Oh, Rats! NYC, We Have a Problem!

What happens with pisspoor government oversight… [Morning Reckoning] June 08, 2023 [WEBSITE]( | [UNSUBSCRIBE]( Oh, Rats! NYC, We Have a Problem! - Kathleen Corradi is New York City’s first-ever director of “rodent mitigation.” - Last year in NYC, rats were running under our feet while we were drinking beers. - It sounds like a joke, but it’s a potential nightmare for the tri-state area. [There is MASSIVE change happening within our company]( And I want you to [hear about this – from me]( – otherwise this new policy could blindside you. This has gone into effect immeditaly, so I want you to understand exactly what it will mean for you. [So please, watch this video for my full announcement.]( [LEARN MORE]( New York City, New York June 08, 2023 [Sean Ring] SEAN RING Good morning Reader, Greetings from the home of the rat race run daily, New York City. This week, I’m here teaching interns at one of the big US banks. It’s a short three-day program, so I’ll be back home Saturday morning. You’d think after the government-mandated private sector shutdown of 2020-2021, New York’s biggest problem would be to get people to come back. But they have, to a certain extent. I still think my Paradigm colleague James Altucher is right, rather than Seinfeld, in that NYC’s heyday is long gone. My problem is that I’m anchored in Giuliani-era New York. I graduated in 1996 from Villanova, so I came to NYC when it was Disneyified. Note: “Disneyfied” in the 1990s meant “cleaned up,” rather than its 2020s meaning of “turned to crap.” Examples: 1996: “Oh my God! Times Square has been Disneyfied! It’s so clean compared to the 80s!” 2023: “Oh my God! Kathleen Kennedy Disneyfied Star Wars! Now no one wants to watch it!” I can’t believe I’m writing about rat infestations in major cities. But teaching last year in NYC blew me away. So far, nothing this year has changed my mind. Last August in NYC I spent a full month in New York last July and August teaching graduate programs for two of the megabanks here. I hadn’t been back in years, and I was keen to see my colleagues, so I enthusiastically accepted the assignment. We were staying Downtown, so I thought my British and Irish colleagues would enjoy a drink at Fraunces’ Tavern. That’s where George Washington announced he’d resigned his commission and would return to civilian life. Shortly before noon that day, Washington assembled about thirty soldiers to the Long Room at Fraunces Tavern for his last goodbye. There is only one known complete account of this event, [written by Colonel Benjamin Tallmadge](. In his 1830 memoir, he recounts: “We had been assembled but a few moments when his excellency entered the room. After partaking of a slight refreshment in an almost breathless silence the General filled his glass with wine and turning to the officers said, “With a heart full of love and gratitude I now take leave of you. I most devoutly wish that your latter days may be as prosperous and happy as your former ones have been glorious and honorable.” After the officers had taken a glass of wine General Washington said, “I cannot come to each of you but shall feel obliged if each of you will come and take me by the hand.” General Knox, the closest officer to Washington, walked up to the General and the two hugged and kissed with tears running down their faces. Tallmadge recalls, “In the same affectionate manner every officer in the room marched up and parted with the general in chief. Such a scene of sorrow and weeping I had never before witnessed and fondly hope I may never be called to witness again.” It’s a wonderful pub, with a museum attached. I thought it’d be a great idea to drink over our shared history. We noticed there were open seats in front of the pub on the street. As it was a glorious night, we thought we’d sit outside and enjoy it. Little did we know we were encroaching on claimed territory. Not five minutes after we sat, the rats came out in full force. No joke… these rats were running from one sewer hole to another, with the route running under our chairs. It was positively revolting! We ran back inside to finish our drinks and then hightailed it out of there. I’m sure it’s not Fraunces’ fault. It’s crap city management. That opinion was confirmed when NYC Mayor and Chief of Uselessness Eric Adams appointed a “rat czar.” [Shocking Backdoor Crypto Play – LIVE on Camera!]( Crypto millionaire James Altucher just received a strange box that could COMPLETELY change how you look at cryptos: [Click here to learn more]( [CLICK HERE to See What’s In the Box]( He opens it live on camera, and shares details on the strange device that’s delivered everyday Americans over $1,170 per month in passive crypto income. [Click here to discover it for yourself now](. [LEARN MORE]( What’s a Director of Rodent Migration? I guess we don’t hate the Russians so much to stop using the term “czar.” But if the unions only let innovation have its way, we’d probably not need one. For instance, when I was in Florence earlier this year, I noticed the Florentines innovated their trash stash and collection. It was so cool! [trash removal in Florence] Credit: Sean Ring Basically, the garbage cans are attached to the top of a huge underground trash box. When it’s time to collect the garbage, the garbage truck lifts up the box by the can with a crane. Then the trap door underneath opens and the trash goes into the truck. No garbagemen! Now that’s innovation. Alas, NYC doesn’t innovate in such ways. So Mayor Adams appointed Kathleen Corradi as New York City’s first-ever director of “rodent mitigation.” From [The New York Times]( Ms. Corradi is not a trained rodentologist. A former elementary school teacher, she developed the city’s Zero Waste Schools initiative while at the Education Department and led the agency’s rodent reduction efforts. She will oversee the city’s existing army of rat experts. The city’s Department of Health and Mental Hygiene already has a rodent biologist on staff, the renowned urban rodentologist Robert Corrigan, who has been busy installing movement sensors on city streets to monitor rat behavior. The health department also has an Office of Pest Control, and there is a citywide rodent task force. Mr. Adams said Ms. Corradi will connect those bodies with agencies like the Department of Sanitation, in a concerted push to help battle some of the city’s longest-tenured and most notorious residents. “You’ll be seeing a lot of me and a lot less rats,” said Ms. Corradi, who will be paid $155,000 a year. I can think of a lot of places where $155,000 could go. But we wouldn’t want a repeat of The Black Death, would we? The Black Death of 1347-1350 Rats played a significant role in the spread of the Black Death, the devastating pandemic that occurred in Europe between 1347 and 1350. Also known as the Bubonic Plague, the bacterium Yersinia pestis caused it. The primary carriers of Yersinia pestis are fleas that infest rats, specifically, the species known as the black rat (Rattus rattus) and the brown rat (Rattus norvegicus). During the Middle Ages, these rat species were commonly found in cities and towns throughout Europe. The transmission of the disease occurred in the following way: fleas would infest rats and feed on their blood, ingesting the Yersinia pestis bacteria. When infected rats died, fleas would seek new hosts, including humans. When a flea bit an infected rat and then bit a human, it transmitted the bacteria into the person's bloodstream. The dense rat populations in urban areas, combined with unsanitary living conditions, provided the perfect environment for the rapid spread of the disease. Rats would infest homes, streets, and markets, bringing infected fleas into close proximity to humans. Additionally, rats' tendency to travel on ships facilitated the spread of the disease between different regions. The Black Death devastated Europe, with an estimated 25 to 50 million deaths during the epidemic. The disease spread quickly, causing high mortality rates and significant social and economic disruptions. It would take Europe centuries to recover. Besides our historical lesson, there are some very real reasons to keep the rats at bay. The Genuine Dangers of an Out-of-Control Rat Population Let’s face it. We children of the modern and postmodern eras have merely thought trash laying around is “disgusting” or “ugly.” It’s rare to have the prescience to think it’s a health hazard. After all, we haven’t had to worry about that for a good, long while. Sewage systems and trash collection were invented a long time ago. And it was working just fine up until recently. So let’s refresh ourselves on why an out-of-control rat population is a real danger: - Health Hazards: Rats are carriers of various diseases transmitted to humans. They spread bacteria, viruses, and parasites through their droppings, urine, and bites. Some of the diseases associated with rats include leptospirosis, salmonellosis, hantavirus, rat-bite fever, and plague. These diseases cause severe illness and death. - Property Damage: Rats have strong teeth that continually grow, leading them to gnaw on various objects to control the length of their teeth. They cause significant damage to buildings, infrastructure, electrical wiring, and pipes. Chewed wires result in electrical fires, and structural damage weakens buildings, posing risks to occupants. - Contamination of Food Sources: Rats are notorious for contaminating food supplies in storage facilities, warehouses, restaurants, and homes. They can chew through packaging, leave droppings and urine on food items, and spread pathogens. This contamination poses a significant risk to public health, leading to foodborne illnesses. - Damage to Agricultural Areas: Rats are awful for agricultural areas surrounding cities. They destroy crops, feed on stored grain, and damage farm equipment. This results in losses for farmers, lower availability, and lower affordability of food. - Negative Impact on Tourism and Business: A city plagued by a severe rat infestation suffers from a damaged reputation. The presence of rats in public spaces, restaurants, or hotels deter tourists and visitors. Additionally, businesses lose financially because of rate damage and the subsequent expenses to fix the problem. - Ecological Disruption: Rats have adverse effects on local ecosystems. They prey on native bird eggs and compete with other small mammals for resources, disrupting the balance of local wildlife. This leads to a biodiversity decline. Wrap Up Only in America? Nah, it could happen anywhere with pisspoor government oversight. I wonder if Mayor Adams even thought of privatizing garbage collection. Why not? It would almost certainly be better than this government service. But more than that, rampant rats dent NYC’s reputation and keep people away. And no big city can afford that post-government-mandated private-sector shutdown. Let me know what you think by emailing me [here](mailto:feedback@dailyreckoning.com). Have a good rest of your week! All the best, [Sean Ring] Sean Ring Contributing Editor, The Morning Reckoning feedback@dailyreckoning.com Twitter: [@seaniechaos]( [Warning: Will “Bidenflation” Destroy Your Retirement?]( [Click here to learn more]( If you’re like most Americans, you’ve worked hard for decades to build your financial legacy. And now, as a result of Biden’s disastrous money printing policies, that’s all at risk. According to one top retirement expert, “Bidenflation” threatens to destroy your retirement and make your hard-earned savings worthless. That’s why you must take action right away to protect yourself… [Click here now to get the simple, step-by-step actions to survive “Bidenflation.”]( [LEARN MORE]( In Case You Missed It… The Virtual Reality Race Is On Greg Guenthner, Editor [Greg Guenthner] GREG GUENTHNER Good morning Reader, A small buyout proposal quietly unfolded late last week, as 3D Systems Corp. (DDD) offered $1.2 billion for rival Stratasys Ltd. (SSYS). Some analysts say the proposal could start a new bidding war in the 3-D printer space. Stratasys has already rejected a potential takeover from Nano Dimension Ltd. (NNDM), another company that’s also apparently working on a merger with Desktop Metal Inc. (DM). But I don’t really care. In fact, I assume most investors aren’t paying attention to the 3D printing drama unfolding right now. Why should they? We’re talking about drama playing out between the scraps of a bubble that burst almost ten years ago. Remember 3D printers? In the early days of the post-Great Financial Crisis bull market, 3D printers were the tech wonders that would lead us into the future. The industry was supposed to rapidly evolve beyond industrial and hobbyist uses, and we were promised 3D printers in every garage in America. None of this happened, of course. Yes, 3D printer technology has improved over the past decade. But the market’s fascination with the 3D printer stocks came and went. 3D Systems was the flagship 3-D stock with the perfect ticker, soaring more than 2,600% between 2010 and its ultimate peak in 2013. After topping out in spectacular fashion, the stock went on to lose more than 90% of its value. Aside from a brief Covid Bubble sympathy rally in 2021, shares never materially recovered. [chart] Sure, I’ll still come across the occasional article detailing how 3D printing is about to revolutionize manufacturing or transform a specific industry. And this very well could be true. But as far as the market is concerned, the bubble is dead and buried. So, why even bring it up? Because right now, two prominent mega-caps are about to go to war over another sidelined tech bubble. And the outcome could have major repercussions for the furious tech snapback rally that’s dominated the market this year. [URGENT: Exclusive $10 Offer From Jim Rickards]( [Click here to learn more]( Hi, Jim here. And for the first time ever, I want to give you [all of my best secrets… for under $10!]( This is your chance to get all of my moneymaking insights at one affordable price. [Click here for all of the details on my special $10 offer.]( [LEARN MORE]( A Virtual Failure? Much like the 3D printing fad, virtual reality (and augmented reality, to some extent) was always supposed to be the next big thing. VR headsets were going to dominate gaming. Yet aside from some specialty titles, most popular video games remain on traditional consoles. Prototype wearables like Google Glass were also hailed as huge developments. But the nerdy specs never caught on, and consumers still prefer to keep their mobile tech on their phones — not their foreheads. These setbacks haven’t deterred the true believers. Facebook acquired VR headset maker Oculus nearly a decade ago for $2 billion, and has enjoyed middling success with the brand. But instead of running from past VR failures, Zuckerberg has gone all-in on VR. Heck, he changed the name of his company to Meta. The jury’s still out on that move. But to Zuck’s credit, he’s diving headfirst into the VR deep end. Meta just announced a new Quest 3 VR headset that is supposed to be smaller and more comfortable than its predecessors. The Quest 3 will retail for $500 later this year — and Meta is also dropping the prices of older Quest models in anticipation of the release. The timing of this announcement is especially interesting, since Meta was able to front run Apple’s Monday announcement of the highly-anticipated Vision Pro headset. Details are rolling in right as I’m about to hand this note off for publication. But from what I’ve seen, the Vision Pro looks like fancy ski goggles with a $3,500 price tag. Is this the beginning of a headset battle between two storied tech giants? More importantly, can Meta and Apple actually capture the world’s attention this time around… and re-inflate the VR bubble? [Ex-CIA and Pentagon Advisor: “This is How Biden will End the Republic”]( [Click here to learn more]( Former advisor to CIA and Pentagon Jim Rickards just got his hands on a Congressional document that he believes details Biden’s plan to end the Republic. [He’s urging you to take these five steps now…]( Because if you don’t prepare, you could soon lose your life savings, god-given rights and your constitutional freedoms. [Click here now]( because we can almost guarantee this expose will be censored by Big Tech and the corrupt media. [LEARN MORE]( VR, Take Two… At first glance, the Apple headset is insanely expensive. Then again, if you told me 20 years ago that people would gleefully fork over thousands of dollars for an iPhone, I’d think you were nuts. If there’s a company out there that can turn a novelty electronic device into a must-have product that generates billions in revenue, it’s Apple. While Meta has a decade-long head start in the VR game, Apple has the cool factor. That might not be a problem for Meta right away. But if the Vision Pro gains traction and Apple is able to scale and offer the same experience at a more reasonable price point, it could quickly become the top dog in the VR segment. Wearing goggles at my virtual workstation to immerse myself in the metaverse and attend meetings isn’t exactly my idea of fun. But it’s clear that Silicon Valley is desperate to plug us all into the Matrix. It worked with smartphones (when was the last time you were away from your phone for more than a few hours?). Some form of augmented reality will eventually catch on and become the standard interface. You don’t have to wear the silly glasses. Personally, I plan on holding out as long as possible. But you should at least be aware of where all this nonsense could be headed — and what companies are set to grab the biggest slices of the VR pie. Artificial Intelligence is the hot software ticket right now. But virtual reality hardware and experiences could soon bubble up in this tech-dominated market. I don’t think this fad will fade away quietly like those forgotten 3D printers… Apple stock just printed new all-time highs. Meta shares have rallied 200% off their November lows. It’s getting weird out there. But at least the trends are easy to spot. Best, [Greg Guenthner] Greg Guenthner Contributing Editor, Morning Reckoning feedback@dailyreckoning.com Thank you for reading The Morning Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:dr@dailyreckoning.com) [Sean Ring] [Sean Ring, CAIA, FRM and CMT]( is a former banker and financial educator and is the editor of the Rude Awakening. Sean has trained interns and graduates from Goldman Sachs, Morgan Stanley, Citi, Bank of America, Standard Chartered Bank, DBS (Singapore), the Abu Dhabi Investment Authority (ADIA), Bank Indonesia (the central bank), HSBC, Barclays, RBS, and BlackRock. He knows the global economy is being corrupted by forces that most people can't understand and has used his unique and worldly experiences to help people navigate the markets. [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. 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