by James Rickards
One of the most important figures in the history of U.S. monetary policy, Paul Volcker, died Sunday at the age of 92.
Volcker is famous for having raised interest rates all the way to 20% in June 1981, the highest rates since the Civil War.
His actions are widely credited for ending the great inflation of the 1970s and setting the stage for the Reagan economy of the ’80s (although his sky-high rates nearly sank the economy at first).
Volcker didn’t kill inflation right away — it took another couple of years to finally end it, but rates were never that high again.