Insight and opinion from The National’s editorial leadership
October 02, 2024
Within days of Hamas’s deadly attack on October 7, in which it killed more than 1,000 Israelis and took 230 hostages, people in Lebanon began to brace themselves for the possibility they would be pulled inexorably into the orbit of Israel’s wrath. Over the past year the Israeli government has responded to the attack by laying waste to the Palestinian enclave of Gaza, killing more than 40,000 Palestinians, carrying out a series of deadly raids in the West Bank and heavily bombarding Lebanon from the air.
The nightmare scenario came to pass on Monday night, when Israeli troops launched a ground invasion of Lebanese territory.
Lebanon’s Hezbollah militant group, which is also the country’s most powerful political bloc, played no role in the October 7 attack, but has nonetheless backed Hamas by firing rockets regularly into northern Israel. While most Lebanese are sympathetic to the Palestinian cause, many are opposed to Hezbollah’s stranglehold on Lebanon’s economy and political system as well as any action that would unleash Israel’s superior military might in their direction.
Hezbollah is aware of this. Although its leader Hassan Nasrallah, who was killed by Israel last week in an air raid on Beirut, was a world-class provocateur, he had spent the past year attempting to calibrate his forces’ attacks on Israel to the degree where they might fall just short of triggering a full-scale war. That strategy, however, may have overestimated the Israeli leadership’s level of restraint, and underestimated its commitment – contentious even within Israel – to wiping out Israel’s enemies even at the cost of tens of thousands of innocent civilian lives.
The nightmare scenario came to pass
In Israel’s telling of events, its actions since October 7 have been entirely defensive, sophisticated and even humane. Reality paints a different picture. Its “limited” objective of freeing hostages and targeting Hamas’s leadership quickly transformed into efforts to starve large numbers of civilians, as the International Criminal Court Prosecutor has alleged, and an open-ended mission to occupy much of Gaza. Israeli “surgical strikes” on Gazan schools and refugee camps have killed hundreds of civilians, as well as UN workers.
In launching its Lebanon invasion, Israel has used similar vocabulary, describing its operation as “limited” and “targeted”, but Lebanese civilians are fleeing the south in droves. Israel’s “precise” strikes in Beirut last week, including the strike that killed Nasrallah, resulted in hundreds of civilian casualties. More than one million people in Lebanon, in a country of fewer than six million, have been displaced since Israel’s recent raids began, according to the Lebanese Prime Minister’s office. In truth, any talk of precision is at best naïve or at worst dangerously dishonest.
Lebanese civilians will bear the highest cost of any continued escalation, though they will not be the only ones bearing a cost. Israel’s own population has seen its military stretched thin, likely to an unsustainable degree, its economy suffer greatly and the hostages Hamas took on October 7 put in further peril. The disaster of Israel’s ground invasion of Lebanon in 1982 remains fresh in many Israelis’ – and Lebanese – memories.
The lesson of that war, commonly referred to as “Israel’s Vietnam”, was clear enough: Israel cannot fight its way to peace, and attempting to do so is more likely to breed opposite results.
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster