a digital library of Unitarian Universalist biographies, history, books, and media
the digital library of Unitarian Universalism
Home » Biographies » Paul Volcker

Paul Volcker

Paul VolckerPaul Adolph Volcker, born in 1927 in Cape May, New Jersey, is best known as the Chairman of the Federal Reserve under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987).

Volcker’s Fed is widely credited with ending the United States’ stagflation crisis of the 1970s by limiting the growth of the money supply, abandoning the previous policy of targeting interest rates. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2% by 1983 and has remained low ever since. The change in policy contributed to the significant recession the US economy experienced in the early 1980s, which included the highest unemployment levels since the Great Depression. The wisdom of Volcker’s focus on stabilized price levels is uncertain if one believes that it initiated an era of stagnant living standards and increased joblessness for much of the population.

He is the current Chairman of the Board of Trustees of the influential Washington-based financial advisory body, the Group of Thirty, and is a member of the Trilateral Commission. He has had a long association with the Rockefeller family, not only with his positions at Chase Bank and the Trilateral Commission, but also through membership of the Trust Committee of Rockefeller Group, Inc. (RGI), which he joined in 1987. That entity managed, at one time, the Rockefeller Center on behalf of the numerous members of the Rockefeller clan.

—From Wikipedia

Recommended Reading

Paul Volcker: The Making of a Financial Legend by Joseph B. Treaster

Click here to view Supplemental Reading to Paul Volcker on Amazon.

Series Navigation<< Philippe VillersAdam Ulam >>

Notable in UU History

De Benneville, George (1703-1793)

An early preacher of Universalism, de Benneville represents a mystical, experiential type of the faith. He ... Read More
John Dos Passos

Dos Passos, John (1896-1970)

Biographical Introduction The writer who is celebrated for his historical triple novel, U.S.A., was born in ... Read More
May Sarton

Sarton, May (1912-1995)

May Sarton, the only child of George and Mabel Elwes Sarton, was born in Wondelgem, Belgium ... Read More
Frederick Law Olmsted

Olmsted, Frederick Law (1822-1903)

The founder of American landscape architecture was born in Hartford, Connecticut, the city founded by his ... Read More