Social media has impacted politics and discourse so profoundly and suddenly that it's very difficult to gauge what it's doing in real time – especially when one participates in it. I had just such an experience last week when on Twitter I questioned the effectiveness of President Joe Biden's press secretary, Jen Psaki.
I have a mere 30,000 followers, but over 11,000 people replied. Most of them disagreed with me, some of them reasonably but others with outrage.
I found the novel experience interesting, and frequently amusing, but also instructive. My inclination is not to give it a second thought. Yet, at the request of the editors of this newspaper, I'm going to reflect on the lessons I drew from this rather minor, but truly surprising turn of events.
The first is that social media promotes, and almost requires, the instant response; a reliance on a "first thought, best thought" impulse that only works for certain creative artists – Andy Warhol, for example – who operate entirely by instinct.
The dangers for the rest of us are illustrated by the clumsy way I phrased the tweet in question: “Am I really the only one who can see Psaki isn’t up to this crucial role?” It's a reasonable question, but pretty badly posed. It suggests my opinion is a fact, and sounds arrogant.
Moreover, to some people the phrasing that she “isn't up to it" sounded misogynistic, as though any man passing judgment on the performance of any woman, even a senior public figure, is, by definition, re-enacting a sexist trope. I can understand wondering if that's the case, but leaping to such a conclusion immediately renders everyone a stereotype.
Sean Spicer was Donald Trump's first Former White House press secretary. Getty Images
Still, bad phrasing on my end. I was aiming at my usual politically informed interlocutors who both know my views and remember her as State Department spokesperson. Instead, I ended up getting the attention of a good chunk of a far broader public, some very irate.
It's not clear how that happened, but it doesn't matter. About half of the responders simply disagreed or replied, very reasonably, "yes" or "yes, you are alone". But many others angrily assumed that I must be a passionate Donald Trump supporter, a notion likely to surprise readers of this newspaper. In addition, it was consistently asserted that I must have been satisfied with Mr Trump's four mouthpieces, when in fact each was worse than the next and all totally incompetent.
The most unhinged replies were naturally also the most amusing. My favourite was one asserting that I "look like a child molester", which I found as creative and magnificently off point as it was deranged. A good deal of creative abuse was hurled at me, but it's impossible to take such silliness seriously.
This overwrought degree of emotional investment is partly the result of so many Americans being profoundly traumatised by four years of Mr Trump's maladministration, endless lies and, eventually, effort to overturn a free and fair election. We are therefore now living in a moment, however fleeting, where questioning the performance of any aspect of the Biden administration can appear a wretched betrayal.
Moreover, because Ms Psaki is honest and probably about average for pre-Trump White House press secretaries, for many she is a breath of fresh air. My view is that, given the challenges they face, this administration needs exceptional talent, especially regarding outreach to a fractured nation. It was as if I had told people who hadn't eaten for four years that the pack of cheese crisps they just found isn't really all that nutritious.
In addition, many Americans have been drawn closely into the political realm because of the traumatic Trump experience. Many now paying close attention to Ms Psaki may not have paid much attention to White House press secretaries before four or five years ago. And even for those who do, or at least should, remember them, post-modern subjectivity – which is of course exemplified by Twitter – has a nasty habit of erasing historical memory like an overfilled hard drive.
All that matters is the here and now and our immediate reactions to that, and if it isn't on television or social media, it isn't happening at all. For adherents of QAnon and other conspiracy theories, although their collective delusions exist only on social media, they are more real than reality.
Jake Angeli, a Qanon believer, speaks to a crowd of Donald Trump supporters in Phoenix in November. AP Photo
The evanescence of social media is the biggest argument against writing this column in the first place. By now, Twitter has moved on and it's as if the whole thing never happened.
Beyond even the illusion of intimacy – and the misleading rush of dopamine users get from quick flashes of anger at heretics, or the much more damaging long infusions of dopamine that come from the false revelations of conspiratorial delusion – social media seems increasingly bound up with the demise of the political.
It's been brewing for some time, but since the Trump presidency, what often passes for American civic engagement has become more emotional and affiliative than, strictly speaking, political on all sides. US politics is often called "tribal", but these tribes are largely defined symbolically – by adhering to certain icons, including leaders, various forms of virtue signalling and political correctness, and, above all, sharing the same enemies. That, of course, is why it was assumed I must be a Trump follower.
But politics is about power, which requires organising and, in a country like the US, voting and raising money, not emoting. Large numbers of Americans on both the left and the right are wasting enormous amounts of energy shouting into social media echo chambers and mistaking that for political engagement. It's not, because it won't make a bit of difference. It turns citizens into what Prof Eitan Hersh aptly dubs "political hobbyists".
The most extreme, horrifying example is the astonishingly large number of Trump supporters involved in the insurrectionary attack on Congress who, it turns out, didn't bother to vote in the election they were rampaging to overturn.
That's a million miles away from someone who simply mistakes outraged tweeting for political activism, and there is hardly any comparison. Yet both, in their own very different ways, demonstrate how umbrage can displace engagement, particularly when enveloped by the warm, narcissistic embrace of social media fantasies of intimacy, insight and empowerment.
Hussein Ibish is a senior resident scholar at the Arab Gulf States Institute and a US affairs columnist for The National
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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.”