesâ€™ epoch of inflation, or as he termed it, the Great Inflation. As the newly appointed Chairman of the Fed in 1979 with the inflation rate over 13 percent, Volcker wasted no time, immediately raising interest rates. His mission: â€œlead a war against inflation.â€â€œI suppose if some Delphic oracle had whispered in my ear that our policy would result in interest rates of 20 percent or more, I might have packed my bags and headed home.â€Indeed, at its peak: â€œthe rate on three-month Treasury bills eventually exceeded 17 percent, the commercial bank prime lending rate peaked at 21.5 percent, and, most sensitively, mortgage rates surpassed 18 percent. Those rates had never been seen before in our financial history.â€ The unemployment rate proceeded to creep over ten percent, and a wave of bankruptcies pounded the Savings & Loans lending industry, crippling the economy into recession as the wicked chimera of stagflation roared.Stagflation is the economic phenomenon where price inflation and economic recession intersect. As a central banker, it is the most difficult balancing act, a central banking conundrum: do you raise the interest rate to combat inflation, or do you lower it to combat the recession? If you raise it to calm prices, you also cause the cost of borrowing to go up. If you lower it to stimulate financial facilities, money supply growth continues and the price level never ceases to increase.History proved Volcker right. Leading the Fed, his aggressive approach against inflation got prices under control, despite the severe market disruptions it caused. This then set the stage to combat the recession, and by the end of his term in 1987 both inflation and unemployment were normalized.â€œNow the environment is quite different. The generation with direct experience of stagflation is passing on.â€

This is an excellent book about an American few of us have heard of, but whose impact has been monumental on American society. We learn in this book who inspired Volcker and how he became the person he became. There are numerous inside stories of a remarkable career that spanned many administrations. It was interesting to hear how monetary policy worked in the days well before I was born.Being a lifelong student of economics, I really enjoyed the insight to some of the problems Volcker faced too, so if you also like econ, this will be great for you, though it does not really go too deep, and shouldn't be a problem for people who aren't much interested.Really touching stories behind the numbers, and funny insights to a lot of things you never knew about. I'll let you discover them on your own. Highly recommended.Enjoy.

Excellent read. A very readable walk thru of the national and international finance landscape starting with the post war through to current events. The story of personal and professional ethics unparalleled.

Volcker had and still has an incredibly unique perspective on public service and the financial universe. His memoirs provide fascinating insight into what a motivated person with a fabulous intelect can contribute. His advice for going forward will hopefully be taken and his recommendations implemented.

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