Economics and Investing:

U.N. calls for replacement of U.S. dollar; Joins Russia, China and G20 with demands IMF step forward (Thanks to Laura H. for the link.)

Reader John M. suggested a Market-Ticker link that clearly describes the urgency of the financial situation: Warning: Deflationary Collapse Ahead.

Items from The Economatrix:

Derivatives Still Pose Huge Risk, BIS Says

How the Collapse of Lehman Bros. Averted a Second Depression

Geithner Exaggerates US Government Retreat

Natural Gas Prices Spike 12% (Even with warehouse tanks bulging!)

Stocks Subdued Amid US-China Trade Tension

Wall Street Crisis One Year Later: Lehman, WaMu Lead List of Biggest Bankruptcies

Wall Street Math Wizards Forgot a Few Variables

Cautiously, Small Investors Edge Back Into Stocks [JWR’s comment: A more accurate headline would be: Lemming-like, Small Investors Edge Back Into Stocks ]

Job Market Outlook: When Will Companies Start Hiring?

Stiglitz Says Banking Problems are Not Bigger than Pre-Lehman

R.I.P. Zimbabwe Dollar

US Tire Duties Spark Clash with China

Odds ‘n Sods:

Tamara (of the always entertaining View From The Porch blog), linked to this: The Plow, The Surplus, and The Idiot. Don’t you know how cruel honey is, people? [Sarcasm Mode On: “Oh, those poor imprisoned bees! And wool? Totally cruel, like, all those poor cuddly sheeps and sheeplings, all senselessly slaughtered just for their wool coats. You know, we should just think of them as taller baby fur seals. The barbarity of wool harvesting must be stopped. The world would be a better place., Oh, and Naugahyde, too. All those little Naugas, butchered for their hides, by greedy, cruel capitalists!” And please don’t tell this woman that tofu actually comes from Ostrich eggs, or she’ll starve to death. Sarcasm Mode Off.]

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FG sent this: British Special Forces training Libyan troops. (FG’s comment on the politicians that orchestrated this travesty: “Galactic Level Stupidity”). JWR’s comment: First we hear that the Lockerbie bombing’s mastermind was set free from prison and returned to Libya to a hero’s welcome. And now this. Clearly, there must have been some backroom deals made with The Coiffured Colonel that have not yet been made public.

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Reader J.K. asks: Can it work here in the US? Home power plants project unveiled in Germany.

Notes from JWR:

Most of today’s blog content again comes courtesy of Cheryl. Thanks, Cheryl!

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Don’t miss my note about Michael Yon’s blog, down in the Odds ‘n Sods section.

Economics and Investing:

Wow! Take a look at the latest market tickers for spot silver and spot gold. We might soon witness some profit-taking that could temporarily drive silver back to the $12 per ounce range. But consider that a buying opportunity. The next leg up will probably be in November, when The Chartist Gnome predicts silver over $18 per ounce and gold over $1,070. For those that already have bought metals: Do not attempt to “time” such a volatile market. Just hang on, and as the Gnome says, “Be ready for a roller coaster.”

Items from The Economatrix:

The Ghost Fleet of the Recession (Also suggested by several other SurvivalBlog readers.)

Airline Trade Group Predicts 2009 Loss of $11 Billion

Gold Falls as Speculative Holdings Reach Record, Dollar Climbs

Gold Investors Warned to Liquidate After Buying Frenzy

Moodys: UK Banks to Post $215 Billion in New Losses

Darryl Schoon: Greenback Gases, Gold and the Coming Shift

Odds ‘n Sods:

Marko like this Instructables piece: How to Build Your Own BBQ Barrel. OBTW, all the usual warnings about toxic chemicals and paint apply! It is best to start with a “virgin” barrel.

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Inyokern suggested a 18 minute mini-documentary on solar flares from the Discovery Channel, on Hulu. Attack of the Sun

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Reader FG sent an article from The Guardian for those who might mistakenly consider the bayonet a useless anachronism. (Although a bayonet on an Enfield SA-80 bullpup rifle must be far from ergonomic.) Speaking of the British school of soldiering, FG also sent the link to a long, photo intensive piece by our friend Michael Yon. Take special note of the photo of “Snowy” cleaning his weapon, including each individual rifle cartridge. Since my blog is a bit short today, take a few minutes to read Michael Yon’s. Any correspondent that files reports from a two-way rifle range gets high marks, in my book. He also deserves a little clinkage in his tip jar.

Note from JWR:

Many thanks for your prayers in this difficult time for our family. I’m still in shock and getting my bearings. Special thanks to Cheryl (aka “The Economatrix”) who is taking up the slack on most of the editing while our family is mourning the loss of The Memsahib.

Economics and Investing:

Monty recommended this piece over at Seeking Alpha by J.S. Kim: The Coming Consequences of Banking Fraud

More about insider selling, courtesy of Pete S.: Insiders sell like there’s no tomorrow; Corporate officers and directors were buying stock when the market hit bottom. What does it say that they’re selling now?

GG sent this: U.S. Foreclosure Filings Top 300,000 for Sixth Straight Month

Items from The Economatrix:

Analyst: It’s Too Late to Save Sears

The Ripple Effect: What One Layoff Means for a Whole Town

Wholesale Inventories Drop in July; Sales Grow

UK: Higher Oil Prices Feed Inflation Fear

Cash Down the Drain (The Mogambo Guru)

The 800,000 Pound Deflationary Gorilla

Chapman: Derivatives Collapse and the New China Gold and Silver Markets

Jim’s Quote of the Day:

“Why did she have to go
So young I just don’t know why
Things happen half the time
Without reason without rhyme

Lovely, sweet young woman
Daughter, wife and mother
Makes no sense to me
I just have to believe

She flew up to Heaven on the wings of angels
By the clouds and stars and passed where no one sees
And she walks with Jesus and her loved ones waiting
And I know she’s smiling saying
Don’t worry ’bout me.” – Alan Jackson, from Sissy’s Song

An Apology, In Advance

My apologies if my blog postings the next few weeks are irregular and not up to snuff during our time of grief. It will be some time before my life, and the lives of my children get back to some semblance of normalcy. During this lull, I encourage you to delve into the nearly 7,500 searchable archived SurvivalBlog posts. Thanks for your patience.

Linda’s Favorite Hymn

And Can it Be that I Should Gain?

And can it be that I should gain
An interest in the Savior’s blood?
Died He for me, who caused His pain—
For me, who Him to death pursued?
Amazing love! How can it be,
That Thou, my God, shouldst die for me?
Amazing love! How can it be,
That Thou, my God, shouldst die for me?

’ Tis mystery all: th’Immortal dies:
Who can explore His strange design?
In vain the firstborn seraph tries
To sound the depths of love divine.
’ Tis mercy all! Let earth adore,
Let angel minds inquire no more.
’ Tis mercy all! Let earth adore;
Let angel minds inquire no more.

He left His Father’s throne above
So free, so infinite His grace—
Emptied Himself of all but love,
And bled for Adam’s helpless race:
’ Tis mercy all, immense and free,
For O my God, it found out me!
’ Tis mercy all, immense and free,
For O my God, it found out me!

Long my imprisoned spirit lay,
Fast bound in sin and nature’s night;
Thine eye diffused a quickening ray—
I woke, the dungeon flamed with light;
My chains fell off, my heart was free,
I rose, went forth, and followed Thee.
My chains fell off, my heart was free,
I rose, went forth, and followed Thee.

Still the small inward voice I hear,
That whispers all my sins forgiven;
Still the atoning blood is near,
That quenched the wrath of hostile Heaven.
I feel the life His wounds impart;
I feel the Savior in my heart.
I feel the life His wounds impart;
I feel the Savior in my heart.

No condemnation now I dread;
Jesus, and all in Him, is mine;
Alive in Him, my living Head,
And clothed in righteousness divine,
Bold I approach th’eternal throne,
And claim the crown, through Christ my own.
Bold I approach th’eternal throne,
And claim the crown, through Christ my own.

Words by Charles Wesley, 1738. Music by Thomas Campbell, 1825.