... Iceland, a volcanic island with a population of just 320,000, went from economic wunderkind to fiscal basket case almost overnight when the credit crunch took hold.
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Comment: To learn about the full story you must go to Zerohedge and read the following:
"... Frankly we couldn't care less about Mr. Haarde. We are confident he will get his just deserts. What we would like to know is when will someone finally charge his "advisor", former New York Fed, and current Columbia professor Fred Mishkin, in the Hague, for hate crimes against world leverage, and for providing precisely the advice followed by the Iceland PM, that resulted in not just the collapse of the tiny Volcano-riddled country, but was the first domino to set off the discovery that all of the European periphery is now completely and totally insolvent. We refer of course to Mr. Mishkin's 2006 report "Financial Stability in Iceland" in which the then-Fed member observes: "The economy has already adjusted to financial liberalization, which was already completed a long time ago, while prudential regulation and supervision is generally quite strong." Less than two years later the country was bankrupt.
For much more on Mishkin's involvement in the financial crisis, we can not recommend enough the upcoming movie Inside Job, which destroys not only Napoloen Dynamite Sr.'s reputation, but that of his current boss, the Dean of Columbia Business School, one Glenn Hubbard, in a way that has to be seen to be believed."
Full text
More on this in the video "Inside Job"
Comment 2: Somehow it is amazing to see that almost always the same members of the gang show up as the perpetrators of great crises and financial calamities. Remember that Mishkin was also a Fed Governor. Has higher education in the US been highjacked by a very sinister group who persue evil plans beyond imagination? Were so-called "top universities" the jumping board to get into the big business of government? I wish it were only money that they're after but I fear it is much more.
Comment: To learn about the full story you must go to Zerohedge and read the following:
"... Frankly we couldn't care less about Mr. Haarde. We are confident he will get his just deserts. What we would like to know is when will someone finally charge his "advisor", former New York Fed, and current Columbia professor Fred Mishkin, in the Hague, for hate crimes against world leverage, and for providing precisely the advice followed by the Iceland PM, that resulted in not just the collapse of the tiny Volcano-riddled country, but was the first domino to set off the discovery that all of the European periphery is now completely and totally insolvent. We refer of course to Mr. Mishkin's 2006 report "Financial Stability in Iceland" in which the then-Fed member observes: "The economy has already adjusted to financial liberalization, which was already completed a long time ago, while prudential regulation and supervision is generally quite strong." Less than two years later the country was bankrupt.
For much more on Mishkin's involvement in the financial crisis, we can not recommend enough the upcoming movie Inside Job, which destroys not only Napoloen Dynamite Sr.'s reputation, but that of his current boss, the Dean of Columbia Business School, one Glenn Hubbard, in a way that has to be seen to be believed."
Full text
More on this in the video "Inside Job"
Comment 2: Somehow it is amazing to see that almost always the same members of the gang show up as the perpetrators of great crises and financial calamities. Remember that Mishkin was also a Fed Governor. Has higher education in the US been highjacked by a very sinister group who persue evil plans beyond imagination? Were so-called "top universities" the jumping board to get into the big business of government? I wish it were only money that they're after but I fear it is much more.
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