• Nancy Pelosi after being re-elected as speaker of the US House of Representatives on January 3, 2021. Reuters
    Nancy Pelosi after being re-elected as speaker of the US House of Representatives on January 3, 2021. Reuters
  • Nancy Pelosi, here in her home city of San Francisco in 1987, was first elected to the house in the same year and steadily moved up the ranks, securing leadership positions before winning her first term as speaker in 2007. AP
    Nancy Pelosi, here in her home city of San Francisco in 1987, was first elected to the house in the same year and steadily moved up the ranks, securing leadership positions before winning her first term as speaker in 2007. AP
  • Ms Pelosi in a meeting with fellow Democrat Steny Hoyer in 2006. AP
    Ms Pelosi in a meeting with fellow Democrat Steny Hoyer in 2006. AP
  • Ms Pelosi and Democratic Senator Richard Durbin in 2007. AP
    Ms Pelosi and Democratic Senator Richard Durbin in 2007. AP
  • The 82-year-old has been speaker under four US presidents, including George W Bush in 2007. AP
    The 82-year-old has been speaker under four US presidents, including George W Bush in 2007. AP
  • Ms Pelosi surrounded by children and grandchildren in 2007. AP
    Ms Pelosi surrounded by children and grandchildren in 2007. AP
  • Ms Pelosi and her husband Paul in 1987. AP
    Ms Pelosi and her husband Paul in 1987. AP
  • The Dalai Lama and Ms Pelosi in 2009. AP
    The Dalai Lama and Ms Pelosi in 2009. AP
  • Ms Pelosi with Supreme Court Justice Ruth Bader Ginsburg during her annual Women's History Month reception in 2015. AP
    Ms Pelosi with Supreme Court Justice Ruth Bader Ginsburg during her annual Women's History Month reception in 2015. AP
  • US President Joe Biden with Ms Pelosi and Senate Majority Leader Chuck Schumer in the US Capitol on January 6, 2022. AP
    US President Joe Biden with Ms Pelosi and Senate Majority Leader Chuck Schumer in the US Capitol on January 6, 2022. AP
  • On January 28, 2016, she presented Barack Obama with a copy of the Iran nuclear agreement legislation. AP
    On January 28, 2016, she presented Barack Obama with a copy of the Iran nuclear agreement legislation. AP
  • At a swearing-in ceremony for congresswoman Rashida Tlaib. AFP
    At a swearing-in ceremony for congresswoman Rashida Tlaib. AFP
  • Ms Pelosi takes the gavel from House Minority Leader Kevin McCarthy in 2019. AP
    Ms Pelosi takes the gavel from House Minority Leader Kevin McCarthy in 2019. AP
  • Ms Pelosi, 82, and two other top leaders have been under pressure the past few years from younger Democrats to yield power after two decades at the helm. EPA
    Ms Pelosi, 82, and two other top leaders have been under pressure the past few years from younger Democrats to yield power after two decades at the helm. EPA
  • Ms Pelosi looking less than impressed as President Donald Trump delivers the State of the Union address in 2019. EPA
    Ms Pelosi looking less than impressed as President Donald Trump delivers the State of the Union address in 2019. EPA
  • Ms Pelosi rips up Mr Trump's speech. AP
    Ms Pelosi rips up Mr Trump's speech. AP
  • Ms Pelosi announcing the passage of Article II of impeachment against Mr Trump in December 2019. AP
    Ms Pelosi announcing the passage of Article II of impeachment against Mr Trump in December 2019. AP
  • Trump-supporter Richard Barnett in Ms Pelosi's office during the January 6, 2021 occupation of the Capitol. AFP
    Trump-supporter Richard Barnett in Ms Pelosi's office during the January 6, 2021 occupation of the Capitol. AFP
  • Chuck Schumer chatting to Nancy Pelosi in 2021. Getty Images / AFP
    Chuck Schumer chatting to Nancy Pelosi in 2021. Getty Images / AFP


Democrats do generational change while Republicans remain in Trump's grip


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November 22, 2022

The resignation of Nancy Pelosi, from the post of Speaker of the House of Representatives, second in line to the presidency, marks the end of an era in US politics. Ms Pelosi led House Democrats for almost 20 years, and as she said in her farewell remarks, scored significant accomplishments with Republican president George W Bush and Democrats Barack Obama and Joe Biden.

Missing from her list was Donald Trump. She achieved nothing with him, and the only noteworthy legislation passed during his tenure was a major tax cut for corporations and the wealthiest. Ms Pelosi will be remembered for confronting Mr Trump in a televised meeting about his efforts to shut down the government to coerce funding for his border wall, and tearing up the text of his 2000 "state of the union" speech to Congress, which she called a "manifesto of mistruths".

She will be handing leadership of House Democrats to her deputy, Hakeem Jeffries, who she has prepared for several years. His capacity to take over her effective leadership role remains untested but promising.

That cannot be said for the presumptive incoming Republican Speaker, Kevin McCarthy, who has apparently kowtowed to extreme party elements to gain the position, even including notorious Georgia radical Marjorie Taylor Greene. Ms Greene was removed from committee assignments after she seemed to threaten the lives of Democrats, along with numerous violent, racist and anti-Semitic tirades. Mr McCarthy says he will respond by excluding from committees several leading Democrats, including the Somali-American congresswoman Ilhan Omar, along with Eric Swalwell and Adam Schiff.

Marjorie Taylor Greene and fellow Republicans Matt Gaetz (Left) and Thomas Massie, at the Capitol in Washington, on November 17. AP
Marjorie Taylor Greene and fellow Republicans Matt Gaetz (Left) and Thomas Massie, at the Capitol in Washington, on November 17. AP

While Ms Omar and Mr Swalwell have made provocative comments, none are remotely comparable to the explicitly violent rhetoric of Ms Greene. But the incoming narrow Republican House majority appears driven by payback, whether or not it makes any sense.

Although extreme Republicans were defeated in the midterms, and those who won promised to focus on "kitchen table" issues like inflation and crime, incoming House Republican leaders have vowed to focus on investigating Mr Biden's son, Hunter, who has never been a government official, along with the Department of Justice and FBI investigations of Mr Trump.

There are legitimate oversight issues, including the chaotic withdrawal from Afghanistan and shambles at the border. Republicans often include these legitimate issues on their list of grievances, but they seem more interested in attacking Mr Biden's family and defending Mr Trump than actually interrogating flawed policies or execution.

This may well play into the hands of Democrats. They insist they have developed a sophisticated and robust set of counterattack strategies, and they will control the Senate, most likely with an additional seat after the Georgia runoff in December. Mr Biden, as I noted in these pages in November 2021, can use the House Republican majority as a foil against which to run for reelection in 2024. His chances look extremely good under current circumstances.

The best news for him arguably was the announcement last week that Mr Trump is officially, once again, a candidate for president. This historically unprecedentedly early announcement was unmistakably an effort to seek political protection against likely forthcoming major criminal charges from the Justice Department.

Attorney General Merrick Garland immediately responded by appointing a special counsel, career prosecutor Jack Smith, to lead two vital investigations into Mr Trump over pilfered government documents as well as the wide-ranging effort to overturn the 2020 election.

While Mr Smith may require some time to get up to speed with the documents case, and the criminal probe into the attempted coup and January 6 attack on Congress probably needs significant additional investigation, he seems well-positioned to hit the ground running. He's known as a hard-charging, highly experienced prosecutor who has recently been heading Kosovo war crimes trials at The Hague.

Indeed, the special counsel may eventually actually speed up the apparently inevitable filing of criminal charges against Mr Trump in the documents scandal, because he inherits such a thoroughly investigated and straightforward case and will be free of many normal bureaucratic impediments.

Ms Pelosi has voluntarily handed leadership to Mr Jeffries, and Mr McCarthy will probably finally get the Speaker's gavel, though his tenure may be turned into a brief nightmare by the extremists surrounding him. And Mr Trump, who looked elderly, listless and wearied – though not, perhaps, as bored as the audience, which was physically prevented from exiting by security personnel when too many tried to leave – is facing major criminal charges and serious leadership challenges.

US President Joe Biden greets US troops at Andersen Air Force Base in Guam, in the western Pacific Ocean. AFP
US President Joe Biden greets US troops at Andersen Air Force Base in Guam, in the western Pacific Ocean. AFP

It is Mr Biden, who turned 80 over the weekend, who seems both distinctly elderly and also profoundly in control. His first two years as president yielded significant and far-ranging legislative accomplishments, probably the most since Lyndon B Johnson's administration in 1964-65. And he just presided over the best Democratic performance in a first presidential midterm since John F Kennedy's administration in 1962.

Mr Biden has not announced his official candidacy, but he says it is his intention to run again, meaning he will be asking Americans to give him another six years in the White House. But, since he says he decided to run in 2020 mainly to deny Mr Trump a second term, his mission will not be complete until 2024 passes without producing a second Trump administration.

There is no doubt Democrats will coalesce around him if he runs. He is a proven winner with a remarkable track record, especially since he was elected president. And he knows how to beat Mr Trump, which he may be called upon to do again.

Republican leaders realise the midterms conclusively demonstrated that Mr Trump and his politics are toxic in a general election. But they also have every reason to fear that he remains unbeatable in Republican primaries, especially when facing more than one candidate, as seems inevitable.

As Democrats are changing the generational guard, except for Mr Biden, many Republicans would like to do so as well. But there is an ageing, angry old man in Florida, who claims to be both the only person who can solve things and also "a victim," who will look at Ms Pelosi's surrender of power, or anyone else's, with total incomprehension and utter disdain. He is not going anywhere. Republicans are going to have to proactively dump Mr Trump, or, yet again, surrender to him with total abjection.

La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Updated: November 22, 2022, 6:43 PM