Defiant Joe Biden stands 'squarely' behind Afghanistan pullout


Thomas Watkins
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President Joe Biden on Monday said he remained resolute in his decision to pull US troops from Afghanistan, arguing there was never a good time to end America's longest war and blaming Afghan power brokers for failing to step up and form a sustainable government that could outlive western support.

Mr Biden faces a brutal political reckoning after the Taliban seized Kabul over the weekend and former president Ashraf Ghani fled Afghanistan, leaving the hardliners once again firmly in charge of the country, 20 years after they were toppled in a US-led invasion.

"I stand squarely behind my decision,” Mr Biden said in a televised address from the White House. “After 20 years, I’ve learned the hard way that there was never a good time to withdraw US forces.”

Mr Biden's public address came as critics assailed his taciturn response to events in Kabul, where Taliban forces strolled into the capital as Afghan national security forces collapsed completely.

In his speech, Mr Biden conceded that the utter rout and speed of the implosion of Mr Ghani's government had come as a surprise.

"The truth is this did unfold more quickly than we had anticipated," he said.

"Afghanistan political leaders gave up and fled the country. The Afghan military collapsed sometimes without trying to fight."

But he added such "gut-wrenching" events only reinforced his decision to get out of Afghanistan.

"American troops cannot and should not be fighting in a war and dying in a war that Afghan forces are not willing to fight for themselves," he said.

Having spent the first months of his presidency building an image of calm competence after the unpredictability of his predecessor Donald Trump, Mr Biden is under fire for his handling of the Afghan crisis.

As the world watched the Taliban take Kabul and saw chaotic scenes play out at the airport as thousands of desperate Afghans tried to leave, Mr Biden was cloistered in his Camp David presidential retreat.

President Biden meets with his national security team and senior officials for an Afghanistan briefing at Camp David on Sunday.
President Biden meets with his national security team and senior officials for an Afghanistan briefing at Camp David on Sunday.

His only real public communication was a statement reiterating his position and blaming Mr Trump for signing off on a withdrawal deal with the Taliban in 2020.

But in bitterly partisan America, it matters little that Mr Biden was following through on a plan put in place by the Trump administration.

Even as the Republican National Committee quietly deleted a 2020 web page praising Mr Trump's "historic peace agreement", Republican figures sought to capitalise on the president’s new-found vulnerability.

“It did not have to happen this way,” Mitch McConnell, the top Senate Republican, said in a statement.

“Everyone saw this coming except the president, who publicly and confidently dismissed these threats just a few weeks ago.”

“The strategic, humanitarian and moral consequences of this self-inflicted wound will hurt our country and distract from other challenges for years to come.”

Mr Trump issued a statement saying Mr Biden's handling of Afghanistan was "legendary".

"It will go down as one of the greatest defeats in American history,” the former president said.

Paraphrasing a sign former president Harry Truman famously kept on his desk in the White House, Mr Biden on Monday said "the buck stops with me" as he defended his decision to leave Afghanistan.

He said he would rather take political heat now than "pass this decision on to another president".

"It's the right decision for our people, it's the right one for America," Mr Biden insisted.

Mr Biden has often boasted of having more foreign policy experience than any new president in decades and in recent months sought to reassure US allies and Nato that America will be more dependable after the years of upsets and unpredictability under Mr Trump.

But the Wall Street Journal said Mr Biden’s hand-wringing of Afghanistan “deserves to go down as one of the most shameful in history by a commander in chief at such a moment of American retreat”.

“The president has spent seven months ostentatiously overturning one Trump policy after another on foreign and domestic policy. Yet he now claims Afghanistan policy is the one he could do nothing about,” the paper’s editorial board said.

The New York Times also criticised Mr Biden’s handling of the crisis.

“The Biden administration was right to bring the war to a close,” the paper’s editorial board wrote.

“Yet there was no need for it to end in such chaos, with so little forethought for all those who sacrificed so much in the hopes of a better Afghanistan.”

While most members of Mr Biden’s Democratic Party have remained quiet, Democratic Senator Jeanne Shaheen, a senior member of the Senate Armed Services and Foreign Relations Committees, issued a statement urging the Biden administration to take every step to protect all US citizens, Afghan partners and other vulnerable civilians.

Their “lives are in danger, due in part to the precipitous withdrawal of US and Nato forces,” Ms Shaheen wrote. “We know what will happen if we abandon them – we cannot leave them to die.”

Members of the Taliban take control of the presidential palace in Kabul after Afghanistan’s president fled the country. AFP/HO/AlJazeera
Members of the Taliban take control of the presidential palace in Kabul after Afghanistan’s president fled the country. AFP/HO/AlJazeera


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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.”

Updated: August 17, 2021, 4:12 AM