Gina Rinehart's latest grab-bag of opinions is more proof billionaires are no smarter than the rest of us | John Quiggin

The mining magnate does away with the constraints of arithmetic, simultaneously demanding lower taxes and more public spendingA striking feature of the age of billionaires in which we now live is that billionaires are more and more inclined to give us the benefit of their opinions. In the past year alone, we've had Marc Andreessen's retro-futurist "Techno-optimist manifesto", Mark Zuckerberg's pronouncements on the future of media, and, most recently, a cosy chat between Elon Musk and Donald Trump (whose billionaire status is often touted but remains questionable). In most cases, the main effect has been to demonstrate that, however good they are at making money, billionaires are no smarter than the rest of us when it comes to politics or the ordinary business of life.Australia's richest billionaire by far is Gina Rinehart, who has massively multiplied the already substantial fortune she inherited from her father, the late Lang Hancock (Rinehart claims she inherited more debts than assets). Like Hancock, who spent decades on the rightwing fringe of Australian politics, Rinehart has never been shy about expressing her opinions. Continue reading...