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The WC is a selection of five useful, interesting & notable insights handpicked by CIO Wyatt Cavalier and dropped into your inbox every Wednesday.
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Table of Contents
Eggflation is driving some naughty behaviour
The price of eggs in the US has gone through the roof over the last twelve months, and consumers are fed up.
Intrepid egg buyers are taking things into their own hands.
Over the last month or two, interest in raising chickens has risen to pandemic levels as shoppers look to solve the problem themselves.
But some unscrupulous problem solvers have taken a less savory approach.
They’ve begun smuggling eggs from Mexico (where they’re cheaper) to the US, and American border patrol is not pleased.
“Bringing poultry, including chickens, and other animals, including their byproducts, such as eggs, into the United States is prohibited”, according to CPB.
Some will manage to sneak the contraband in, but for others, the chickens will certainly come home to roost. (sorry)
Dig deeper into egganomics
- This Is Why Eggs Are So Expensive Right Now
- The price of eggs around the world
- How Much Does It Cost To Raise Chickens?
What’s the most expensive US city?
It turns out it’s a more complicated question than you’d guess, and there are many ways to measure it.
Price per square foot
Out of the 30 most expensive cities in America, 29 are in California. Palo Alto, Los Altos, and Malibu each average more than $1,600 per square foot.
But the most expensive city in America? That’s in Colorado.
Monthly median housing costs
Housing costs include rent, mortgages, real estate taxes, insurance, utilities, and condo fees.
The west coast dominates the top five here again.
- San Jose: $2,463 per month
- San Francisco: $2,337
- San Diego: $2,044
- Seattle: $1,984
- Los Angeles: $1,845
Total cost of living
This includes things like eggs, gas, and public transport, and results are more aligned with what you’d expect.
The top five:
- Manhattan: 128% above the US average
- Honolulu: 84%
- San Francisco: 79%
- Brooklyn: 69%
- Washington, D.C.: 52%
The cheapest city to live in? That’s Detroit.
Dig deeper into American housing
- The most expensive homes currently for sale in Detroit
- America’s best places to live in 2023
- Washington Commanders owner Dan Snyder has listed his $49m home for sale
What was the point of that stupid balloon?
Last week, the US shot down a balloon the size of three school buses over the Atlantic. It was a Chinese spy balloon that spent a fortnight drifting over American missile silos taking photos.
But why?
China has satellites in outer space where no one can see them, and their imaging capabilities are just fine.
So why float a massive balloon over the entire US, knowing it will be spotted? And why do it just a few days before the US Secretary of State arrives in Beijing?
Some people think it was to demonstrate a new capability. Others posit it’s some callback to American balloon-based spying efforts during the cold war.
This guy thinks it’s an excuse to shoot down American aircraft traveling through international waters that China claims sovereignty over (though it’s worth noting he said the opposite a few hours earlier).
And maybe this will give Beijing some pretense to moan about American flights over the South China Sea, much of which China (unlawfully) claims as its own.
But it all just feels like China is f-cking with America a bit.
They got to dominate the US news cycle for a week and sow some left vs. right discord for the cost of a balloon and some solar panels.
There may be some slight consequences, but they just DGAF.
Oh, look, more balloons!
Dig deeper into Chinese spycraft
- Fabricated balloon lie cannot be tied down to China: Editorial flash
- China makes protest over US shooting down airship
- A look at China’s history of spying in the US
- Chinese Airborne C4ISR
New Mexico > Old Mexico
As of December 2022, the American state of New Mexico produces more oil than the North American country of Mexico.
Why is the New Mexican line going up and to the right?
According to the FT , “Driving it all is a surge in crude oil production from the Permian Basin, a vast hydrocarbon trove that stretches across western Texas and southeastern New Mexico.“
It’s great news for New Mexico, which is historically one of the poorer parts of the US.
“The state budget has jumped from less than $6bn four years ago to almost $9.5bn this year, with boosts envisaged for education, housing, healthcare, and infrastructure spending.“
But what’s happened in Mexico (the country)? From the always excellent International Intrigue:
Crude output from Mexico’s state oil firm Pemex has halved from its peak in 2004 due to mismanagement and underinvestment. Plus, Mexico’s politics have complicated efforts to partner with private companies that could help the country reach its petroleum potential.
If you’re one of the 100k recently laid off tech employees, entry-level jobs in the NM oil fields pay upward of $30 an hour, and you can pick up this stunning 3bd home for $46k.
Dig deeper into oil in New Mexico and Old Mexico:
- Oil Production In Permian Basin Projected To Hit Record Highs
- $1.2 billion in sales of Permian Basin lands in New Mexico announced as fuel demand grows
- OPEC Predicts Lower Oil Output in Mexico in 2023
How to make a living off one song
How much money can a one-hit-wonder musician make from a song?
You know, people like Don McLean, Vanilla Ice, James Blunt, or The Knack, whose songs you all know but who never produced anything notable again.
Let’s find out!
Don McLean (American Pie)
I once listened to this song on repeat 50 to 100 times while stuck in a snowstorm, but that’s nothing compared to the turns the rest of the world has apparently taken with American Pie.
His net worth is estimated at around $50m.
The Knack (My Sharona)
In 1979, the song sold a “half-million copies in 13 days, making it the fastest debut single to earn Gold status since The Beatles’ I Want to Hold Your Hand back in 1964.”
Berton Averre, Knack lead guitarist, recently said, “[My Sharona] is far and away the major part of my income stream, and somehow it just keeps going strong. Recent years have been the best we’ve had since our salad days.”
His estimated net worth is between $5m and $20m.
Vanilla Ice (Ice Ice Baby)
Debuting in 1989, Ice Ice Baby took Vanilla Ice all the way to a Ninja Turtles film.
While he didn’t do anything else of note in his career, his net worth is estimated at around $12m.
James Blunt (Beautiful)
One of the most loathed human beings on earth, 5’8″ James Blunt relishes his role as a one-hit wonder.
He’s done alright for himself, though. His net worth is estimated at around $18m.
Dig deeper into one-hit wonders:
- The Economics of a One-Hit Wonder
- My Sharona – The Economics of Everyday Things (podcast)
- VH1 – 100 Greatest One-Hit Wonders
That’s all for this week.
Cheers,
Wyatt
