When you read this, if you ignore the words ‘United States’ this could be an African failed country. Bernanke warns of catastrophe if debt limit not raised (Reuters) – Federal Reserve Chairman Ben Bernanke on Thursday issued a stern warning to Republican lawmakers that delays in raising the United States’ $14.3 trillion debt limit could have "catastrophic" consequences. "Beyond a certain point … the United States would be forced into a position of defaulting on its debt. And the implications of that on our financial system, our fiscal policy and our economy would be catastrophic," he told the National Press … Continue reading Can this be the United States? | ‘forced into a position of defaulting on its debt’

Shahira Amin (deputy head – worked since 1989) resigned from Nile TV and joined protest in Tahrir Sq.   Other developments today: Army retaking control against pro-Mubarak supporters Minister of Interior had travel privileges revoked and assets seized Prime Minister apologized for shootings and violence Wednesday, promised to investigate but purposely blamed extremists and took no blame.  Incredibly said that business people from the Pyramids were angry at having their business disrupted and that was the reason for the people on camels and horses charging the anti-Mubarak protesters. Al Jazeera is back up again Continue reading Todays developments – Dep Head of State TV quits #Egypt

Al Jazeera remains down this hour at http://english.aljazeera.net/watch_now/ but it is up here on FaceBook http://www.facebook.com/aljazeera   Technorati Tags: Al Jazeera,#Egypt Continue reading Al Jazeera english still available on FaceBook

CNN “Inside the Middle East” blogs on CNN.  This follows on movements in Jordan by king Abdullah to try and get ahead of the curve.  Clearly this has enormous implications for all the Middle East which will translate into international trade, currency and business question marks. Is Syria next? Opposition movements in Syria are calling for mass protests on Saturday against the rule of President Bashar Al-Assad. The groups are organizing on Facebook, with several pages promoting protests in Damascus, Aleppo and other cities. Technorati Tags: Jordan,Egypt,Syria,Tunisia Continue reading Hints that Syria could be next this Saturday

This from Al Ghad courtesy of Google Translate. http://www.alghad.com/?news=557323 Amman – commissioned His Majesty King Abdullah II today Marouf Bakhit to form a new government, replacing the government of Mr. Samir Rifai, whose primary function is to “take practical steps, quick and concrete, to launch a process of genuine political reform, reflecting the vision of reform retrofit development overall, the move by the confident steps on the road promotion of democracy, and the completion of the process of construction, which opens prospects for the achievement and the wide range in front of all the sons of our people dear, and … Continue reading King Abdullah of Jordan has sacked his government, using language we are hearing more and more after Tunisia and Egypt

I did up this post on evolution of bank business models last week in anticipation of reading Umair Haque’s new book, “The New Capitalist Manifesto”.  It was worthwhile and here are some thoughts after finishing it. Banks have generally sufferred a great loss of trust and respect following the credit and banking crisis that centres on financial products and activities that feel to people as they are all for the benefits of banks and little for the benefit of people. This is part of a larger thread that predates the crisis and really became highlighted following the advent of internet … Continue reading Book review | The New Capitalist Manifesto – Umair Haque