Volcker’s success as the slayer of inflation came at a huge cost

Heading up the US central bank, the late Paul Volcker helped control the rampant inflation of the 1980s, and went on to warn in 2005 about the threat of runaway borrowing, writes Kyran Fitzgerald.

Paul Volcker, the former head of the Federal Reserve — the US central bank — died last week at the age of 92.