A huge difference between Volcker in 1981 and modern day is that Volcker enjoyed the support and coordination of the White House. Reagan, as a newly minted president after over a decade of brutal inflation, was fully on board with the Fed Chair unleashing an interest rate sledgehammer. Nothing today resembles that degree of alignment. But I don't expect a new Volcker to appear anywhere. We're in a period with eroding Fed independence. I also doubt Trump will be the president when legitimate financial repression unfolds. He spends too much time undermining the narrative for that to work.