Hamas and the Israelis have reminded us that there are more perils about than just financial ones.

Israel increased the level of attacks on Hamas in the Gaza Strip and indicated that it is preparing for a long campaign. Hamas responded by firing rockets into Israel and threatening to reintroduce suicide bombings into Israeli society.

On another front, a former top Kremlin official, Alexander Voloshin was named to the board of OAO Norilsk Nickel. Norilsk is one of Russia’s largest companies and had to turn to the state for a $4.5 billion bailout loan last year. Voloshin is closely allied with Vladamir Putin. The move suggests that the sometimes not so slow renationalisation of the Russian economy is proceeding.

These are not so subtle reminders that our new President is going to have more than just stimulus planning to deal with in another month.

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