This Week in Small Business: We're Watching Japan, Libya and Hugo Chavez

What's affecting me, my clients and other small-business owners this week.

THE QUAKE IN JAPAN, A GOOFBALL IN VENEZUELA Japanese earthquake damage is estimated at $310 billion and could be the costliest natural disaster ever. Japanese exports suffer. Kate Rogers of Fox revisits how to protect your business from catastrophe. "Small-business owners can determine if they should be seeking disaster coverage by weighing their investment in the business itself, among other factors. If the business is the sole form of income, the risk is much greater than if it is a hobby or part-time project." Elsewhere around the world, the war industry gets a boost in Libya. And Hugo Chavez of Venezuela says capitalism may have destroyed life on Mars.

REAL ESTATE FALLS, JOBS RISE Mark Thoma says commodity prices are increasing because of world demand. A small-business owner in Georgia is trying not to pass on the cost of high gas prices. Detroit's population declines 25 percent. Existing-home sales fall to the lowest on record. Meredith Whitney, an investment adviser, says, "Unless the government comes out with a 50-year mortgage, this market is in trouble longer term." Gallup's job-creation index is the highest since September 2008. Durable goods orders fall.

ANNE HATHAWAY AND WARREN BUFFETT The Fed earns $79 billion and predicts that the recovery is taking hold. Nonetheless, one of its officials warns that the United States is approaching insolvency. Meanwhile, Warren E. Buffett predicts growth but some think his company's stock is buoyed by Anne Hathaway. Household balances sheets continue to improve. Scott Grannis says "the Philadelphia Fed Business Outlook Survey came in very strong. It hasn't been this strong since the economic boom times of the early 1980s. It's very difficult to ignore the mounting evidence of a strong economic recovery." Architect billings increased slightly in February.

DEFICIT THRILLS The Committee for a Responsible Federal Budget is thrilled to see 64 senators calling for comprehensive deficit reduction. But Stan Collender, a budget expert, isn't thrilled at all: "Does a letter that is so vanilla that it could have been written at any time over the past 40 years really indicate any movement on the current budget debate?" James Pethokoukis of Reuters says he thinks President Obama's budget is wildly dangerous.

A NEW DEFINITION OF SMALL BUSINESS Timothy F. Geithner says that American small businesses need greater access to capital to spur innovation. The Small Business Administration, facing even more cuts, is for the first time in more than 25  years proposing to change the way it defines small businesses. JPMorgan Chase says it will cease its debit card rewards program because of new legislation that would restrict fees. Missouri gets $27 million in incentives for small-business growth. The Small Business Savings Account Act makes its way through Congress.