😱 Breaking down the recession. Are we in it?

GM 👨‍👩‍👧‍👦

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Today’s Agenda 📓:

• 😱 Breaking down the recession. Are we in it?

• ⏮ Weekly Wrap

• 🔒New Metamask update makes us safer

• 🤝 Want to work with us?

• 🌱 NewSeeds

😱 Breaking down the recession. Are we in it?

All this talk about recession. What Is the technical definition? 👇

Two consecutive quarters of negative Gross Domestic Product (GDP) indicate that the economy is in a recession.

The reports from yesterday say that the GDP declined at an annualized pace of 0.9% in the second quarter, worse than economists expected with a 0.5% contraction.

While in the prior quarter, there was a decline in economic activity with a 1.6% decrease. Confirming that we are in a recession.

Main drivers of decline 📉

• Decreases in private inventory investment

• Residential fixed investment

• Federal government spending

• State and local government spending

• Nonresidential fixed assets that were partly offset by Increases in exports and personal consumption expenditures

Opinion from Federal Reserve Chairman Jerome Powell 🧢

"I do not think the U.S. is currently in a recession, and the reason is there are too many areas of the economy that are performing too well," Powell said during a press conference on Wednesday. "You tend to take first GDP reports with a grain of salt."

Our Thoughts 🧠

His voiced opinions are clearly based on what people want to hear. They want us to think everything is okay by just saying it is. You can't simply change the economic definition and fact that has been in place for 100 years.

These economists have slaughtered the economy and want to bring you down with them to hide the fact that they are clowns. To say we aren't in a recession is a complete lie, covering up for their failures. 😅

⏮ Weekly Wrap

These are the hottest things you missed this week, just in case you missed it! 🔥 Ouch.

The long-term future for Ethereum. One and only Vitalik talk on a panel at EthCC. 🎙

How you can win $35,000 playing Chipotle's new game. Only a few days left. Maybe you can still win! 💰

What stablecoin is the safest? USDC overthrowing USDT in the future. ⏳

Learning from Cathie Wood Selling 1,400,000 Coinbase shares for a loss. Good mistake to learn from📚

Make sure to tune in on Monday, so you don't miss out on anything!

🔒New Metamask update makes us safer

Metamask is one of the most popular DeFi wallets out there. Following tons of NFT scams, they added an extra step that will help prevent future draining scams.

Granting that permission allows the smart contract to access and transfer out all NFTs and tokens in a wallet.

The update, however, does not make any judgment call about the contract that users are attempting to connect to and does not explicitly call out identified scams.

Remember to be safe! And use protection :D

🤝 Want to work with us?

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Don't miss the next crypto boom and build with a team of highly motivated and passionate Web3 degens, and we'll even crack some chuckles along the way too.

Fill out this forum, and we'll be in touch.

🌱 NewSeeds

Billionaire Mark Cuban Expects SEC to impose 'Nightmare' crypto registration rules. Bitcoin to 10K 😨

Madonna' Hellbent' on Buying $1.3M Bored Ape Yacht Club NFT-Now Deemed "Too expensive" Join the club of buying the top 🙄

Solana Set to Open IRL Retail Store and Web3' Embassy' in New York Planting seeds🏪

U.S. Stablecoin Bill Pushed to After August Recess We will update you ASAP⏳

Step-counter App Sweatcoin Raises $13M to Fund Leap into Web3 Damn 😱

Meta's Metaverse Division Loses $2.8Billion in Q2 Zucc got diamond hands 💎

Alphabet, Microsoft and Now Meta Release Disappointing Quarterly Earnings It can get good until it gets terrible 😔

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Meme of the Day

Like flies.

See you Monday! ✌️