Wry & Dry

Bedwetting. UK's property trust domino. No 4 in the world at...

The only good thing that came out of the election campaign was the acid tongue of former Abbott Chief of Staff, Peta Credlin.  The "hapless set of bedwetters" comment is worthy of the vitriol of Keating at his best.

Mind you, in her post-result tanti-fit-for-a-teenager-gated-for-a-week she attempted a retrospective historical counterfactual.  And conveniently ignored the fact that if an election had been held just before her former boss got the DCM* from his own party, the Coalition would have gone from 90 seats to 45 seats.

Ms Credlin

Have a Bex and a good lie down, Ms Credlin, would be Wry & Dry's advice.

W&D will later return to probably the worst day in Australia's political history, where the crazies now have the power.  But notes upfront that those who look for simple reasons for the Coalition's election plight are as daft as those who look for simple solutions to any problem in the Middle East.  See more, later.

W&D has moved on.  Well, err, a little.  And was interested in three other events this week.

Firstly, that three former Barclays bankers have been found guilty by a London jury of conspiring to rig a key UK interest rate (LIBOR) in a high-profile trial.  Jail sentences (6, 4 and 2 years) given.  

Three Australian banks have been charged with allowing similar rate rigging in the Australian equivalent rate (BBSW).  Slap over the wrists pending.

Secondly, that the USA now holds more oil reserves (264 billion barrels) than Saudi Arabia and Russia, the first time it has surpassed those held by the world’s biggest exporting nations, according to a new study.

The problem is that more than half of the US’s remaining oil reserves are in unconventional shale oil, which is a lot more expensive to capture than the oil reserves of Arabia and Russia.  Hmm.

Thirdly, that the two candidates to succeed David Cameron as UK PM are both female: Theresa May and Andrea Leadsome.  

Elsewhere, W&D looks at something at which Australia can be proud; more on Italy's spirali; and the UK's property trust crisis: has the first domino been pushed?  Of course, not to be missed is W&D's the Crazies are now in control.

Follow The Money updates the odds on the only key election still of interest, that for the US president. 

And, of course, Miscellany, to soothe your troubled mind.

Our sister publication, Investment Matters looks at the risk to government bonds of a change in interest rates; and stocks that clients hold that might be affected by the election.  Plus the markets and stock news (CML, Pact and BHP Billiton). 

* Don't Come Monday.