Elon Musk has notified Twitter and the SEC [SEE LETTER HERE] that he is exercising his “right to terminate the merger agreement and abandon the transaction contemplated” due to the social media company not providing transparent access to background data that would allow authentication of “monetized daily active users” (mDAUs).

It appears that Twitter Inc did not want to reveal how Jack’s Magic Coffee Shop was able to sustain operations, at an extremely high cost, without making money.   That’s the essential source of the issue.

The social media company did not want anyone looking at the data stream inside the communication platform.   Musk was not allowed to authenticate the number of real users and identify the number of ‘spam’ or ‘bot’ accounts within the platform.

From the SEC Letter: […] ” Specifically, in the Merger Agreement, Twitter represented that no documents that Twitter filed with the U.S. Securities and Exchange Commission since January 1, 2022, included any “untrue statement of a material fact” (Section 4.6(a)). Twitter has repeatedly made statements in such filings regarding the portion of its mDAUs that are false or spam, including statements that: “We have performed an internal review of a sample of accounts and estimate that the average of false or spam accounts during the first quarter of 2022 represented fewer than 5% of our mDAU during the quarter,” and “After we determine an account is spam, malicious automation, or fake, we stop counting it in our mDAU, or other related metrics.”

Mr. Musk relied on this representation in the Merger Agreement (and Twitter’s numerous public statements regarding false and spam accounts in its publicly filed SEC documents) when agreeing to enter into the Merger Agreement. Mr. Musk has the right to seek rescission of the Merger Agreement in the event these material representations are determined to be false.

Although Twitter has not yet provided complete information to Mr. Musk that would enable him to do a complete and comprehensive review of spam and fake accounts on Twitter’s platform, he has been able to partially and preliminarily analyze the accuracy of Twitter’s disclosure regarding its mDAU. While this analysis remains ongoing, all indications suggest that several of Twitter’s public disclosures regarding its mDAUs are either false or materially misleading. 

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University of Pennsylvania, Wharton School of Business, Finance Professor Jeremy Siegel, takes a closer look at the June jobs data from the Bureau of Labor Statistics.  Professor Siegel notes a .01% drop in average hours worked is the labor equivalent of losing 450,000 jobs.

With factory demand dropping, and with inventories climbing, and with FTE’s (Full-Time Equivalents) dropping, the jobs report takes on additional context that aligns with the overall decline we feel in Main Street activity.  Essentially, regardless of how many jobs are “created” within the economy, the overall economic activity -as measured by the value of products & services generated- is declining.

Additionally, as noted by Professor Siegal, the current best estimate as reviewed by the several data points, is a current drop in overall GDP in the -2% range.   Seigal points this information out because the Federal Reserve is raising interest rates into an economy that has declining (demand side) consumer activity, which, correctly as he states, only makes the contraction more severe.  WATCH:

The core supply side costs (all based on energy policy) continue to increase and drive consumer prices upward.  Simultaneously, consumer demand is dropping because the goods and services impacted by the increased costs (most of which are unavoidable) are more expensive.  This creates a downward spiral.  Consumer prices are increasing on housing, energy, food and gasoline (supply side impacts), at the same time discretionary spending contracts.

In this scenario there is no way to avoid a steep recession.  However, the real priority of Joe Biden surrounds whether Jill will allow his favorite pudding, and if the shoes on the pancake mix keeps making sparkly rabbit noises.

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The Bureau of Labor Statistics (BLS) has released the June jobs report [Data Here] showing 372,000 job gains on the establishment survey of businesses.  However, the April and May reports were revised downward by 74,000 jobs, and there is an odd disconnect between the survey of businesses and the survey of households.

The survey of businesses (BLS establishment report) shows job gains of 372k for the month of June, but the survey of households (BLS household report) shows that fewer people are working.  The labor-force participation rate slipped to 62.2% from a previous high of 62.4%, fewer people are working.

This odd disconnect has many people wondering what is going on?

Wage growth comes in at 5.1% on an annual basis, which is far below the current BLS calculated rate of inflation at 8.6%. Meaning wage growth is not keeping up with inflation despite workers entering the labor force at a higher entry level wage.

Economists overall are flummoxed as job gains would indicate a strong economy. However, the actual economic activity, the creation of goods and services, is not growing.  Quite the opposite appears.  Orders for factory goods have dropped, inventories of currently available goods are climbing, and sales figures across a broad spectrum of companies are negative.  The economy as measured by the creation of goods and services is stalled, but the economy as a measure of employment is firm.

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The Energy Information Agency has finally updated “on road” diesel prices after a month of frozen data [SEE HERE].  Conspicuously, the technical “glitch” correction is resolved [statement here] as the price for diesel starts to drop a little.

Oil prices are showing a drop in price, and subsequently gasoline prices are starting to moderate.  Unfortunately, as noted at The Hill, the drop in price is not related to an increase in production, but rather a decline in consumer demand.

WASHINGTON – The price of U.S. crude oil was hovering around $98 per barrel on Wednesday afternoon, down from about $108 late last week. Brent crude fell to about $101 per barrel, down from about $111 late last week. 

[…] “We’re on the cusp of seeing more savings,” said Patrick De Haan, head of petroleum analysis at gas price tracking site GasBuddy. “I’m trying to be a little bit optimistic here that this relief could make its entire way to the pump in the weeks ahead.” 

[…]  “The average price per gallon could fall 40 to 65 cents over the coming weeks,” he said, adding that the drop could be over a three- to six-week period. 

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One of the most frustrating aspects to our current state of national affairs is that no politician will articulate the basic commonsense problem, and how the people handling Joe Biden are directly to blame for it.  Instead, DC and national politicians talk around it, all of them pretending not to know.

However, at least there is one voice in Tucker Carlson who articulates the economic and political reality in a framework that most can understand.

In his opening monologue tonight, Carlson succinctly points out how the current state of economic anxiety is directly the result of Joe Biden chasing the Green New Deal initiatives that progressive, communist democrats have advocated for years.  WATCH:

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The energy crisis is intentional.  The food crisis is intentional.  Everything that is happening domestically in our economic crisis is happening intentionally.  All of the problems are the result of intentional policy decisions.

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A great monologue by Sky News Host Rowan Dean connecting the dots between Canadian Prime Minister Justin Trudeau, Dutch Prime Minister Mark Rutte, the current farmers protests and the World Economic Forum global food hub initiative. {Direct Rumble Link} WATCH:

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It emerged yesterday that British Prime Minister Boris Johnson — having previously claimed no knowledge — was warned about alleged sexual misconduct by a cabinet member named Chris Pincher. Mr. Pincher is accused of sexually touching male aides on several occasions in the past, and Prime Minister Johnson was warned about the issue at least five times since July 2019, yet he did nothing.

Against a backdrop of partygate and odd scandals in his administration, now everyone in British politics is using the Pincher scandal to go after Johnson. [Daily Mail Has Details]

Several high-level members of Johnson’s government have resigned.  A total of more than 35 members of his government have left their position [Details Here] as the apex of the mob now descends on 10 Downing Street and the British media are in a frenzy.  The big question is, ‘will Boris Johnson survive?’  Nigel Farage gives his take. {Direct Rumble Link} – Video Below:

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Things in the Netherlands are remaining spicy after Dutch police attempted to stop one farmer protest by shooting at one of the teenage farm tractor drivers.

A summary of the background story is HERE.  Independent journalist Michael Yon has now travelled to the Netherlands to document the protest as western interest in the conflict starts to increase.  Steve Bannon interviewed Yon earlier today. {Direct Rumble Link}, Video Below:

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After the Dutch police shot at one of the protesting farmers last night, they took the tractor driver -a teenage boy- to a local police station.   The farmers responded earlier today by surrounding the police station and demanding his release.  The Dutch farmers are not backing down, they have doubled-down and are now blocking airports.

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Step back for a minute and elevate the discussion to a bigger review.  In the past several months every single institution of policy making has stated, many emphatically, that a looming global food crisis is imminent.   No one is hedging on this point; everyone in the geopolitical system is in alignment saying there will be food shortages.

Joe Biden, NATO, the G7, the European Union, the World Bank, USAID, and every western leader in the United States and Europe has stated there will be food shortages.

They are not saying there might be shortages; their statements are emphatic, there will be shortages.

Accept this basic cornerstone.  Then ask why not a single proactive step has been taken by any of the aforementioned institutions or governments to alleviate what they declare is a certainty.  Why?

Simple question, “why?”

If all of the western nations, non-govt organizations and heads of state, are aware of a coming food crisis, why is there no proactive response?

It is a question that even the most hardcore leftists will not answer, because there is only one answer.  No action is being taken because they do not want to take action.  No effort to avoid the crisis is being done, because they do not want the crisis avoided.

Peel all the layers of obfuscation and causation away, and what we find is the epicenter of the food shortage is directly the result of the Build Back Better agenda.  A post-pandemic western government deliberate decision to radically change global energy development.  In succinct terms, the climate change agenda.

However, regardless of how you feel about the validity of “climate change,” the cause of diminished food supplies is purposeful.  It is not climate change causing food shortages. It is the purposeful action taken under the guise of mitigating climate change that is causing the shortage of food.

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Monmouth University conducted another political poll of U.S respondents [SEE Survey HERE].  In addition to the plummeting approval of Joe Biden, the worst yet approval at 36% according to the survey, the respondents were asked to list their top concerns (Question #7).

The responses were recorded but did not come from a list presented by Monmouth.  They just compiled the results.  As stated, “what is the biggest concern facing your family right now?”  The results show the top priorities of Americans and the disconnect between the priorities of congress and the American people are stark.

(Source, Question #7)

Nowhere on the expressed concerns did anyone identify supporting Ukraine or the Russia -v- Ukraine conflict, as a priority; yet, Ukraine has taken up almost all of the legislative effort from congress.  The total taxpayer-funded congressional spending is nearing $100 billion.  Additionally absent from the concerns of the American people, is any mention of the January 6th committee; again, another time wasted political exercise by a congress detached from the priorities of the electorate.

The top priorities are what we would expect to see, economic issues.  Inflation, Gas Prices, the Economy and the ability to pay everyday bills (groceries) are the priorities of the American people.  All of these issues are directly caused by Joe Biden and the policy of his administration.  Climate change, the #1 focus of the administration, is not even in the top ten.  We are in an abusive relationship with our own government.

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