10 things you need to know this morning in Australia

Still not the worst explanation. Picture: SpaceX

Good morning.

1. In news, a rich person didn’t pay as much tax as all the poor people thought he should have. But Donald Trump says that’s because he’s a genius and Google agrees:

But he also asked Hillary Clinton why she didn’t try to change the laws that allowed him to do it. So here’s a post that shows how, maybe, Clinton didn’t just try to get that loophole changed, she did – in 2002. And she could do with a good read over breakfast after possibly spending the night chastising her husband for publicly trashing the biggest policy her leader ever pushed through the Senate.

2. So with that loophole closed, what makes rich people rich? Three years ago, Harvard University economist Gregory Mankiw said rich people deserve to be rich because not because they game the system, but because they’re inventive and creative and that’s the real source of the inequality. University of Massachusetts economist Nancy Folbre says that’s a load of b…ocks. Here’s why.

3. In markets, some solid data from the US services sector and oil pushing higher pushed bond rates up a little. That’s a good lead for the local, so futures traders on the ASX have taken the December SPI 200 contract 25 points higher. Today, we get Westpac and NAB CEOs in front of parliament, and Australian trade data. The Aussie dollar’s at 0.7617, largely unchanged over the past 24 hours.

4. Hurricane Matthew is sinister enough, packing sustained winds of 210km/h which caused havoc in the Barbados and Cuba earlier this week. But in case that’s not scary enough for those in Florida waiting its landfall, here’s a satellite pic:

Yes, it’s real.

5. Chelsea Handler thought it would be entertaining to ask US Secretary of Energy Ernest Moniz what he thought about the Department of Energy on Stranger Things and all that parallel universe malarkey. But she didn’t expect him to admit this “fictional D.O.E. laboratory” was actually operating in the 80s and that right now “actually we do work in parallel universes”.

6. Concepts are worthless, pretty much all of the time. Architects and artists chuck out their fantasies, like this yacht, and hope maybe it will get them in the news and that will translate into much more boring work that actually feeds their kids. But then, sometimes, someone takes them seriously – as in the case of this floating island:

Picture: Seasteading International

It’s a Silicon Valley entrepreneur’s vision for a permanent, politically autonomous settlement off the coast of French Polynesia. And it’s now just waiting for the president’s signature.

7. Wow. This is a monumental stretch, but irresistible all the same. Remember the last SpaceX explosion on the launch pad? Some say it was blown up by this UFO. But better, an insider told the Washington Post about an “odd shadow” and a “white spot” which appeared on the roof of SpaceX’s biggest rival, ULA, almost 2km away when the explosion occurred. The explosion has been put down to “a breach in a helium tank”. And that’s all we’re sayin’ about the biggest just sayin’ of the year.

8. Meanwhile, even the NBN can launch a rocket successfully:

That’s its second satellite away, hopefully bringing internet and mobile coverage to folks in the Outback. Now, if only they could bring it to the other 22 million in urban areas…

9. Google launched its new superphone yesterday. Here’s why Steve Kovach is still telling anyone who asks to go with the iPhone.

10. You don’t need to be the CEO to get people to listen to you. Use science instead, like these 11 proven strategies for getting people to like you, to buy stuff, and to give you what you’re after. Feel the power.

BONUS ITEM: The Rock tries to reflect on his first wrestling match, but ends up admitting wrestling is fake.

Have a great day.

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