Republican presidential candidate Donald Trump arrives for a campaign rally at the KI Convention Center in Green Bay, Wisconsin on October 17. Scott Olson / Getty Images / AFP.
Republican presidential candidate Donald Trump arrives for a campaign rally at the KI Convention Center in Green Bay, Wisconsin on October 17. Scott Olson / Getty Images / AFP.

The ghosts of 1968: why Donald Trump is not the new Richard Nixon



Richard Nixon had a private maxim: never get mad unless it’s on purpose. It wasn’t that he didn’t get mad; his temper, as one can hear from time to time when he railed so volcanically against his perceived enemies that the microphones on his White House taping system distorted, was epic. But that’s the point: almost always, even under the greatest conceivable stress, he kept it private. Exactly because this white hot, paranoid rage burnt so intensely within him, his guiding value was self-control. He could not have survived politically without it.

This year, many commentators have been comparing Donald Trump to Richard Nixon. Trump himself invites the comparison, borrowing two of Nixon’s signature political phrases for his own: the “silent majority”, which was Nixon’s term for those unsung, ordinary Americans who worked hard and played by the rules but were victimised by the “vocal minority” causing disturbances in the street; and “law and order”, which Nixon memorably promised to bring back to a 1960s America wracked by crime and violent protest. Google “Trump and Nixon”. You get more than 7,000 hits.

I am a scholar of Nixon and for a time I was fielding media inquiries nearly every day to pronounce upon the supposed parallels between the two men. I always refused. Sure, they share thuggish qualities, but fundamentally they’re profoundly different political figures. When Trump sprays untrammelled vitriol in every direction, day in and day out, it’s not an act. It is who he is – an extraordinarily undisciplined human being. It shows in his obsessions: those tics that he simply can’t let go.

Decades ago, journalist Graydon Carter, now the editor of Vanity Fair, began referring to Trump as a "short-fingered vulgarian". "To this day," Carter wrote in December, "I receive the occasional envelope from Trump. There is always a photo of him … On all of them he has circled his hand in gold Sharpie in a valiant effort to highlight the length of his fingers." You would think he would be able to let it go. Instead, his monomania over the slight abides, and has yielded one of the most astonishing moments in this most astonishing of American presidential campaigns. When Marco Rubio, the Florida senator who was one of Trump's rivals in the primary, brought up the old imprecation against the Great One's digits, Trump brought up the topic, unbidden, during one of the televised debates: "He hit my hands. Nobody has ever hit my hands, I've never heard of this before."

He held them up for the inspection of the people of the United States.

Note well the formulation: “Nobody has ever hit my hands.” This was, obviously, a lie. Nixon lied, of course, too – serially, extravagantly and even when he didn’t have to. But at least he did it with a modicum of cunning. These lies of the Presidential Candidate Who Just Can’t Help It, on the other (um) hand are so striking because they are so blatantly artless. You could never accuse Nixon of lacking in political art.

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Indirection, in fact, has been a key component of Republican electioneering going back to Nixon. A big part of their vote-harvesting strategies has been playing to the resentments among white Americans of the supposed entitlements of African-Americans. But since racism is forbidden in polite society, the references have to be made sideways, in sotto voce.

The term of art for this is the "dog whistle": a coded reference that only some voters can hear. A classic instance was in Ronald Reagan's 1976 presidential campaign, during which he complained of seeing a "strapping young buck" – "which", The New York Times delicately explained, "to whites in the South, generally denotes a large black man" – using his government assistance to buy expensive steaks at the local shop. No reference to race: no harm, no foul – plausible deniability.

Going back, another instance came in Nixon’s 1968 presidential campaign. His television adviser, Roger Ailes – who later, as the founder of Fox News, became to the racial dog whistle what Cristiano Ronaldo is to kicking footballs – suggested recruiting a “good, mean” cab driver to be on a panel questioning the candidate. “Wouldn’t that be great? Some guy to sit there and say: ‘Awright, Mac,’ what about these niggers?’” Nixon could then abhor the incivility of the words, while endorsing a “moderate” (think: law and order) version of the opinion.

Trump chucked such politesse out the window during the very first speech of his campaign, opining, absurdly: “When Mexico sends its people, they’re not sending their best. They’re not sending you. They’re sending people that have lots of problems, and they’re bringing those problems with us. They’re bringing drugs. They’re bringing crime. They’re rapists. And some, I assume, are good people.” Statistically, immigrants commit crimes at a lower rate than native-born Americans. And, of course, the Mexican government doesn’t “send” people to the US; they chose to come themselves.

The American political humourist John Fugelsang has said Trump has taken the traditional Republican dog whistle and turned it into a bullhorn. Nixon would have been horrified. He took great pride in the exquisite care he put behind every utterance, in obsessive preparation, in finely crafted public statements that had a beginning, middle and end, that started and ended precisely on time. He doted on his encyclopaedic knowledge of world affairs. And while he could be ideologically mercurial, it was also nothing to him to spend years of careful private ground-laying before a major political initiative – such as his 1972 opening to China, which he began conceptualising in 1967.

Trump? When his lawyer and lapdog Michael Cohen posted on the internet a photograph of a cloud that he said resembled his boss, he captioned it, perhaps in all seriousness, “In case anyone is unsure as to who will be our next #POTUS [President of the United States], the Lord has chosen the people’s messenger.” The comedian Stephen Colbert begged to differ: “The cloud actually holds a position longer than the real Donald Trump can.”

Rick Perlstein is the author of The New York Times bestseller The Invisible Bridge: The Fall of Nixon and the Rise of Reagan, and Nixonland: The Rise of a President and the Fracturing of America. He lives in Chicago.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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