A protest outside the US Supreme Court in Washington this month as it considers whether Donald Trump is eligible to run in the 2024 presidential election. AFP
A protest outside the US Supreme Court in Washington this month as it considers whether Donald Trump is eligible to run in the 2024 presidential election. AFP
A protest outside the US Supreme Court in Washington this month as it considers whether Donald Trump is eligible to run in the 2024 presidential election. AFP
A protest outside the US Supreme Court in Washington this month as it considers whether Donald Trump is eligible to run in the 2024 presidential election. AFP


Are liberals the real threat to democracy?


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February 22, 2024

Why are liberals such bad losers? That was my thought after seeing much of the coverage of the election of Prabowo Subianto as President of Indonesia last week.

At the end of January, I had warned that should Mr Prabowo, currently the country’s defence minister, win, “he will not be guaranteed a friendly reception in some quarters”. And sure enough, these were some of the headlines in western-dominated international media: “Prabowo wins. Does Indonesian democracy lose?”, “Prabowo’s win is dismal news for democracy”, “Democracy, interrupted in Indonesia”, and “In Indonesia elections, fears grow that democracy is sliding”.

One might think that a rather ungracious way to respond to the result of the world’s largest single-day election, as well as being hugely condescending to the estimated 57-60 per cent of Indonesian voters who cast their ballots for him. As for fears of democratic backsliding: well, Mr Prabowo may be a former general and has at times cultivated something of a “strongman” image, but he has stood for the vice presidency once and the presidency three times – he has shown himself more than willing to accept the will of the people. Isn’t it a bit strange that the very moment he wins power through a commanding democratic mandate, the first reaction of some is to warn of the danger to democracy?

Indonesians wanted Mr Prabowo to be president, they voted for him, and he won: isn’t that democracy in perfect working action? The real danger to democracy would surely be if he won a majority of votes, and then didn’t become president, although it seems some of his critics would have preferred that outcome.

But we’re already seeing the same in advance of the American presidential election due to be held in November.

Indonesian Defence Minister Prabowo Subianto celebrates his victory in the presidential election in Jakarta last week. EPA
Indonesian Defence Minister Prabowo Subianto celebrates his victory in the presidential election in Jakarta last week. EPA
I do understand the concerns of liberals. I used to be one. But I respect the legitimacy of other political creeds

Dire warnings have been issued about what a second Donald Trump presidency might entail, not least the complete politicisation of the country’s institutions; although when there are already elections for school boards, sheriffs and district attorneys in many US states, as well as the confirmation of Supreme Court justices having become highly partisan, it’s hard to argue that has not already happened to a great degree. But the question has been asked frequently: can US democracy survive four more years of the Donald? Canadians are apparently particularly concerned; two thirds of them said the answer was “no” in a poll this January.

I take a rather different view. The American people have had no shortage of information about Mr Trump. They remember his presidency very well. If they vote him to power (assuming he is the Republican candidate) knowing full well what a second term is likely to entail, that is their democratic right; and something will have gone very wrong if that is not reflected in the result.

There’s a pattern here, a by-now entirely predictable one. Whenever liberals – I use the term in the very broadest sense – see an election result they don’t like, they say that democracy is in trouble. Perhaps they might do better to reflect a little. After all, if their values are so manifestly superior, they ought to be winning “big league”, as Mr Trump would put it (some initially misheard it as “bigly”), all the time. But the rise of populism on both the left and the right has been one of the most noticeable trends in politics around the globe over the past two decades.

Do liberals think that people who vote for these parties, or causes that are considered populist, are stupid, or easily misled? Some definitely believe that. An article on the news aggregator CapX last November just put it more bluntly than most, when it asked: “Are Brexit voters thick?”

Then Davao City mayor Rodrigo Duterte leaves the voting precinct after casting his vote in Davao City, on the southern island of Mindanao, in 2016. AFP
Then Davao City mayor Rodrigo Duterte leaves the voting precinct after casting his vote in Davao City, on the southern island of Mindanao, in 2016. AFP

Such supercilious attitudes are often hidden – they’re not polite – but people do know when they’re being patronised. In 2016, shortly before the brash and populist Rodrigo Duterte was elected president of the Philippines – a prospect that was greeted with horror internationally – I wrote a column in these pages saying that liberal democracy might be having a difficult time in the country, but democracy was doing just fine.

A few days later, a Philippine ambassador came up to me at a conference in Kuala Lumpur. “Thank you for writing that,” she said. I was a little surprised; she was then running a human rights NGO and would have been an unlikely Duterte supporter. But I think that she didn’t like her country being attacked, and she accepted that while the former Davao City mayor may have had a record of making outrageous comments, his support was genuine and widespread. If he won, as he did, it would be a democratic result.

I also believe that the ambassador would have been aware, as too many liberals are not, that they are often seen as catering to the anxieties of higher-income elites and that they have forgotten the centrality of class in forging a politics that lifts all.

I do understand the concerns of liberals. I used to be one, with both a big and a small “l”, when I lived in the UK. But I don’t believe in imposing my beliefs on others, and I respect the legitimacy of other political creeds. That cannot be said of the swathes of liberal opinion who are dismayed by Mr Prabowo’s election and will be sent totally doolally if Mr Trump returns to the White House. So vehement is their opposition to the election of figures such as these, and so strong is their insistence that such results cannot be right, that one has to ask: do they really believe in democracy at all?

In fact, if they won’t accept the verdicts of the people, aren’t they, and not the likes of Mr Prabowo and Mr Trump, the real threat to democracy?

Pros%20and%20cons%20of%20BNPL
%3Cp%3E%3Cstrong%3EPros%3C%2Fstrong%3E%0D%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EEasy%20to%20use%20and%20require%20less%20rigorous%20credit%20checks%20than%20traditional%20credit%20options%0D%3C%2Fli%3E%0A%3Cli%3EOffers%20the%20ability%20to%20spread%20the%20cost%20of%20purchases%20over%20time%2C%20often%20interest-free%0D%3C%2Fli%3E%0A%3Cli%3EConvenient%20and%20can%20be%20integrated%20directly%20into%20the%20checkout%20process%2C%20useful%20for%20online%20shopping%0D%3C%2Fli%3E%0A%3Cli%3EHelps%20facilitate%20cash%20flow%20planning%20when%20used%20wisely%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cstrong%3ECons%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EThe%20ease%20of%20making%20purchases%20can%20lead%20to%20overspending%20and%20accumulation%20of%20debt%0D%3C%2Fli%3E%0A%3Cli%3EMissing%20payments%20can%20result%20in%20hefty%20fees%20and%2C%20in%20some%20cases%2C%20high%20interest%20rates%20after%20an%20initial%20interest-free%20period%0D%3C%2Fli%3E%0A%3Cli%3EFailure%20to%20make%20payments%20can%20impact%20credit%20score%20negatively%0D%3C%2Fli%3E%0A%3Cli%3ERefunds%20can%20be%20complicated%20and%20delayed%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cem%3ECourtesy%3A%20Carol%20Glynn%3C%2Fem%3E%3C%2Fp%3E%0A
Who's who in Yemen conflict

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Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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UAE currency: the story behind the money in your pockets

Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

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

MATCH INFO

Champions League quarter-final, first leg

Ajax v Juventus, Wednesday, 11pm (UAE)

Match on BeIN Sports

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Getting%20there%20and%20where%20to%20stay
%3Cp%3EFly%20with%20Etihad%20Airways%20from%20Abu%20Dhabi%20to%20New%20York%E2%80%99s%20JFK.%20There's%2011%20flights%20a%20week%20and%20economy%20fares%20start%20at%20around%20Dh5%2C000.%3Cbr%3EStay%20at%20The%20Mark%20Hotel%20on%20the%20city%E2%80%99s%20Upper%20East%20Side.%20Overnight%20stays%20start%20from%20%241395%20per%20night.%3Cbr%3EVisit%20NYC%20Go%2C%20the%20official%20destination%20resource%20for%20New%20York%20City%20for%20all%20the%20latest%20events%2C%20activites%20and%20openings.%3Cbr%3E%3C%2Fp%3E%0A
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Sebastian Vettel (Ferrari)
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Carlos Sainz Jr (Renault)
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Kevin Magnussen (Haas)
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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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.”

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
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'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

The specs

Engine: 3.5-litre V6

Power: 272hp at 6,400rpm

Torque: 331Nm from 5,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.7L/100km

On sale: now

Price: Dh149,000

 

ENGLAND SQUAD

For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.5-litre%20twin-turbo%20V6%20%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E456hp%20at%205%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E691Nm%20at%203%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%20%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E14.6L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh349%2C545%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Updated: February 22, 2024, 7:00 AM