Some time ago we penned a post, titled"Mishkin On Iceland: "Nothing Is F*#&ed Here Dude" which discussed the former Fed director's March 2006 analysis "Financial (IN)Stability In Iceland." Those interested in our original observations of Mishkin's horrendous analysis (of what proved to be the first bankrupt European country of the new century, but certainly not last) can find them at the original link. Yet continuing with the Duderino references, today, new shit has come to light, which once again confirms that not only is the Fed populated by the most intellectually incapable and corrupt people, but that anything coming out of Columbia University (and the Ivy League in general) is not worth the paper it is printed on. Watch the attached clip to see a former Fed director go from comfortable, to fidgety, to stuttering, to thoroughly discredited, to in dire need of diaper change, in under 2 minutes. Last but not least, here is the soundbite of the year: "You have faith in the central bank." No further comment necessary.
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