Volcker's true legacy is creating the modern financial world: the ratio of financial instruments to GDP rose from roughly 1-1.5x in Volcker's era (when velocity of money was stable, as Friedman assumed) to ~2:1 by the Greenspan put, 3:1 under Bernanke, 5:1 under Yellen, and ~6:1 today—an understated figure ignoring unfunded liabilities and ~$30 trillion of private capital.