The Libyan central bank which is under Colonel Gaddafi’s control hold 143.8 tonnes of gold according to the latest data from the International Monetary Fund, although some suspect the true amount could be several tonnes higher.

While many central banks hold their gold reserves in international vaults in London, Ney York or Switzerland, Libya’s bullion is in the country, said people familiar with the country’s activities in the gold market.

US and European governments have frozen billions of dollars in Libya assets, as sanctions have hit the central banks, sovereign wealth fund and state oil company. But Libya’s gold reserves may provide Col Gaddafi with a lifeline if he can sell them. Before violence broke out the gold was stored at the central bank in Tripoli. Other significant buyers of gold include China, Rusia and India.

No international bank or trading house is likely to buy gold with any hint of a link to the Libyan regime, bankers said. In addition to the gold reserves, Col Gaddafi may also have hoarded some cash from oil sales outside of the traditional channels.

While many central banks hold their gold reserves in international vaults in London, New York or Switzeland, Libya’s bullion is in the country, said people familiar with the country’s activities in the gold market.

Al Rajhi Bank, the kingdom’s largest publicly traded lender by market value, dropped 5.2 % and Saudi Basic Industries Corp., the world’s largest petrochemicals maker, tumbled to the lowest since October. The measure has lost 11% since Tunisia’s former president Zine El Abidine Ben Ali fled the country amid protests that spurred similar uprising in nations across the region. Oman’s measure decreased 2.8% as protests erupted in the sultanate.

Oil’s Surge. Libya is the largest holder of crude oil reserves on the African continent. Al Rajhi fell the most since May 25 to 73 rivals and Sabic decreased 3.4 % to 93 rivals, the lowest since Oct 23. Oman’s benchmark MSM 30 index dropped to 6.458,37, the lowest since September, led by Renaissance Service SAOG. The provider of services to the oil and gas industry slumped 6.8% to 1.085 rials, the lowest since Dec 21.

Volatility. The EGX 30 index lost 16% in the week before trading was halted. Dubai’s DFM General Index fell 0.9% after earlier rising as much as 1.9%.  Emaar Properties PJSC, builder of the world’s taller skycraper, dropped to the lowest since February 2010, losing 2.4% to 2.85 dirhams. Abu Dhabi’s General Index climbed 0.6%.  Bahrain’s BB All Share Index advanced 0.3%, while Qatar’s QE Index slipped 0.2%. Israeli bonds gained, with the yield on the benchmark 5% Mimshal Shiklit bond maturing January 2020 declining 4 basic points to 5.06%.

Sina Weibo took advantage of a social media vacuum to become the top micro blogging service in China

Ye Fangzhao, a 25 year old freelance brochure editor for auto compaies, abandoned Twitter a year ago to start using Sina Weibo, China’s homegrown equivalent. Sina Weibo has become China’s leading site for micro bloggin, The Twitter inspired phenomenon focused on extremely short messages. The ensuing social media vacuum left an opening for Sina Weibo, which appeared in August of that year. Weibo is a division of Sina Corp (SINA), which operates China’s third most visited website. Weibo mimics the format of Silicon Valley’s micro blogging pioneer. Weibo users follow and comment on updates from other members and can post photos and videos.

Celebrities are a big part of Weibo’s appeal. ( “Weibo” means “micro blog” but sounds like Mandarin for scarf.) Like other Internet services in hina, Weibo deletes or limits sensitive posts as required by the government. Although the search term for Egypt was restricted, many Weibo posts mentioned the protests, and at least one acount offered a live webcast from Tahrir Square. Weibo users generally have the freedom to speculate ablut stories censored by the mainstream media.

To Republican free market purists, Obama’s 2012 budget priorities smack of Keynesian interventionism. Presiden Barack Obama’s first two budgets were reflexive, emergency care responses spending and more spending on stimulus, bailouts and jobless benefits to an history economic bust. The President’s budget is informed by his belief that government has  a strategic role to play in guiding the economy. Democrats take their cues from Keynes, the Depression era Britis economist who championed government intervention to correct economic imbalances.

Chief among them is education : K12 programs would get almost 7% more. Of course, Obama’s budget is a political as well as an economic document. With independent voters conncerned about the size of the deficit, his budget would gradually reduce this years’s shortfall from a projected record of $1.6 trillion, or 10.9 percent of the economy, to $607 billion in 2015. Republicans consider the deficit a prime culprit for the lackluster economy. “Continued uncertainty about our economic future is hindering job creation today, ” Ryan said at a Feb 9 House Budget Committee hearing. In a Bloomberg National Poll in October 51 percent of respondents said Obama’s stimulus either weakened the economy or made no difference.

At the moment, the White House and Republican budget sparring is confined to domestic discretionary programs, or about 12% of overall spending. The temporary resolution funding the government expires on Mar 4.