EGYPT UPDATE – AT 8:02 A.M. ET:  Things are remarkably calm in Egypt.  Even Anderson Cooper is coming home.  The regime, which we certainly don't look upon with love, seems to be surviving, giving hope that an orderly transition to democracy can occur:

Cairo, Egypt (CNN) -- As protesters maintained a human chain at Cairo's Tahrir Square on Monday -- giving no indication of budging until President Hosni Mubarak steps down -- the country's new Cabinet is set to have its first meeting, according to state-run TV.

Meanwhile, as some signs of normalcy spread in shops and banks, the Egyptian finance minister said Monday that the country will auction as much as 15 billion Egyptian pounds (about $2.5 billion) in treasury bills. Samir Radwan also said the stock market could open on Wednesday.

And...

The 14th day of protests comes after Egypt's vice president, Omar Suleiman, met with representatives of key opposition groups Sunday and offered concessions -- including some that, if enacted, could bring dramatic change to the country.

Among the ideas agreed to by the two sides at the meeting, according to a report on state-run television, was a future end to the military emergency law that has been in place since President Hosni Mubarak came to power in 1981...

...The two sides also discussed steps to ensure free media and communication, and plans to form a series of committees that would oversee changes aimed at bringing about a representative government.

COMMENT:  We get the sense that many of the international celebrity reporters will soon depart.  Then we'll find out what the future really holds.  We produced a fledgling democracy in Iraq (at great cost), but we saw how hard it was to introduce democracy to a culture that had no democratic norms.  The situation in Iraq is still uncertain. 

The same problem exists in Egypt.  Will there be a truly free election?  Even more important, will there be freedom after the election?  And just as important as that, will any new Egyptian government be friendly to the U.S., and maintain the Israel-Egypt peace treaty?

But don't worry.  Barack Obama is on the case, with vast years of experience at handling crises (choke). 

February 7, 2011