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Former U.S. Federal Reserve Board Chairman Paul Volcker at a news conference in New York, June 8, 2015. REUTERS/Mike SegarNEW YORK, June 14 (Reuters) – Paul Volcker, the previous Federal Reserve chairman who was my long time pal and officemate, passed away at the end of 2019 prior to Covid-19 swept the planet. As the world has actually struggled to cope with the economic and human damage caused by the pandemic, I am typically advised of Pauls concerns that policymakers would forget the crucial lessons imparted throughout his years as the main banker who led the fight against runaway American inflation.The U.S. economy is finally exiting the coronavirus crisis, with half of grownups inoculated and vaccines readily available to everyone who, in America at least, is prepared to receive a shot. The central bank needs to be prepared to step in quickly if rate increases are not fleeting, but sticky– and damaging, particularly to the poor.My good friend Paul became chair of the Federal Reserve System in August 1979 after being nominated by President Jimmy Carter, at a minute when America was besieged by nationwide doubt and stagflation. Paul succeeded in halting inflation, and in doing so he re-established main bank trustworthiness, even if the financial policy medication caused a sharp downturn in 1981 and an economic crisis in 1982.