When Paul Volcker listens to President Trump bash the Federal Reserve, he grimaces, but he is not surprised. Volcker, the tall and revered former Fed chair, has personally witnessed more egregious examples of presidents demanding that interest rates stay low.
In the summer of 1984, when Volcker was Fed chair and in the midst of the painful process of trying to get inflation under control, President Ronald Reagan summoned him to the White House. Instead of meeting in the Oval Office, Volcker says in a new book he was escorted into the library, where Reagan sat alongside Chief of Staff Jim Baker.
‘We have a serious problem’: Paul Volcker is worried about something worse than inflation
Volcker, 91, is aghast at how Americans no longer trust in government, media, science or about anything else. He chastises Trump for exacerbating the problem.