Who lost the Arab Spring? After the murder of the US ambassador, Christopher Stevens, and three other American diplomats in Libya, President Barack Obama's performance during the upheaval in the Arab world will inevitably become a highly charged political issue.
So far in the US election campaign, foreign policy has barely figured. When the Republican challenger, Mitt Romney, gave his acceptance speech last month, there was scarcely more than a sentence about foreign policy. Mr Romney seemed to be conceding that the incumbent was unassailable in a field where Republicans generally score highly with voters.
But Mr Romney went on the attack as soon as crowds, protesting at a provocative anti-Islam video produced in California, invaded the US embassy compound in Cairo. He continued after news of fatalities in the US consulate in the city of Benghazi, in eastern Libya, where the ambassador happened to be staying. Mr Romney accused Mr Obama of "apologising for America" and his aides weighed in to blame the president for "weakness".
American liberals have rushed to portray Mr Romney as unfit for the presidency, saying he mishandled the situation by putting partisan advantage ahead of the national interest. Even his running mate, Paul Ryan, has refused to follow him down this track.
Still, a Rubicon has been crossed and the Arab revolutions are now an openly partisan issue. Life will get more uncomfortable for Mr Obama as evidence grows that the assault on the Benghazi consulate was not a mass protest that got out of hand, but a planned operation by jihadists using rocket launchers and heavy machine guns.
The collapse of bipartisanship is hardly surprising. In US politics, no sparrow falls from the sky anywhere in the world without someone being held to account in Washington. And without someone to blame at home, no foreign event is worthy of attention.
This was most clearly demonstrated when China fell to the communists in 1949 after years of civil war. "Who lost China?" was a burning political question throughout the 1950s and beyond. President Harry Truman took some of the blame, but mostly it was hung on General George Marshall, one of the architects of the Allied victory in the Second World War and later a secretary of state who launched the Marshall Plan to revive Europe, for which he received the Nobel Peace Prize.
The fact that Mao Zedong was more ruthless and better organised than the rackety US-backed Nationalists was disregarded. Someone at home had to take the blame for what was seen at the time as America's greatest diplomatic defeat of the 20th century.
Then - as this time - the charge sheet against the incumbent was thin. Speaking to the Foreign Policy website, Rich Williamson, Mr Romney's senior adviser, accused the president of not providing effective leadership in the Arab world. "It's a pattern, and the pattern sees the US with reduced influence, reduced respect, reduced capacity to project its interests."
The accusation of weakness is based on the chimera that George W Bush's so-called "freedom agenda" would have led to peaceful change, not revolution. But Mr Bush, floundering in Iraq and Afghanistan, effectively abandoned any idea of bringing democracy to Egypt and clung to the Mubarak regime. It could be argued, however, that US-funded training in the Bush era of Egyptian grassroots opposition groups may have played a small role in fomenting those very revolutions that Mr Romney now decries.
But the detail probably does not matter. What may stick in the mind of the voter is that Mr Stevens is the first US ambassador to be killed since the administration of Jimmy Carter, who was blindsided and humiliated by the Iranian revolution. And the message from TV is that Arabs' brief honeymoon as members of the Facebook generation is over. Now they have reverted to the 1970s stereotype of people who fire wildly with Kalashnikovs. And that, in the popular imagination, is not a plus for America.
This is not to say that Mr Obama is free of guilt. It was reckless to leave the Benghazi consulate protected by half a dozen Libyan guards of dubious loyalty. Last month, the State Department warned US citizens to avoid Libya for all but essential travel, describing it as place of political violence and militia battles. Only the State Department appears to have failed to heed to its own advice.
Even more seriously, the Obama administration - with France and Britain taking the lead - engineered regime change in Libya without much thought for the future. Libya provided a steady supply of jihadists to fight in Afghanistan, including Al Qaeda's second in command after Osama bin Laden died, Abu Yahya Al Libi, killed by a US drone in June.
His death was confirmed in an Al Qaeda video on the 11th anniversary of the September 11 attacks. This video could have been the signal for the old jihadist's comrades-in-arms to attack the consulate. Ex-members of the Libyan Islamic Fighting Group have plenty of grievances against the US and Britain, which conspired to turn over captured suspects for torture in Muammar Qaddafi's jails before the uprising.
The jihadists are a minority in Libya. In an election in July, secular parties scored a narrow victory. However much trouble they make, the jihadists will not take over, although it will clearly take years for the chaotic state to impose its will on them.
Mr Obama has many questions to answer on how he allowed the embassy to be overrun. But if the charge is that he blundered into regime change without knowing what to do next, then he is hardly alone: Mr Bush did the same in Iraq, and that was a long-planned war of choice.
Libya can sort itself out in time. The real issue is elsewhere: what if, in the course of a long civil war in Syria, the jihadist element in the opposition takes the ascendant and seizes power in Damascus? Then "Who lost Syria?" will be a real question, and the whole world will want to know the answer.
aphilps@thenational.ae
On Twitter: @aphilps
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
A list of the animal rescue organisations in the UAE
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,200m, Winner: ES Rubban, Antonio Fresu (jockey), Ibrahim Aseel (trainer)
5.30pm: Handicap (PA) Dh85,000 (T) 1,200m, Winner: Al Mobher, Sczcepan Mazur, Ibrahim Al Hadhrami
6pm: Handicap (PA) Dh80,000 (T) 2,200m, Winner: Jabalini, Tadhg O’Shea, Ibrahim Al Hadhrami
6.30pm: Wathba Stallions Cup (PA) Dh70,000 (T) 2,200m, Winner: AF Abahe, Tadgh O’Shea, Ernst Oertel
7pm: Handicap (PA) Dh85,000 (T) 1,600m, Winner: AF Makerah, Tadhg O’Shea, Ernst Oertel
7.30pm: Maiden (TB) Dh80,000 (T) 1,600m, Winner: Law Of Peace, Tadhg O’Shea, Satish Seemar
The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
Results
5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass
6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer
7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby
7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass
8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi
RACE CARD
6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m
8.15pm Handicap (TB) Dh105,000 (D) 1,900m
8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m
9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m
10pm Handicap (TB) Dh102,500 (T) 1,400m
The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Biography
Favourite drink: Must have karak chai and Chinese tea every day
Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour
Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour
Best vacation: Returning home to China
Music interests: Enjoys playing the zheng, a string musical instrument
Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes
Favourite book: Chairman Mao Zedong’s poems