Red and blue smoke is fired at the Ellipse of the White House during the "Salute to America" event held to celebrate Independence Day in Washington in 2020. Reuters
Red and blue smoke is fired at the Ellipse of the White House during the "Salute to America" event held to celebrate Independence Day in Washington in 2020. Reuters
Red and blue smoke is fired at the Ellipse of the White House during the "Salute to America" event held to celebrate Independence Day in Washington in 2020. Reuters
Janine di Giovanni is executive director at The Reckoning Project and a columnist for The National
July 04, 2022
Every year on July 4, Americans celebrate the anniversary of the commemoration of the Declaration of Independence, which was ratified by the Second Continental Congress in 1776.
It’s a remembrance of our past – the day when delegates from the Continental Congress prepared a statement to be read to the 13 colonies. Two days before, they had officially declared independence from Great Britain, a resolution in a unanimous vote. Thus began the life of our brand-new country, founded on the principles of freedom, limited government and individual responsibility.
July 4 is usually a joyful, carefree day in America. There are small town parades, beach days, barbecues, concerts, family reunions, fireworks, state fairs. It heralds the beginning of summer holidays. It has all of the spirit of the freedom that America was founded upon.
But this year is different.
Roe vs Wade stunned, angered and polarised the country even more than it already had been in the wake of Covid-19's devastation. For many women (and men), Roe was not about abortion, but about freedom. The decision has left many in the US, including Vice President Kamala Harris, concerned that conservative Supreme Court judges might go further and target contraception next.
“This is not over,” Ms Harris warned, ominously.
Despite "all men are created equal" there is a massive gap between the super-rich and poor. There is systemic racism. In 1852, the great abolitionist Frederick Douglass delivered a speech entitled: "What to the slave is the Fourth of July?"
“I say it with a sad sense of the disparity between us," he said. "I am not included within the pale of glorious anniversary. Your high independence only reveals the immeasurable distance between us. The blessings in which you, this day, rejoice, are not enjoyed in common. The rich inheritance of justice, liberty, prosperity and independence, bequeathed by your fathers, is shared by you, not by me."
Memorial Peace Walk in Washington in January. Bloomberg
We have work to do. But hard work is something that Americans can do best
Slavery ended in 1865, when the 13th amendment was adopted into the US Constitution. But racism and inequality have not ended. According to the National Urban League, the median income for black people is 37 per cent lower than white people. Black people trail in critical areas such as education, wealth, health, social justice and civic engagement.
Meanwhile, for those just focused on relaxation, money is an issue. Inflation is high. This means that food prices, like the traditional BBQ fare, are exorbitant. Meat prices are about 10 per cent higher than last year. One roll of paper towels cost me $4.99 in my shop around the corner in the East Village of Manhattan last week. One "Bone in beef Tomahawk Ribeye Steak" at Whole Foods cost $18.99 a pound (organic costs $23.99).
Another good reason to adopt a plant-based diet. But I have often wondered whether obesity in America is so prevalent – particularly in low-income areas, because fast food is cheap. To eat well and healthy, to eat clean and green, is actually very expensive. It's easier for a single mother to feed her children on McDonald's than it is to buy salmon and spinach.
Gas is also close to $5 a gallon – in Alaska, it is closer to $6 a gallon. This means that many can't travel far to see family or friends. Airline tickets are higher than usual. Trains in America have never been cheap, nor as easy as European ones – now they are more expensive.
Added to the financial worries are the existential ones. The agony of the war in Ukraine flashes on the news every night, as does gun control or more gun violence, or the question of famine in Africa because of Russia's withholding of grain, "weaponising" the war. US President Joe Biden appears weary, battered.
Then, there’s the trauma of January 6. The chilling testimony this week that Cassidy Hutchinson, a former aide of Donald Trump, states that he literally grabbed a steering wheel, lunged at his own Secret Service agents, and tried to join the marauding crowd attacking the Capitol. Disturbing, to say the least. The New York Times called it "A president untethered", recalling his "final, frenzied days of his administration".
David Rothkopf, the host of Deep State Radio, deemed these days “the Great Regression … the undoing centuries of American progress”.
I think that sums it up. Rothkopf warns that history will look back at this period as a time when the nation seemed to be going backwards rather than progressing. "Thanks to a concerted campaign by America’s right wing, often with the help of centrists from both US political parties," he says, "we have watched as a long list of the signature milestones of American social advancement in the post WWII era are being reversed, undone or blunted."
Smoke and flames as the USS Shaw explodes during the Japanese attack on Pearl Harbor in 1941. Corbis
Then there is the mid-term election; seven months of primary contests before election day.
So July 4, a symbol of freedom, will be more sombre this year for some, myself included.
I don't want to be entirely grim. America is also a country of optimism. We have gone through dark times before. The Great Depression of 1929-1939; the Second World War, the Vietnam War years, the Watergate scandal, even the past three years of dire Covid-19.
July 4 should be about reflection, too, about what we can do to be better citizens, and what is great about this country. "America is another name for opportunity," Ralph Waldo Emerson, the great transcendental essayist and poet, once wrote.
It is true. I was born in America but lived most of my adult life overseas. Returning four years ago, I was taken aback by many things – the Trump years, the insane healthcare system, the price of university education and the elitist system that still exists. But I was also struck by how anything is possible in America, and restrictions that exist in Old Europe, for instance, were shattered long ago. Things happen in America, where they often feel stalled elsewhere. Anything is possible.
As Rothkopf and others have pointed out, what drives America forward has always been activism and education. Many of us will continue to march and push for the rights that we deserve.
I still believe in America, I still love America. We have work to do. But hard work is something that Americans can do best.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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.”
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Points to remember
Debate the issue, don't attack the person
Build the relationship and dialogue by seeking to find common ground
Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), EsekaiaDranibota (Harlequins), Matt Mills (Exiles), JaenBotes (Exiles), KristianStinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), EmosiVacanau (Harlequins), NikoVolavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), ThinusSteyn (Exiles)