This past Sunday, former Fed Chairman extraordinaire Paul Volker died. During his helm (1979-1987), he unequivocally changed economic history. He not only fought relentlessly for central bank independence but slayed runaway 1970s inflation. Because of the latter, he was one of the most unpopular Fed chairmen ever as he singlehandedly caused two recessions. With President Reagan’s support, he did what was right, despite unimaginable political pressure. Thank you, Mr. Volker.