John Bolton's new book has been described as "tedious" and "lacklustre" by reviewers, but the former US national security adviser's tell-all memoir of the Trump White House, titled The Room Where It Happened, is already a bestseller, despite only being released earlier this week.
Mr Bolton is reported to have been paid up to $2 million for his near 500-page manuscript, which now looks like value for money given such strong sales and the blanket media coverage the book has generated.
Interest in his memoir was boosted further by a last-ditch attempt to stop its publication by the US Government on the grounds that it might disclose official secrets. That injunction was rejected by the courts, but few things stir book sales like an aggrieved insider with fire in his belly and a story to tell.
By now, you will be familiar with some of the memoir’s contents.
US President Donald Trump speaks as John Bolton, his then national security adviser, listens during a meeting in Washington last August. EPA
Mr Bolton and the US President locked horns over foreign policy direction in Iran, North Korea and pretty much every else in 2018 and 2019. Mr Trump’s well-known “tough on China” rhetoric is also laid bare by the author as just that, words delivered for the benefit of a domestic audience that were rowed back in private and in meetings with his Chinese counterpart.
The portrait that Mr Bolton paints is of Mr Trump as a skittish and transactional leader motivated by the changing tides of approval ratings or, as columnist Hussein Ibish wrote on these pages earlier in the week, a man driven by politics rather than policy. Interviewed in The Telegraph this week, Mr Bolton defined his book as a "history of how not to be president".
Mr Bolton’s reputation as a thorough note-taker means the detail is forensic, but this is less a smoking gun and more the rolling fog of war that follows the present US administration – and that is why the former staffer’s words will not matter in the end.
Another former staffer this week accused Mr Bolton of acting like "he was president" during his time in office, which hints that the other side of this story may well be forcefully presented over the next few days. It all fits the established direction of travel where allegation and claim are quickly matched by denial and rebuttal. The news cycle in the Trump years has become turbo-charged.
Donald Trump meets North Korean leader Kim Jong-un at the demilitarized zone separating the two Koreas, in Panmunjom, South Korea, last year. Reuters
Campaign rallies and, lest we forget, inauguration ceremonies have become highly charged arenas where crowd sizes are contested and claims are raised that set piece events were hijacked by TikTokers and K-Pop followers. Diplomacy has been transformed into an unpredictable and counterintuitive activity and policy is often played out on social media. One moment the President is calling Kim Jong-un a "little rocket man", the next the pair are shaking hands and walking across the Korean Demilitarised Zone together. A moment later, the discord returns.
There has been wave after wave of scandal-rich tomes and insider accounts of the Trump administration: Bob Woodward's book Fear: Trump in the White House, Michael Wolff's Fire and Fury and James Comey's memoir A Higher Loyalty: Truth, Lies and Leadership have all skewered the administration in one way or another, but none gravely. Mr Bolton's book is likely to track that trend.
In a few weeks, the hot takes will cool down to lukewarm notices. Many copies will languish unread on bookshelves and bedside tables around the world, with the result that much of the finer detail within its pages will dissolve, including that the text appears to confirm the substance of the impeachment proceedings against the US President, which were voted down by the Senate.
Copies of John Bolton's book 'The Room Where it Happened' are for sale at Barnes & Noble in Glendale, California, earlier in the week. AFP
The fact is that political memoirs rarely count for as much as the publication date hullabaloo and serialisations would have you believe. They matter even less in a world where the US President’s natural reflex is to talk about everything and hide nothing. This is not a revelatory moment because that is the lived reality of the Trump years.
For those who want to see the US President leave office, the book only validates what they already thought about his motivations, competencies and political methods. For those who support Mr Trump, the coverage only supports their gut feeling that there is an agenda against their man.
The American voting public will act as judge and jury on all of this in the autumn, not Mr Bolton. They will go to the polls long after the noise around In the Room Where It Happened has subsided, and they will be faced with a stark choice between Mr Trump and challenger Joe Biden.
The US President tweeted this week that the 2020 election will be "rigged" against him by fake postal ballots. National opinion polls currently show Mr Biden ahead by around 10 per cent in the polls and set to win the Electoral College.
Many voters will look at how the economy has fared over the past four years, how the country’s Covid-19 strategy has held up – to date more than 2.35 million cases have been confirmed in the US, as well as 120,000 deaths – and whether they find a country united or more divided by the period since November 2016. Those factors will make up their minds, not Mr Bolton’s tale of foreign policy accidents and missteps.
America’s imperfect electoral system is capable of delivering shocks and its pollsters have been surprised when they have made wrong predictions, but November 3 will provide the definitive answer to the success or failure of the 45th President of the United States.
Nick March is an assistant editor-in-chief at The National
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There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
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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.”