"Paul Volcker is the greatest man I have known. He is endowed to the highest degree with what the Romans called virtus (virtue): moral courage, integrity, sagacity, prudence and devotion to the service of country." Thus did I open my review of his memoir, published last year. As Hamlet said of his father, "He was a man, take him for all in all. I shall not look upon his like again."

That book was Mr Volcker's counsel to the world. It embodied the former United States Federal Reserve chairman's virtues and his values. With his passing this week, we need to dwell on both, while recognising how different the world is today.