Paul Volcker: A lesson in the importance of long-term thinking

Monetary policy legend Paul Volcker remembered for the lesson he taught regulators: Former US Fed Chairman Paul Volcker was most famously known for his successful yet wildly unpopular approach to solving the rampant inflation that lasted through the 1970s. His decision to raise interest rates to 20% pushed the economy into recession but ultimately helped set the stage for the financial boom that occurred in the 1980s. This video from the Financial Times says that Volcker’s actions continue to impart an important lesson to regulators to this day: do what is necessary, even if it means short-term pain (watch, runtime: 03:19).