Providing an outside perspective on American politics today, the Australian Treasurer, Wayne Swan, said "cranks and crazies" had taken over the GOP.

Australian Treasurer Wayne Swan says investors are keenly watching the tight electoral contest between Obama and Romney (AFP/File, Romeo Gacad) "Let’s be blunt and acknowledge the biggest threat to the world’s biggest economy are the cranks and crazies that have taken over a part of the Republican Party," Swan said in a speech to a conference in Sydney.

"Despite President Obama’s goodwill and strong efforts, the national interest there was held hostage by the rise of the extreme tea party wing of the Republican Party. And there can be few things more alarming in public policy than a political movement which was genuinely prepared to see the government of the United States default on its obligations in order to score a political point."