"In 2006, Mishkin co-authored a report called "Financial Stability in Iceland".[3] The report maintained that Iceland's economic fundamentals were strong. The report was commissioned by the Icelandic Chamber of Commerce in response to critical coverage of the Icelandic economy and certain Icelandic companies in the international business media.[2] Mishkin was paid $124,000 to co-author the report.[4]

Iceland subsequently experienced a spectacular collapse within a year of Mishkin's good report. According to the documentary "Inside Job," on Mishkin's CV the title of the report was changed to "Financial Instability in Iceland."

Mishkin was confirmed as a member of the Board of Governors of the Federal Reserve on September 5, 2006 to fill an unexpired term ending January 31, 2014.[2] On May 28, 2008, he submitted his resignation from the Board of Governors, effective August 31, 2008, in order to resume teaching at Columbia Business School.[5]

http://en.wikipedia.org/wiki/Frederic_Mishkin

Looks like the Quinns did some business in Russia.

Just sayin…

could well be.

It would be quite a dangerous book as it would be attacked from many sides so it would have to be careful but it is waiting to be written.

I think a valid school of thought might be that the current crisis in Ireland was a perfect storm which built up for decades and certainly can be traced in origin as far back as 1937 in available documentation- and the psychology of modern Ireland would have to go back to events of around 1500 years ago.

Those who do not know the past face an uncertain future (Castaneda) and of course the remarkable Mr Churchill on the neighbouring island adapted that in his own stentorian way to 'those who do not know the past are condemned to an uncertain future'.

There was a phrase I either heard or invented but probably heard to describe the Irish habit when adrift from proper cultural moorings of imitating other cultures and I think of livinge examples of the Essex Irish as 'Protestants on a horse'.

Thats not a sectarian statement but refers to the mawkish habit of an ancient culture in searching around for an anchor and attaching itself to the apparent visible 'successes' it sees elsewhere.

Its a stepping into the road from an old and deep rooted insecurity which goes back to colonialism as you say and it speaks of nothing more than a crisis of self-confidence as a culture.

As I have recently been through the accounts for Anglo Irish Bank Austria AG to September 2008 and Anglo Isle of Man what sticks out for me is the Austrian trick (and soon to be UK trick) of registering foreign profits as a tax benefit at home.

In this way Anglo subsidiaries, one of which (Austria AG) was sold with unseemly haste while holding 600million in much needed cash in its accounts in September 2008, have managed to take advantage of the Irish bank guarantee and of course the National Asset Management Agency there is stuffed full of Anglo 'debt'.

Some of that 'debt' is a mere accounting trick but its very real in that it has landed on the Irish taxpayer to pay.

I think we have at least one and probably two major central European banks being used to funnel Russian mob money through the Austrian pipeline in Vienna from Croatia and Albania in particular to Vienna and on into the IFSC in Dublin.

London banking now wants some of the 'valootye' so is changing its banking regulation and tax legislation to allow the banks in London to mark up similar tax benefits for money washed through Austria.

The pipeline into Dublin and conversion of mob money into derivatives and all sorts of financial instruments is about to come to London.

Overall though I know we have a major bank which is rotten with eastern mob money and connections I still think it is the dynamics of large money via low regulatory markets seeking out quite naturally the optimum or symmetrical bet.

In Ireland the banks became the new catholic church of the 21st Century. Not to be questioned. Dogmatic in pursuit of the imposition of a new Canon Law, that of cash and lots of it. The gold grotesque cathedrals of the IFSC became systemic and authoritative.

Intrinsic to the 'new' Ireland Irish political leaders were as quickly suborned to this new fundamentalism dressed in corporate chinos as the old leaders were simply unable to challenge or believe the rumours of perverted clerics and their vested interest protectors.

Welcome to New Ireland. Same as old Ireland. Go in peace in the sight of unquestioned Mammon.

In nominee company, et fili, et spiritus sancti

Omen.