Free Download Keeping at It: The Quest for Sound Money and Good Government
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Keeping at It: The Quest for Sound Money and Good Government
Free Download Keeping at It: The Quest for Sound Money 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
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. There’s something endearing about Volcker’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 weren’t helping, and the US Dollar itself risked being speculated into oblivion.Paul Volcker may be considered “The Fed’s Last Hawkâ€. As chief of the Fed, he administered the medicine necessary to extinguish the United States’ 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: “lead 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: “the 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.†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.“Now 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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