This is not just a collapse – this is an M&S collapse

I’m screwed. Some time in the next few weeks i’m going to receive a politely worded yet patronisingly sinister letter complaining about my having downloaded ’House of the Rising Sun’ online for free. I will read it apprehensively and calmly yet at the same time with fear that my front door will be battered down and agents with white gloves will search my house and destroy everything in their path until they have found that song. I have no way of keepin them out. I would buy a safety catch but inflations driving up the prices of metal. I was going to run away with Sam Israel until i got the news.  I guess i’ll have to try and weather the storm. I’m screwed.

Henry Paulson, US treasury secretary, warns that ’inflation is world’s biggest worry’.

Former Bayou Group hede fund manager, Samuel Israel III, hands himself into police having spent a month on the run and is due to face New York judges today.

Asian stocks fall and Japanese stocks post longest losing streak in half century, on fears of stagflation.

Marks and Spencers profit warning causes collapse in retail market as City loses faith in Rose.

Oil prices continue to rise above $145 a barrel.

Game groups shares fall despite profits due to concerns that demands had peaked.

“Merrill advises Fortis on sale of businesses to Deutsche.”

The standard of living for British families will fall for the next year at least.

How to save money and still have an enjoyable 4th July.

 Story of the Day 

Gold mine found in Ireland. Unbelievable. I spent half my childhood trying to find a gold mine and now i find out that i was looking in the wrong place…I’m off now, i’m catching the 10:50 to Dublin from Gatwick to see some relatives…Its been planned for a long time…seriously…

Further Sightings Of Bears

Monday’s Reading

Advisor to Gordon Brown claims housing market will not pick up again until 2015.

Dow Jones has its worst June since The Great Depression.

Lawrence Summers asks what can be done during this ‘most dangerous moment’.

Iron ore prices are set to nearly double as Rio Tinto Group sign agreement with Baosteel Group.

France Telecom abandon $42 billion bid for Nordic company Teliasonera.

Shares that are illiquid and rarely traded are the ‘roses among the wallflowers’

Central bank independance will come to an end…sooner than we realise.

Merrill Lynch, UBS and Goldman Sachs show ‘need to throw good money after bad’ 

Will Bear Stearns face more indictments after new charges are believed to be brought against them?

Bear Stearns aren’t the only ones in trouble as law suits have been filed against UBS, Merrill Lynch and One Source in the previous six months.

Young hedge fund managers are more dangerous than their elders due to risky behaviour being ‘rewarded in a bubble’.

An unopened copy of “Greed and Glory on Wall Street: The Fall of the House of Lehman”, regarding bank Lehman Brothers, is being sold on amazon.com for over $400.

Who benefitted and who was left worse off at the end of last week.

Story Of The Day

‘Family Guy’ creator Seth MacFarlane has completed an agreement with Google to create a new animation that will be released exclusively on the web.

As a ‘Family Guy’ fanatic this was quite exciting for me, especially since i don’t have the means to view Fox. The question is whether web exclusives will destroy televison networks or give the TV stations more of an incentive to attract the best programs to them. Frankly, as long as there are talking cartoon dogs and egomaniacal, psychopath babies somewhere in this world…Enough said.