POLITICS IN 60 SECONDS: What You Need To Know Right Now

Good morning! Here's what you need to know:

1.  US Secretary of State Hillary Clinton and her European counterparts discussed setting up a no-fly zone over Libyan airspace.  The Pentagon repositioned assets off the coast of Libya to enforce such a zone or to deliver humanitarian aid.

2.  Christopher Hitchens delivers a withering critique of the Obama Administration's response to events in the Middle East, comparing the Administration's handling of the crisis in Libya to " the futile squawkings of a cuckoo clock."  

3.  A top NY Federal Reserve official offered an upbeat assessment of the U.S. economy's ability to weather rising oil prices.  He said that the economic recovery is picking up steam and that policy makers (so far) see no reason to curb their efforts to stimulate growth.

4.  The price of farm land in the United States has increased 12 percent in the last year.  Rising food prices around the world have turned agriculture into a " hot" economic sector.  Gillian Tett reports.

5.  Peter Peterson says US debt is " part of an international debt bubble being inflated simultaneously and unsustainably by fundamental demographic changes and vast unfunded promises in virtually every advanced economy.  Bubbles eventually pop – and ignoring this one could be calamitous."

6. US foreign policy is, to some degree, compromised by US indebtedness.  China, for instance, now holds $1.16 trillion of US debt, according to new figures from the US Treasury. 

7.  The US dollar's status as a " safe haven" is being threatened by higher oil prices. In recent days, investors have been seeking shelter from the storm in the Swiss franc and the yen. 

8.  US states are considering getting rid of guaranteed retirement benefits for public workers in favor of 401(k)-like plans.  Utah did this successfully. But winding down a pension fund is not easy or inexpensive. 

9.  Muni bond " experts," an optimistic bunch, see state and local tax revenues rising, thus easing the pressure on their market.  The muni bond market needs all the help it can get.

10. You will not be shocked to learn that yet another commission has found massive bloat inside the operations of the Federal government. The bloat costs taxpayers billions of dollars every year.

11. Two conservative groups guided by Republican operatives Karl Rove and Ed Gillespie set a goal of raising $120 million to defeat President Barack Obama, win a GOP majority in the Senate and protect the party's grip on the House in the 2012 election. 

10 Things You Need To Know Before The Opening Bell

Image: AP

• Asian markets surged overnight, with the Nikkei up 1.22%. Major European indices are all higher this morning, and U.S. futures suggest a positive open. Silver and gold are both rallying. Now, here are the 10 unusual stocks attracting huge interest this morning >

• The U.S. ISM manufacturing index is released at 10:00 AM ET. It is expected to show a slight fall for the month of February, to 60.5. Follow the release at Money Game >

• Federal Reserve Chairman Ben Bernanke will be speaking before the Senate Banking Committee today at 10:00 AM ET. Follow that testimony live at Money Game >

• Thai and Indonesian inflation came in lower than expected, reducing fears over rampant inflation in Southeast Asian emerging markets. Don't miss: Citi's 10 companies that will do great in the coming inflation wave >

• Chinese PMI data showed its largest decline since 2004 in February, down to 51.7. Prices for inputs continue to rise for manufacturers. Here's what China may look like in 2015 >

• The Saudi Arabian market is diving this morning, down over 7%. Fears continue to persist that Saudi Arabia may be experiencing riots, or may soon experience contagion from the current unrest in Oman. Check out: The 11 countries that may become the next Egypt >

• The situation in Libya appears to be worsening today, with tens of thousands of refugees fleeing the country. The U.S. is moving military capabilities to the region.

• European data blew away expectations overnight, with the eurozone's PMI surging, and German unemployment sliding to a 19-year low. Sweden and Switzerland also beat GDP expectations. But here's who may get hit next in the eurozone sovereign debt crisis >

• The U.S. government just approved the first deepwater oil drilling permit since the BP disaster. Noble Energy received the award, and will start work again in the same area of BP's well.

• Construction spending data for the month of January is released at 10:00 AM ET. It is expected to show a decline of 0.8% for the month. Don't miss: Why Bill Ackman thinks now is the time to buy a house >

• Bonus: Anne Hathaway was paid $750,000 to wear jewelry by Tiffany at the Oscars, according to Us Weekly.

MAP OF THE DAY: A Big, Definitive* Look At The Crisis In The Mideast

Suddenly, That Inflation Situation In Asia Doesn't Look So Frightening

Image: IRRI Images via Flickr

Last night, Thailand and Indonesia both reported inflation numbers than came in less hot than anticipated.

In Thailand, year-over-year inflation rose 2.87%, but the month-over-month number rose only 0.4%. The country has been engaged in tightening policy, and now looks to have its inflation back within its desired range. The big worry, however, is that the government is only confident it can stay within range if three factors don't change, one of which is the price of crude oil in Dubai.

Indonesia's inflation rate is still high, at 6.84% year-over-year, but has slowed from January and only rose 0.13% month-over-month in February. High inflation continues to be blamed on food prices, which have spiked due to poor harvests.

But the big one may be China, and while today's PMI number continued to show an increase in input prices, a recent report from Renmin University says inflation may peak in Q1.

But the big problem, as told by the Thais, is the threat of rising oil prices from instability in the Middle East. That could make what seems to be an improving situation again look rough rather quickly.

We find that the plans to increase spending by 3.4% and the boosting of incomes via exemptions for individual tax payments, reduced costs for housing and a 1.45trn allocation for subsidies an unusual policy choice at this juncture. The actual budget outcome will be strongly pro-cyclical. Indeed, it is one that will put additional pressure on the RBI to contain price inflation.

And those subsidies may actually be higher than first anticipated. Societe Generale projects that with oil prices rising, oil subsidies will be higher and the total amount of subsidies will actually be closer to 1.6 trillion rupees ($35 billion).

Image: Societe Generale

India's central bank has already been doing everything it can to fight inflation, raising rates repeatedly in an effort to slow food and other cost inflation within the country. Now it looks like the RBI will have to adjust key rates for the 8th time since January 2010.