Global business and business to business trading has not suffered much from the ongoing Jasmine Revolution, despite fears that oil will push up to $120 per barrel. As rebels have taken control of important oil ports, the price of crude has dropped. If the rebel offensive can successfully navigate through Sirte, Gadhafi’s hometown, hopes are high that Tripoli, 285 miles west, will be next to fall.

President Obama will address the nation tonight regarding American intervention in the Middle East.  Republicans have been quick to paint him as a ditherer, but Obama’s pretext is that it is better to mitigate the “reflexive suspicion” of America as world police, than to soil our hands with another Arab war. David Cameron and Nicholas Sarkozy issued a join statement urging Gadhafi loyalists to side with NATO. The protection of civilians has been the main reason for the West to join in the wartime proceedings. But the real issues are just beginning.

Libya is a relatively unimportant country in terms of global power. Egypt, Iran and Syria are perhaps the three most important. The developments in Libya matter insofar as how they affect the momentum of the uprisings. How developments in the Big Three turn out could determine the fate of the 21st century.