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Winning Friends Around The World

The Congressional Republicans are certainly impressing our foreign allies. The ABC reports on a speech by Australia’s version of the Secretary of the Treasury: Swan attacks Republican ‘cranks and crazies’

Federal Treasurer Wayne Swan has delivered a speech labelling some elements of the United States Republican party as “cranks and crazies”.

Mr Swan’s speech at the Financial Services Council breakfast in Sydney comes less than two months before the US election.

His speech referred to political gridlock over spending cuts and tax increases due to kick in early next year, which could tip the US economy back into recession.

“Let’s be blunt, the biggest threat to the world’s biggest economy are the cranks and crazies that have taken over parts of the Republican Party,” he said.

“Despite (US president Barack) Obama’s goodwill … the national interest was held hostage by the rise of the extreme right Tea-Party wing of the Republicans.

“There can be few things more alarming in public policy than a political group which was genuinely prepared to see the government of the United States default on its obligations in order to score a political point.”

When the US sneezes other countries catch cold or even pneumonia. We have already had a rating agency downgrade the US because of the last standoff, and the next one could produce recession. As long as the Republicans continue to play stupid games, and people fail to understand that the economy isn’t growing because of a lack consumer demand, not a lack of business confidence, the US will slide back into recession.


1 Kryten42 { 09.21.12 at 2:23 am }

You know, I think that’s the most intelligent comment I’ve heard from an Aussie politician since Bob Hawke (or maybe Kevin Rudd)! I haven’t thought very much of Swan, but I may change my mind a tad. 😉 😆

He’s dead right too. I wonder if it will give other global politicians a boost in cahoonas to come out and say something similar. I won’t hold my breath. It seems to be a politician these days, an entrance requirement is castration! (Except for the many crazies, not limited to the USA and Israel, who can pretty much say any crazy sh*t they like!) *sigh*

2 Bryan { 09.21.12 at 3:37 pm }

It is sort of amazing that a politician wants to deal with reality and, unlike the US, he is an elected member of the legislature/parliament. In the US the cabinet officers can’t be members of another branch of government.

He certainly isn’t wrong, that with China slowing, the US returning to recession would affect the world. Somebody has to start buying or there will be no markets, just a lot of people sitting on their assets… 😉