Founder of world’s biggest hedge fund praises ‘greatest man’ he knows

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‘Paul Volcker is the greatest man I know because of his character, wisdom and knowledge.’


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Those weighty words of praise were tweeted out Tuesday by Ray Dalio, founder of hedge-fund behemoth Bridgewater Associates. Dalio’s social-media nod to the former Fed chair coincides with the release of Volcker’s memoir, “Keeping at It: The Quest for Sound Money and Good Government.”

In his new book, Volcker says he’s worried about the impact of money in politics and argues that the U.S. is devolving into a plutocracy.

“We face a huge challenge in this country to restore a sense of public purpose and of trust in government,” he wrote in the book. “It will require critically needed reforms in our political processes and leaders who can restore and preserve a consensus upon which our great democracy can depend.”



Volcker, 91, served as Fed chair from 1979 until 1987, and he’s widely credited for stopping runaway inflation during that time. He was also chairman of the Economic Recovery Advisory Board under Obama from 2009 to 2011.

Dalio wasn’t the only one to give Volcker some love in light of his memoir.

Martin Wolf of the Financial Times is also a big fan, saying that he’s “the greatest man I have known,” because “he is endowed to the highest degree with what the Romans called virtus (virtue): moral courage, integrity, sagacity, prudence and devotion to the service of country.”

Wolf said “the pinnacle of Volcker’s career” was when he achieved something many thought impossible: he slew inflation. “Great credit is due to Jimmy Carter, who appointed him, and Ronald Reagan, who supported him. But Volcker did it, despite great criticism,” Wolf explained. “The costs were huge. But he was right: it had to be done.”

Fortune’s Alan Murray, who covered Volcker as a young reporter, agreed, claiming he’s “proof positive that great men do make history.”

He credited Volcker for being “one of the world’s most blunt-spoken truth-tellers” and “a leading crusader against global corruption.”

Murray says the memoir “deserves to be read, if only because pure public servants like Paul Volcker have become all too rare, if not nonexistent, in today’s America.”

The book is available on Amazon for $18.30.





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