We’ll be curating stories from management guru John Bittleston and making them free to read.In 2009, Mr Volcker began serving as a key financial adviser to President Barack Obama and faced a maelstrom of financial turmoil, government bailouts and fallout from the deepest recession since the 1930s Great Depression.
Standing over 2 metres tall, Mr Volcker smoked cheap cigars, wore old suits and spoke with a rumbling baritone, creating a mystique that intimidated congressmen and even presidents. Part of his aura of power was due to the Fed's unusual nature - the central bank's governors, although appointed by the president and overseen by Congress, are effectively answerable to no one.
Beginning in his years at the Fed, when he railed against the huge US trade and budget deficits and battled inflation at every opportunity, investors idolised the man. Since publishing his book in 2018, Mr Volcker has even criticised the Fed's overly precise devotion to a 2-per cent inflation target.
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