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This is the Cato Daily Podcast for Tuesday, December 10th, 2019. I'm Caleb Brown.

He's credited with breaking the back of inflation in the 1970s as head of the Federal Reserve.

Paul Volker just passed away at 92.

At the Cato Institute's Monetary Conference last month,

I sat down with Sir Paul Tucker,

author of unelected power, the quest for legitimacy in central banking in the regulatory

state we discussed episodes where politics and central banking interacted

profoundly with particular reference to Paul Volker.

Is it your view that this president has presented a bigger challenge to fed independence

than his predecessors?

No. I think President Nixon and his relationship with Arthur Burns completely undermined

fed independence.

Do you know there's this episode in the early 1970s and the run up to, I guess it must be the

1972 election and Burns goes into Nixon, and we know this because they were taping not just the

watergate stuff, but other stuff as well.

...