“This is a time of testing -- a testing not only of our capacity collectively to reach coherent and intelligent policies, but to stick with them.” -- Paul Volcker
"Wall Street wisdom is that QE is immensely powerful and is stoking financial bubbles. Academics say, 'I take your $100 bills, I give you back 10 $10 bills. Who cares?'"
“The first lesson is that central banks can and should take responsibility for delivering low and stable inflation,”
Paul Volcker restored the Fed's credibility through suffering. The Fed's leadership knows that it must pursue a similar course today.
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