Paul Volcker: The Making of a Financial Legend

Book Description

As the Chairman of the Federal Reserve from 1979 to 1982, Paul Volcker established himself as one of the most influential economic thinkers. Currently a major advocate for corporate governance and accounting reforms, Volcker’s reputation as a great business leader with uncompromising ethics continues to this day. Written by award-winning New York Times journalist Joseph Treaster, Paul Volcker: The Making of a Financial Legend takes readers through the most compelling moments of this legend’s life in private and public service. From his early days as a young Treasury Department official through his appointments to the New York Federal Reserve Bank, the Federal Reserve, and James D. Wolfensohn, Inc., this inspiring book captures the significant moments in Volcker life and explores the ethical, economic, and moral dilemmas he faced at every turn.

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The compelling story of one of finance's living legends
As the Chairman of the Federal Reserve from 1979 to 1982, Paul Volcker established himself as one of the most influential economic thinkers. Currently a major advocate for corporate governance and accounting reforms, Volcker's reputation as a great business leader with uncompromising ethics continues to this day. Written by award-winning New York Times journalist Joseph Treaster, Paul Volcker takes readers through the most compelling moments of this legend's life in private and public service. From his early days as a young Treasury Department official during the Nixon years grappling with international economic affairs through his appointments as President of the New York Federal Reserve Bank, Chairman of the Federal Reserve, Chairman of James D. Wolfensohn,
Inc., and his work in recovering money from Holocaust-era bank accounts in Switzerland, this book explores the ethical, economic, and moral dilemmas Volcker faced at every turn. Treaster captures many of the significant moments in Paul Volcker's life, including his friendship with David Rockefeller who hired him as Vice President for International Business at Chase Manhattan; his leading role as Treasury Department undersecretary in ending the Bretton Woods system; his appointment to Chairman of the Federal Reserve by President Jimmy Carter and later by President Ronald Reagan; and his campaigns for changes in corporate governance and accounting.
Joseph B. Treaster (New York, NY), a prizewinning reporter for the New York Times for more than 25 years, began his career with the Times as a foreign correspondent in Southeast Asia and has reported from dozens of countries. Treaster currently writes lead stories in economics, business, and finance for the Times.

Customer Reviews:

Inflation.......2005-12-25

Capitalism is sabotaged by Inflation. High inflation rates threaten real money. When inflation rates exceed interest rates creditors lose money, if they lend money; debtors profit by borrowing money and repaying it with cheap money; and savers are repulsed from the US bonds yielding 5 percent by realizing a negative ½ percent loss in real money. Transmutation of monetary dross took the form of economic growth and production increases then moved back into liquid or money form and again into greater production. This unending circuit is the essence of capitalism.

In the 1980s, Less Developed Countries were in a buying spree betting tangible assets would outstrip the value of money. Speculation increased in the stock market as more capital went to speculation and productivity investment dropped and the real economic growth became anemic. The chronic dilemma of the central bank was no one knew if the motivating demands for money were the result of rising inflation expectations or desires to increase productivity investing. Arthur Burns blamed inflation sources on the Debts incurred from the Vietnam War, lax monetary policy instead of higher taxes and spending cuts which accelerated dollar devaluation. Between 1972-73 world wide economic boom surged and inflation rose from food and oil price spikes, large budget deficits, and Congress insistent that the Fed control inflation painlessly.

In the 1980s, Market and Inflation monetary policy designed by Volcker failed. Inflation hit 17%, Volcker steamed in anger, tight US money did not mean unavailable credit came from the $4 trillion Euromarket fueling the speculative boom and represented a credit leak across borders. As interest rates went up, depositors switched bank funds into higher yield government securities. Loan money dried up, housing and consumer durable sales felloff. The bank prime rates hit 21.5%, the dollar exchange rate soared 34%; a 10% increase in the dollar exchange represented a 1.5% reduction in inflation; the interest rate rise mean zero inflation.

Good mix of the persona and the policymaker.......2005-04-25

For any person interested in that elusive element of economic policymaking, the personality of the one at the helm, this book will undoubtedly be worth to read. In his "Changing Fortunes" (co-authored with Toyoo Gyohten), Volcker maintained his private life indeed quite private. This book lifts the veil significantly. Even in personality, notably for an amazing austerity and commitment to public service, Volcker emerges as a central banker to emulate. The details on his family, particularly the sufferings of his wife and son, are indeed touching.

The book is relatively short, something to be grateful about. But succinctness meant clear sacrifices. Any person really interested in Volcker's career would need also to read "Changing Fortunes", particularly to know about the fascinating times that Volcker lived in the Treasury Department, and crucially in the process of the collapse of the Bretton Woods system of fixed exchange rates. Even the period of Volcker at the Fed's chief is sparsely covered in some important aspects.

Paul Volcker clearly deserves the many positive things that Treaster says about him. But sometimes one gets the impression that the author became too close to his subject, without even the benefit of getting in return information to clarify some aspects of Volcker's career. Moreover, it is a little tiring to be reminded time and again that Volcker has to be revered because he slay the inflation dragon. Indeed he has to be, but perhaps the author emphasizes the point a little too much.

Even in a text clearly intended for people without any knowledge in economics, some extra details would have added more light to the inflation drama that Treaster tries to build, particularly on why and how it was allowed to increase. The Latin American debt crisis put many big American banks on the verge of an abyss, and Volcker was crucial in the (successful) efforts to avert a disaster, but that international crisis is barely mentioned in one paragraph.

Paul Volcker: An Honorable Man.......2004-08-05

No need to be a bellowing bond trader nor an obsessive and fetishistic day trader taking your market temperature by the minute to appreciate NY Times journalist Joseph B. Treaster's most readable biography, Paul Volcker: The Making of a Financial Legend.

In our age of cooked corporate books and perp-walking CEOs, Treaster shines an admiring and well-deserved light on the former chairman of the Federal Reserve, a man of towering financial and personal integrity. Words like honor, integrity, truth, steadfastness are thrown around like confetti these days in the political and financial world, but as Fed Chairman from 1979 to 1987, Paul Volcker's strong will and good sense were perhaps the major factors in the survival of the nation's economy through the inflationary tsunami of the Carter years and the financial wrecking ball of Reagonomics.

Standing 6'7", physically ungainly and socially reserved and stand-offish, Volcker had a commanding intellect when it came to bigtime economic and financial matters. Born to public service (his father was longtime town manager of Teaneck, NJ), Volcker attended Princeton, Harvard's Littauer School of Public Administration (it eventually became the JFK School of Government) and the London School of Economics. He was a special assistant to David Rockefeller at Chase Bank, served as an undersecretary in Nixon's Treasury Department, ran the New York Bank of the Federal Reserve and became fed chairman in July 1979 while inflation was rocketing and Pres. Carter was bemoaning the national "malaise".

Chairman Volcker was the man with the plan. He turned old economic theory upside down with his idea to drastically cut the money supply as the country's economy sweated and shuddered through the debilitating national fits of inflation and recession. Politicians and businessmen, fearful and shortsighted as usual, whined and squealed that Volcker was Dr Kevorkian or Dr. Demento, putting a noose around the national economic neck. In fact, as history has shown and Treaster explains so even the ordinary Joe can understand, Volcker had applied the ideal tourniquet to stop the bleeding and the poison. The patient lived and by the mid-90s, the country was economically healthy and prospering as never before.

Of course, like the Lone Ranger, Volcker had ridden off into the sunset by that time. Waved good-bye (and good riddance) by Reagan's Treasury Secretary and the GOP's most artful backroom Machievelli, James A. Baker III in 1987, Volcker turned his enormous economic and monetary talents to the private sector. But this principled and unpretentious public servant with his "unshakeable integrity" was not happy in this work.
These days, as the political swamp gases are once again rising and spreading their bad odor, Volcker, even at the age of 76, is being called on once again to perform his public duty.

In recent years, Volcker has admirably and successfully refereed the "battle royal" between the Holocaust survivors and the Swiss banks with their appalling Nazi connections. When Enron, the King Kong of corporate fraud sunk in its own muck, "Mr Incorruptible" Volcker took the job of chairman of an independent oversight board to try to salvage some shred of integrity for the accounting community, which had been badly tainted by Arthur Anderson, the giant accounting firm that was the handmaiden to Enron's tangled scams and schemes. And at this moment, Volcker is heading up the international investigation of the massive corruption between Saddam Hussein, various corporate greedheads and UN officials in the administration of the decade-long Oil For Food program in Iraq.

After reading this worthy biography of Paul Volcker, one can only hope they did not break the mold when they made this honorable man.

Paul Volker - an outstanding public servant.......2004-06-24

A big abrazo for Joe Treaster for his wonderful biograph of Paul Volker. He very skillfully brought out the real character of a talented and consciencious individual who dedicated his life to serve the public's interest. Treaster carefully describes what it takes to run this country's financial institutions and, in laymen's language, explains how easily it is to slap our leaders on the wrist, if not the behind, when they don't adhere to good fiscal policies. The book is interesting and thought provoking. You become an admirer of Paul Volker.

LUCID BIOGRAPHY HUMANIZES HISTORY.......2004-06-04

Joseph Treaster's lucid, entertaining account of the life and legacy of Paul Volcker reminds you that some people still value-and embody-such virtues as integrity, modesty, steadiness, and public service. I lived through much of the economic history covered in this book but never understood why things happened as they did, or realized how much Volcker's actions in the early 1980's set our nation's financial course for the following fifteen years. Treaster brings an oversized, almost Victorian personality vividly to life, and in the process casts a startling light on our government's current fiscal policies.

The Central Bank and the Financial System

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The Central Bank and the Financial System
Charles A. E. Goodhart
Manufacturer: The MIT Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0262071673

Book Description

As economic advisor to the Bank of England for many years, C. A. E. Goodhart is uniquely positioned to assess the role of the central bank in the modern financial system. This book brings together twenty-one of his previously published articles dealing with the changing functions of central banks over time, recent efforts to maintain price stability, and debates over specific financial regulation proposals in the UK.

Although the current day-to-day operations of central banks are subject to continuous comment and frequent criticism, their structural role within the economic system as a whole has generally been accepted without much question, despite several attempts by economists in recent decades to challenge the value of the institution. C. A. E. Goodhart brings his knowledge of both the theoretical arguments and the actual working of central banks to bear in these essays. Part I looks at the general purposes and functions of central banks within the financial system and their evolution over time. Part II concentrates on the current objectives and operations of central banks, and the maintenance of price stability in particular. Part III analyzes the broader issues of financial regulation.

The International Origins of the Federal Reserve System

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Clear
A good blend of theory and historical evidence
Accessible

The International Origins of the Federal Reserve System
J. Lawrence Broz
Manufacturer: Cornell University Press
ProductGroup: Book
Binding: Hardcover

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The Black Swan: The Impact of the Highly Improbable

ASIN: 0801433320

Book Description

The Federal Reserve Act of 1913 created the infrastructure for the modern American payments system. Probing the origins of this benchmark legislation, J. Lawrence Broz finds that international factors were crucial to its conception and passage. Until its passage, the United States had suffered under one of the most inefficient payment systems in the world. Serious banking panics erupted frequently, and nominal interest rates fluctuated wildly. Structural and regulatory flaws contributed not only to financial instability at home but also to the virtual absence of the dollar in world trade and payments.

Key institutional features of the Federal Reserve Act addressed both these shortcomings but it was the goal of internationalizing usage of the dollar that motivated social actors to pressure Congress for the improvements. With New York bankers in the forefront, an international coalition lobbied for a system that would reduce internal problems such as recurring panics, and simultaneously allow New York to challenge London's preeminence as the global banking center and encourage bankers to make the dollar a worldwide currency of record. To those who organized the political effort to pass the Act, Broz contends, the creation of the Federal Reserve System was first and foremost a response to international opportunities.

Customer Reviews:

Clear.......2002-03-09

Broz provides an easy to read text. His premises are clear, leading to true understanding. I've read much on this subject, but never such a complete work. It is as economical as can be expected; and I would argue more general than others have claimed. I highly suggest this book, and thank Dr. Broz for his contribution.

A good blend of theory and historical evidence.......2000-02-25

Broz's "The International Origins of the Federal Reserve System" is a excellent example of how single-case qualitative empirical research should be done. By providing a detailed formal theory framework, Broz is able to derive specific hypothesis about the development of the Federal Reserve in a manner that is both scientifically rigorous and historically detailed. While comparison with other cases would have been helpful (and neccessary if the model is to be generalized), this book is one of the best qualitative works in political science in general and political economy in particular in years.

Accessible.......1999-09-29

You can't find a more accessible text for this topic. I have scoured the librarys of academia and find that this text is not only readable and enjoyable, but it is superior in its treatment of subject matter. A look at the index will tell any reader that Mr. Broz's volume is the compleat guide.

Book Description

With the enlargement of the EU in May 2004, the possible enlargement of the Economic and Monetary Union also became an imminent issue: It can be expected that the 12 countries that have introduced the Euro so far will be joined by several others by the end of the decade. In this book, a set of internationally renowned economists from both sides of the Atlantic analyse the challenges that lie in front of the EU as it used to be, the hurdles that have to be cleared by possible candidates, and the impact of these developments on important economic sectors like the financial markets, etc. The scientists are supported by Central Bankers from current and future Euro-zone members who give their views on the problems and chances of Euro-accession. The book is thus providing an overall view of the major developments regarding the Euro in the years to come.

Challenges to Central Banking from Globalized Financial Systems: Papers presented at the ninth conference on central banking Washington, D.C., September 16-17, 2002

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Challenges to Central Banking from Globalized Financial Systems: Papers presented at the ninth conference on central banking Washington, D.C., September 16-17, 2002

Manufacturer: International Monetary Fund
ProductGroup: Book
Binding: Paperback

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The Development and Reform of Financial Systems in Central and Eastern Europe

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The Development and Reform of Financial Systems in Central and Eastern Europe
John P. Bonin
Manufacturer: Edward Elgar Publishing
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Binding: Hardcover

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Eizenstat Report And Related Issues Concerning U.s. And Allied Efforts To Restore Gold And Other Assets Looted By Nazis During Wwii: Hearing Before The ... Services, U.s. House Of Representatives

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Eizenstat Report And Related Issues Concerning U.s. And Allied Efforts To Restore Gold And Other Assets Looted By Nazis During Wwii: Hearing Before The ... Services, U.s. House Of Representatives
James A. Leach
Manufacturer: Diane Pub Co
ProductGroup: Book
Binding: Plastic Comb

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Product Description

Hearing on: the theft of assets from Jewish people in Europe & how the Nazis laundered these assets through the world banking system in an effort to gain an edge in the war; how the Third Reich financed its war machine with gold seized from central banks in occupied countries; & the postwar attempts to negotiate & carry out agreements to recover & restore to the rightful owners assets plundered by the Nazis, or placed in non-German banks for safekeeping. Witnesses include members of several foreign gov't's. & univ., including: Argentina, Portugal, Spain, the U.K., Sweden, Israel, & Switzerland, Jewish org's. & Amer. academia

Financial Stability and Central Banks (Central Bank Governors' Symposium Series)

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Financial Stability and Central Banks (Central Bank Governors' Symposium Series)
Peter Sinclair
Manufacturer: Routledge
ProductGroup: Book
Binding: Hardcover

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Book Description

This book offers an overview of present day thought on the very topical subject of financial stability and central banking. The papers, written by leading researchers, provide a highly informed account of contemporary policy issues and explore the legal, regulatory, managerial and economic issues that affect central banks.

International Banking and Financial Systems: Evolution and Stability

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International Banking and Financial Systems: Evolution and Stability

Manufacturer: Ashgate Publishing
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Binding: Hardcover

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ASIN: 0754632946

Book Description

Every workday, individuals and organizations accumulate hard-earned experience as they introduce organizational learning in a multitude of settings. Making It Happen is a collection of vital accounts by these pioneers--real people who are wrestling with the unvarnished circumstances of real organizations. Get the view from the inside as Shell Oil, Ford, Chrysler, and Philips Display Components work to launch large-scale change. Learn from an over-the-shoulder look at how Arthur Andersen, the U.S. Navy, and Kellogg, Brown & Root meet a range of business challenges by using organizational learning tools. See how EDS, along with educational and non-profit organizations, transform their workplace cultures through a focus on developing people. Though the situations and approaches are myriad, the contributors share a passion to help their organizations become more effective and humane workplaces. Making It Happen reveals the extraordinary depth and power of organizational learning tools and methods through inspiring eyewitness accounts of transformation efforts.

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Case studies illustrating Senge's 'five disciplines'.......1999-12-08

A selection of real life stories of organisational and work place change selected to illustrate the range of issues encountered and the power of use of Senge's 'five disciplines'. Each story is short, well told and relevant. This is a thoroughly useful resource.

There are 16 relatively short (av 7-8 pages) articles, arranged in three parts:

Launching large-scale change

Addressing critical business challenges

Transforming people and culture

They are written by people directly involved in the process of change, ranging from the former head of Shell USA to change project managers. The stories are chosen to illustrate the use of a variety of the tools of systems thinking, mental models and team learning. All are taken from real experience of organisations that have devoted considerable thought and effort to achieving successful change.

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