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Wry & Dry - A weekly review of wealth management matters through a cynical eye
Budget: "our people have never had it so... bad." French & Greeks predictably vote.
Budget night would have been better spent reorganising the sock drawer. Good grief. The spin. The hypocrisy.
The media has analysed Mr Swan’s minor opus with all the seriousness of a witch studying the entrails of a rat. As well they might. There is some cunning in this budget.
But methinks Joe-the-voter will see it for what it is: an abandonment of all pretence of economic reform and of investing for the future.
The two major problems facing Australia, low productivity and the need for infrastructure investment, have been ignored.
Instead the budget is about increasing the demands on the economy, without adding to the supply.
Meanwhile, in a possible spoiler for European fiscal austerity, France’s socialist presidential candidate, M. Hollande, successfully defeated incumbent M. Sarkozy.
Similar to what will probably happen in Australia next year, the French voters knew what they were voting against, but were not sure what they were voting for.
Interestingly, M. Hollande’s first “domestic partner” (wife), Ségolène Royal, was Sarkozy’s opponent five years ago. Clearly Hollande’s second wife was prepared to settle for the caquetoire, instead of the trône de la reine.
Just as predictably, the Greek election saw austerity tossed out as the vote was for ιος όμως το συνασπισμό.
There was an effervescent response from those inside Greece, who again believe that someone else will pay for them to borrow more to reflate their standard of living.
This was matched by a despairing response from those outside Greece, especially those a little north of the border, who know this will be the gotterdammerung.
Perhaps also for the euro-zone.The above is the first few paragraphs of this week's edition of "Wry & Dry". To read the full publication please click on the link in downloads below. If you wish to subscribe to "Wry & Dry" and "First Hand" please click on the gold button above.
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