Former Fed Chairman Paul Volcker thinks "we are in a mess"

In a book to be published on October 30, Volcker deplores the current state of conditions, especially the monetary interests undermining the system of government.

"No force on Earth can effectively resist, year after year, the thousands of individuals and the hundreds of millions of dollars that populate Washington's swamp with the goal of influencing the legislative and electoral process," writes he, according to Sorkin.

Volcker, in poor health but not short of opinions, also seems unhappy with the Fed itself. Although it is unusual for former presidents to comment on the Fed's business, Mr. Volcker said that there appeared to be no "theoretical justification" for his 2% inflation goal. He said the Fed is only one of the institutions in which people have lost confidence.

And he also dispels with the myth that presidents have never tried to influence interest rates. Recounting a meeting he had had in 1984 with former President Ronald Reagan, the then chief of staff, James Baker, told Volcker: "The President orders you not to increase interest rates before the elections. "

"I was stunned," said Volcker.

Read the full report of the Volcker interview here.

Look: here's where Trump gets credit on the economy and what could go wrong