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Volcker
Book

Volcker

The Triumph of Persistence

William L. Silber
Bloomsbury Press, 2012

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Editorial Rating

8

Qualities

  • Innovative

Recommendation

Paul Volcker’s family extolled public service as honorable and necessary, instilling in him a duty to serve. He sought and spoke the truth – not the politics – of situations as he lived them. His plainspokenness cost him being appointed US treasury secretary a few times. His greatest achievement was becoming Federal Reserve chairman in 1979 and taming chronic inflation. Hardships, such as family illnesses and financial stress, never tempered his devotion to public service. In his 80s, he contributed vital facets of recent financial regulation in the form of the “Volcker Rule.” Author and professor William L. Silber brings his professional and personal relationship with Volcker to bear on this significant biography of an “American financial icon.” Volcker sat for interviews and shared personal documents, which lend the book a singular intimacy, but this is a definitive portrait, not hagiography. getAbstract recommends it to bankers, students of finance and politics, financial strategists and anyone who seeks to understand Paul Volcker.

Take-Aways

  • Paul Volcker learned the value of public service at a young age and brought family-honed integrity and tenacity to his career.
  • During the Nixon administration, Volcker came up with a “bombshell” plan to substitute the dollar for gold as the global benchmark of value.
  • His foreign travels as an administration emissary earned him worldwide respect.

About the Author

William L. Silber, co-author of several classic textbooks on finance, including Money, is an economics and finance professor at New York University’s Stern School of Business.

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