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Volcker’s background shows that this was nonsense. His course has 

always been charted for him by his masters in London. He attended 

Princeton,  obtained  an  M.A.  at  Harvard, and went to the London 

School of Economics 1951-52, the banker’s graduate school. He then 

came to the Federal Reserve Bank of New York as an economist from 

1952-57, economist at Chase Manhattan Bank, 1957-61, with Treasury 

Department 1961-65, as deputy under secretary for monetary affairs, 

1963-65, and under secretary for monetary affairs, 1969-74. He then 

became President of the Federal Reserve Bank of New York from 1975-

79, when Carter, at the behest of Robert Roosa and David Rockefeller, 

appointed him Chairman of the Federal Reserve Board of Governors. 

He was succeeded as President of Federal Reserve Bank of New York 

by Anthony Solomon, a Harvard Ph.D. who was with the OPA 1941-42 

and with the government financial mission to Iran 1942-46. He 

operated a canned food company in Mexico from 1951-61, was 

president of International Investment Corp. for Yugoslavia 1969-72 (a 

communist country), under secretary for monetary affairs at Treasury 

1977-80. In short, Solomon’s background was much the same as Paul 

Volcker’s.

The New York Times stated on December 2, 1981, "For years the Federal 

Reserve was the second or third most secret institution in town. The 

Sunshine Act of 1976 penetrated the curtain a trifle. The board now 

holds a public meeting once a week on Wednesday at 10 a.m., but 

not to discuss Monetary policy, which is still regarded as top secret and 

not to be discussed in public." The Times mentioned that when Open 

Market Committee meetings are held, Solomon and Volcker sit 

together at the head of the table and relay the instructions which they 

have received from abroad.