Mishkin for sale

Frederic Mishkin is a professor at Columbia Business School. In the world of economics Mishkin has enjoyed a distinguished career and when he speaks, people listen.

In 2006, Mishkin co-authored a report called “Financial Stability in Iceland”. The report was commissioned by the Icelandic Chamber of Commerce as a way to respond to massive critical coverage of the Icelandic economy and Icelandic companies in the international business media. The report put forth that Iceland’s economic fundamentals were strong. Mishkin was reportedly paid $160.000 for his troubles.

The effect of the report might have been to dampen the overseas criticism a little bit but it had major impact in Iceland. Whenever anyone dared criticizing the system from inside, Mishkin’s report was shoved in their face. It allowed the party to go on for a couple of years more with disastrous consequences. “We are doing very well, Frederic Mishkin says our fundamentals are strong”.

Maybe it should not come as a surprise that the good names of Ivy League schools are available to lend credence to the agendas of people with money.

Mishkin’s next assignment might be to praise the strong competitiveness of North Korean agriculture.  Or he might research his co-authors and their motives a little bit better next time.

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