# Volcker: The Triumph of Persistence

1 Books September 4, 2012 ![Cover of Volcker: The Triumph of Persistence](/sites/default/files/styles/246w/public/assets/images/con_037397.gif?itok=E36J7XKc)By William Silber, Marcus Nadler Professorship in Finance and Economics and Director, L. Glucksman Institute for Research in Securities Markets

> ... it was only Volcker's toughness on monetary policy that "forced Reagan to be Reagan" and to rein in America's deficit.

Over the course of nearly half a century, five American presidents-three Democrats and two Republicans-have relied on the financial acumen, and the integrity, of Paul A. Volcker. During his tenure as chairman of the Federal Reserve Board, when he battled the Great Inflation of the 1970s, Volcker did nothing less than restore the reputation of an American financial system on the verge of collapse. After the 2008 financial meltdown, the nation turned again to Volcker to restore trust in a shaky financial system: President Obama would name his centerpiece Wall Street regulation the Volcker Rule. Volcker's career demonstrated that a determined central banker can prevail over economic turmoil-so long as he can resist relentless political pressure. His resolve and independent thinking-sorely tested by Richard Nixon, Jimmy Carter, and Ronald Reagan-laid the foundation for a generation of economic stability. Indeed, [William L. Silber](http://www.stern.nyu.edu/faculty/bio/william-silber) argues, it was only Volcker's toughness on monetary policy that "forced Reagan to be Reagan" and to rein in America's deficit.

Noted scholar and finance expert Silber draws on hours of candid personal interviews and complete access to Volcker's personal papers to render dramatic behind-the-scenes accounts from Volcker's career at the Treasury Department and the Federal Reserve: secret negotiations with European ministers; confrontations with the White House; crisis conferences with Wall Street titans, and even tense boardroom rebellions within the Fed itself. Filled with frank commentary from Volcker himself-including why he was personally irked with the "Volcker Rule" label-this will be the definitive account of Volcker's indispensable role in American economic history.

Professor Silber's book, *VOLCKER: The Triumph of Persistence*, was awarded the China Business News (CBN) 2013 Financial Book of the Year. A video-recorded speech by Professor Silber was played at the CBN annual meeting in Beijing on December 7-8, when the award was formally announced. Watch video of [Professor Silber's speech](http://www.yicai.com/video/2013/12/3236811.html) here. Watch video of [Paul Volcker discussing the book](http://www.yicai.com/video/2013/12/3236810.html) here.

## To learn more, visit [Amazon](http://www.amazon.com/Volcker-Persistence-William-L-Silber/dp/1608190706)

## Watch Video from the China Business News (CBN) Annual Meeting in Beijing

- [Watch Professor Silber accepting the 2013 CBN Financial Book of the Year award](http://www.yicai.com/video/2013/12/3236811.html)
- [Watch Paul Volcker discussing *VOLCKER: The Triumph of Persistence*](http://www.yicai.com/video/2013/12/3236810.html)

## "Volcker: The Triumph of Persistence" in the News

- [Prof. William Silber's book wins 2013 CBN Financial Book of the Year](http://www.yicai.com/news/2013/12/3236249.html)
- [Prof. William Silber's biography is reviewed by The Economist](/node/5817)
- [Prof. William Silber's forthcoming book is highlighted by Bloomberg Businessweek](/node/5784)
- [Prof. William Silber's book is on award longlist](/node/5765)
- [Prof. William Silber's bio of Paul Volcker is one of “10 books we’re looking forward to this fall”](/node/46414)