Former Fed chair Volcker faults US policy

Former chairman of the Federal Reserve Paul Volcker has said US policy abroad is too abrasive.

Paul Volcker served as chairman of the Federal Reserve Board from 1979 to 1987 under Presidents Jimmy Carter and Ronald Regan. He spoke at Brown University and said the US once led more by example than by force.

He said US policy lately has been what he called unnecessarily abrasive.

On the economic front, Volcker said he's worried that Americans are spending about 7% more than the country produces. He