"At 81, Volcker is known to be a tough, opinionated old bird. Glad it appears he's now on our side whether he knows it or not."

When people get older and retire they get a different view on life. Instead of "me, myself, I and my career", it becomes "how can my grand children live in a better world".

So, he must be acknowledging that the absence of gold as a regulating device, has led to excesses that never should have occurred.