Paul Volcker Was a Remarkable Public Servant

With the passing of Paul Volcker, a true public servant has departed. Mentor and role model to so many, Paul exhibited wisdom and longevity in equal measure. His contributions to central banking, and economic policy-making more generally, were truly extraordinary.

I first met Paul in 1991 just after I joined the Bank of England. During one of his frequent visits to London (where he’d studied at the London School of Economics) he asked Marjorie Deane of The Economist to arrange a dinner. At the end of the evening Paul, as host, was determined to pay the bill. But he carried neither cash nor cards, only a check book — and dollar checks at that. Unfortunately, the restaurant wouldn’t accept a dollar payment, so I paid with a sterling credit card and Paul gave me a U.S. check. This suited me fine because as a new recruit I’d just applied for an account at the Bank of England and been asked, rather sniffily, how I intended to open it. What better way than by depositing a check from the celebrated former chairman of the Federal Reserve?