Tim Blair

YAY FOR GAMBLING

Ross Gittins on Peter Costello and the vagaries of the currency market:

If you've noticed a secret smile on the face of Peter Costello, it's because he knows he has a moment of great vindication coming up.

Do you remember how, not much more than a year ago, the Opposition and myriad media pundits were crowing to high heaven about how he'd "lost $5 billion of taxpayers' money gambling in the currency market"?

It turns out to be bulldust. He hasn't lost money, he's made money. Why? Because the most amazing, unbelievable, utterly unpredictable thing has happened: the Aussie dollar has come back up!

Who'd have thought it possible? Certainly, none of last year's geniuses.