#stupid rich

[tilbageidanmark]

The rich must have bigger doors than their neighbors

[seekingabba]

Jeff Bezos has an obscene amount of wealth.

I’m going to use 142 Billion as a random number. Cuz that is how much he is worth that i remember out of the top of my head. Assuming Jeff Bezos were to live from today, to an extra hundred years (so I can keep my math easy) and he wanted to spend all his money away we need to do a bit of math to conceptualize how rich he is:

If we divide 142,000,000,000 / 100 Jeff Bezos would need to spend every year: 1,420,000,000 every year. Of each of those years Jeff needs to spend each month 118,333,333.3 Millions each month each day he would need to spend 3,817,204.3 Dollars every day. Furthermore he would have to spend $159,049.2 Dollars every day. He would also have spend $2650 USD every minute. Without making anymore money. Two thousand Six Hundred Fifty every year. That is if he were to live an extra hundred years, not earn a single extra dollar, and spend every minute of his existence more than $2500 a minute. Which is just insane. Now we here in CA have two public options for university. The University of California or the California state university. If Jeff Bezos was to give each UC Student a full ride scholarship of $80k for four years of undergrad he could bankroll the education of close to 1,775,000 thousand young adults for the UC system. If we think about it, the UC System offers around 140K students freshmen admissions. Assuming that number stays like that. Jeff befoz could provide 12 or more years worth of freshman admissions a full ride scholarship. Now let’s think about the CSU System, tuition tends to run at $7400 a year for a school like Sac State. So multiply that by four and Jeff could potentially offer a $30-40K full ride scholarship (please note I’m over estimating and in this full ride you will get a year or two of housing. Then Jeff could offer approximately 3,550,000 freshmen a full ride scholarship. This is literally an astounding number. It boggles the imagination. There is no fucking way we simple folk can ever be as rich as him without being born into it.

[allseasonshorts]

Turtles 3 was better than the remake. I’d rather cheesy Turtles than Bro Turtles! 

[tilbageidanmark]

Lions Ark, Bantry Bay

[piltover-sharpshooter]

caitlyn how rich are you really?

"We are going to play a game called 'Caitlyn needs to save up money to buy a new high end car, she can't use any savings before the game starts'."

"Game starts now"

Caitlyn proceeds to be silent for 10 seconds.

"Done. Money saved up."

[newluddite]

Oil and more Oil

If you want a counter argument to MBAs running the world and complex markets and unearned money there is no better place to look than the Oil Patch.

Coming from Alberta I learned that the industry is called the “patch”.  I am not sure what the reason for it is, or why parts of a horse’s legs are called cannons and parts of the feet called frogs. It is what it is.

It is April 22 and oil on the market costs negative money.  Another way to say it is some people are paying other people to take it.  This is really happening.  It has gone from black gold to a toxic financial liability people do not want.  At least people who play the commodities markets.

This is due to several weird reasons all related to the irrational behavior of politicians and business leaders.  You know, those guys with power and wealth.

First thing is that there is (still) an oil price war going on.  Producers with low cost oil were pumping far too much so as to hurt, injure and dissuade higher cost producers to restrain production.  Russia produces a lot of oil and really needs the cash.  After sanctions for invading a smaller country called Ukraine the only source of foreign money is Oil and Gas.  As prices fell they pumped more oil.  If something sells for less you need to sell more of it to keep your income up. Remember that last sentence.

This aggressive production has lead to another thing.  There is more oil being pulled out of the ground than humanity can consume.  That sounds weird right? There is too much oil.

About 100 years ago the United States of Murica was the worlds largest producer of oil. It has enough oil under it to rival Saudi Arabia.  The difference is that most of it is hard to get to.  Until the price rose enough to afford expensive extraction methods the hard to get to oil was left there. The USA went from an oil exporter to an oil importer due to cost.  Over the last 20 years fracking and other methods as well as tar sands production in Alberta has made North America an exporter again.  Good times.

Yet the world is one planet and price wars with oil hit everyone, even cowboys in Texas and Alberta. 

The actual price of oil is set in two places.  One is the futures market the other is the spot market.  The futures market is for contracts to deliver a quantity of oil at some point in the future to some place to be determined.  Futures buyers do not actually want the oil, they want to profit from having less expensive oil some time in the future to sell.  They buy it now and sell it later.  The spot market is for people who need the oil now say a refinery that is making gasoline or jet fuel and they did not buy enough future contracts.

Since oil was so cheap and the past prices were so high speculators have built storage tanks and even chartered tankers just to hold the cheap oil until the price inevitably recovers and gets precious again.  The producers kept pumping as they had bills to pay and bonuses to cash in even though prices kept falling.  Remember that sentence up there?

So two situations collided. The oil price war between Russia and Opec and the Covid19 SARS2 plague.  Oil five years ago was 80 to 100 US$ a barrel. Consumption was steady or growing.  Now consumption is way down.  Production had not fallen (that sentence again) and the tank farms and tankers are almost full.  Less oil is being burned the stockpiles are filling up.  Futures contracts are due where the owner of the contract either has to sell the contract on or take the oil.  Thing is they just have money and suits and fancy cars and nowhere to put many tons of oil.  So they actually pay other people to take on the contract and eventually take the oil. (Those would be the guys with the not yet full tanks.)

The spot market is still positive and around 15 bucks a barrel.  But the futures market is gone to shit.  Who knows maybe some fancy cars may have to be sold?

Until the plague passes and consumption increases and OPEC plays nice with Russia and a few other things Oil is the last business to be in.  Yet they will demand subsidies and loans and grants to keep going.  All in the name of free enterprise of course.

[i-know-way-too-much]

I have a cousin out here, just across the bay, and she's invited me over for dinner. I knew her husband once, back in college, so this should be fun

[strictlyhiphopmedia]

Scotty Atl “Stupid Rich” (Official Video) Scotty Atl reflects on Life's everyday struggles in his New Black and White visuals taken from his Album Daily Bread and entitled Stupid Rich .