My reaction to the appalling debate between US President Joe Biden and former president and convicted felon Donald Trump on Thursday was primarily anger. New York Times columnist Thomas Friedman says he wept. Many reported feeling panic or despair.
But on the night, and even more since, I remain profoundly angry at, and disappointed by, a Democratic Party that has proven itself far more like the Trump-era Republicans than I imagined.
The differences remain staggering. The Republicans are morphing into a virtual personality cult that is openly and aggressively hostile to democracy and the US constitutional order. It is shot through with racism, extreme personal and unheard-of institutional corruption, and both real and feigned radical Christian fundamentalism.
The Republicans still pose a range of dangers that the Democrats simply don’t. One of the worst Trump-dominated Republican characteristics is their reliance on gaslighting. They appear to have made an art form of lying, insisting that obvious facts are not true and telling Americans to believe them.
Denying verifiable reality and sowing mistrust of knowledge and perceptions is routine for Republicans both for political expediency and to protect the interests and feelings of their leader, Mr Trump. It has been a degrading spectacle, and one in which Democrats, for all their faults, did not appear to be replicating.
The debate, however, revealed that Americans have been systematically hoodwinked by Mr Biden’s inner circle who insisted that, despite "senior moments", Mr Biden remained sharp and mentally agile. It's likely that Mr Biden does not realise the extent of his deterioration. But his most important enablers, especially his wife, Dr Jill Biden, have apparently not only failed to inform most of the party and public about his actual condition, but don’t seem to have told him the truth either.
Now the party has rallied around Mr Biden, ensuring he will remain its candidate. But now we know why he has given so few interviews and press conferences, and has been shielded, to an unprecedented extent from unscripted public events. Mr Biden huddled with his family on Sunday and was reportedly unanimously urged to stay the course.
Most major party leaders and donors have waved away his public mental implosion as "a bad night". Former president Barack Obama assured the public every candidate has such stumbles. But this was manifestly not an ordinary "off day", or the consequence of an illness or other circumstance likely to improve or not be repeated. Mr Biden lacks the ability to roll back the hands of time.
It makes raw political sense for the Democrats to stick with him. Trying to replace him now risks a collapse into infighting by the interest and identity groups that make up the coalition, and take numerous ballots at the convention to decide a nominee. That candidate might be hobbled by resulting recriminations.
But such a candidate might inspire and electrify the party and public. Voters are clear they don't like either candidate and are keen on a younger, new face. The Democrats have many plausible such candidates, most notably Michigan Governor Gretchen Whitmer.
But the party obviously doesn't want to take that risk and has made no effort to convince Mr Biden to voluntarily step aside, free his delegates and decline to endorse anyone, which is what would set up the high-risk but high-reward gamble of a highly charged and very quick open process to find an alternative.
It’s obvious why Democrats want to stick with Mr Biden. Replacing him might constitute political malpractice if all you care about is winning. And it can be plausibly argued that defeating Mr Trump, given his authoritarian tendencies and adjudicated corruption, is all-important. Changing candidates is probably a much bigger risk than sticking with a tried-and-true president who enjoys the advantage of incumbency and several other invaluable qualities that an alternative would lack.
Many Democrats persuasively argue that the fundamentals will eventually favour Mr Biden, current opinion polls notwithstanding. They would indeed be toying with those fundamentals if they charge off in search of someone else, assuming there’s no repeated public meltdown.
Changing candidates is likely a much bigger risk than sticking with a tried and true president who enjoys the advantage of incumbency
So, political expediency, the probability of victory, the need to preserve the existing Biden coalition, and a reluctance to hurt the feelings of their own leader, even without a cultic devotion to him, all explain this wagon-circling. Yet this also means that Americans must recognise that Democrats share some of the very worst qualities critics of the Trump-era Republican Party have most deplored. By waving the debate performance away as merely “a bad night", a typical campaign "setback", or, most preposterously, the result of "a cold", Democratic bigwigs are gaslighting the public.
They are urging us to pretend we didn't see what we saw, that it doesn't mean what we know it means, or that it somehow doesn't matter. For the party, maybe it is and must be only about winning. But even the imperative of defeating Mr Trump, which remains crucial, does not excuse a shoddy exercise in deception that urges people to ignore an obvious and devastating reality they witnessed in real time.
Closing an election sale is certainly vital, but sober and patriotic political marketers should also care a little about the nature of the product. Democrats are probably right to stick with Mr Biden if all they care about is beating Mr Trump and taking no wild gambles. But even given the risks, it might be important to field a fully cognisant and competent candidate who doesn't regularly have "bad days", and who will surely have increasing numbers of them in private and public.
Above all, asking voters to ignore what they saw – rather than stressing the need to defeat Mr Trump, or insisting that Mr Biden will be a capable chief executive surrounded by strong lieutenants – is unforgivable.
The bottom line is that the Democrats are not nearly as different from the Republicans as many of us thought and hoped. That even implies that they might be almost as bad if they had their own version of Mr Trump, which is, thank goodness, a remote prospect.
Democrats are still dramatically preferable to Republicans. But Americans and people around the world are discovering the contrast is not nearly as stark as previously imagined.
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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.”
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.