Volcker: Modern Central Banking is Bunk

``A 2% inflation target? Long-term, detailed forecasts of activity? Pledges to keep rates very low well into the future? For Mr. Volcker, who led the Fed from 1979 to 1987, these are all overly precise policy choices that promise more than any central bank can deliver. What's worse, the policies that have come to define modern Fed policy can even be counterproductive, making central bank goals harder to achieve.''