FT: Luxury market feels the pinch Deflation was notable in some of the index’s items, including cars and watches. A Panerai Luminor Submersible watch is now almost 17 per cent cheaper than last year at £4,500, and an Aston Martin DBS is down 15 per cent from £188,000 to £160,000.

davies.lohudblogs.com: Topical cartoon of the week Speaks for its self...

Times: Taxpayer can bear no more, admits Alistair Darling Taxpayers are at the limit of what they are willing to pay to fund public services says Darling. Darling warned that the downturn was far more profound than he had thought and could last for years rather than months. He told Cabinet ministers this week that there would be no more money for schools, hospitals, defence, transport or policing. Tax receipts are falling but unemployment costs are on the up! He confirmed that the Treasury was revising its rules to allow more borrowing. His disclosure came as figures showed that public borrowing rose by £9.2 billion last month, well above City forecasts of £7 billion and the highest for June since 1993, when monthly records began. He said Britain could still be suffering by the next election, expected in 2010.

Daily Express: CREDIT CRUNCH: WE ARE OVER THE WORST BRITAIN has ridden out the worst of the global credit crunch, leading world economists said last night. After months of gloomy financial forecasts, the International Monetary Fund predicts the economy will bounce back and enjoy sustained growth. <img src="http://i37.tinypic.com/11w3uw9.jpg">

Scotsman: There's nothing like the first time First-time buyers do have one thing going for them – falling house prices. For buyers with deposits, this is great news, according to Scott Brown, of Warners estate agents. "As long as you can afford the asking price, it makes sense to buy just now," said Brown. "There is less competition for properties, you have a wider choice and there is a chance to negotiate with sellers. But the upturn in prices will be quick, so if you sit and wait for mortgage rates to improve you will miss your chance." Here are the options: BANK OF MUM AND DAD GUARANTOR MORTGAGE MULTIPLE APPLICANTS SHARED OWNERSHIP

infowars.net: Ron Paul: Texas Congressman Ron Paul has warned the House that he is “convinced the time is now upon us that some Big Events are about to occur.” that will cause liberty to go “into deep hibernation”. Paul told the House: Paul outlined the history of the current economic crisis and alluded to key events such as the inception of the Federal Reserve System, the creation of the Bretton-Woods Monetary System and the creation of a "dollar bubble". "This bubble is different and bigger for another reason." Paul argued. "The central banks of the world secretly collude to centrally plan the world economy. I'm convinced that agreements among central banks to “monetize” U.S. debt these past 15 years have existed, although secretly and out of the reach of any oversight of anyone--especially the U.S. Congress"

The Telegraph: Gordon Brown loses grip on economy as deficit soars to record Gordon Brown has lost his grip on the economy, experts claimed today as government borrowing soared to the highest level since records began over 60 years ago and fresh evidence emerged that the housing market crash is worsening.........................What can I say???? this is it guys......now where are our knighthoods?

Economist: The spectre of stagflation: things can only get worse FIVE years ago Mervyn King, the newly appointed governor of the Bank of England, gave warning that the “nice” decade would be followed by something less wholesome. Now starting his second term of office this month, Britain’s leading central banker looks more prescient than ever. But even he surely did not expect that the “non-inflationary consistently expansionary” era would turn quite this sour.