US President Joe Biden on a phone call with Israeli Prime Minister Benjamin Netanyahu, in the Oval Office in Washington, on April 4. Reuters
US President Joe Biden on a phone call with Israeli Prime Minister Benjamin Netanyahu, in the Oval Office in Washington, on April 4. Reuters
US President Joe Biden on a phone call with Israeli Prime Minister Benjamin Netanyahu, in the Oval Office in Washington, on April 4. Reuters
US President Joe Biden on a phone call with Israeli Prime Minister Benjamin Netanyahu, in the Oval Office in Washington, on April 4. Reuters


In 1982, Reagan put an end to Israel's bombing in 20 minutes. Biden could too – if he really wanted


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October 10, 2024

For one reporter, the evasions of the current US administration had evidently become just too much on Tuesday. Addressing the US State Department spokesman Matthew Miller, the Grayzone’s Liam Cosgrove said: “This administration has financed a genocide in Gaza for the last year, and every day you’re up there denying accountability for it. People are sick of the [expletive] in here.”

Mr Cosgrove’s words struck a chord; a clip of him speaking has already had hundreds of thousands of views on X alone.

I had my own moment of sudden ire on Sunday morning. I had to resist the urge to break my coffee mug after I read the headline, “Biden issues terse words to Netanyahu over peace deal”. Because isn’t it time we’re honest about the fact that President Joe Biden and Vice President Kamala Harris have been gaslighting us for months and months?

They keep telling us that they’ve been putting pressure on Israel and working “tirelessly” for a ceasefire. Oh, come off it. It strains credulity that they haven’t worked out by now that all they have to do, if they really want a ceasefire, is this: cut off the supply of arms and money to Israel.

In August 1982, then US president Ronald Reagan was so appalled by Israel’s bombing of Beirut that he phoned then prime minister Menachem Begin to tell him it was a “holocaust” and had to stop. It took just 20 minutes for Mr Begin to call him back to say he had ordered an end to the bombing.

Mr Biden has had no end of opportunities to do the same. He hasn’t. And the endless equivocation and covering for Israel’s murderous campaign from his spokespeople, Mr Miller and John Kirby in particular, over the past year have been so awful that I have to switch off after a few seconds every time I watch a clip.

An Israeli flag in southern Israel while across the border in the Gaza Strip a fireball erupts during Israeli bombardment on November 8, 2023 AFP
An Israeli flag in southern Israel while across the border in the Gaza Strip a fireball erupts during Israeli bombardment on November 8, 2023 AFP

This is terribly damaging for all sorts of reasons. I wrote in these pages last November that the impunity Mr Biden had granted Israel to flout international law, to the point of what no one can doubt are the commission of war crimes, had blown up the so-called “rules-based international order”. It is also, tragically, leading to a huge rise in anti-Semitism around the world, with incidents rising to their highest levels for decades in the US and UK, according to reports published in the past week.

Why should innocent Jewish people far from Israel suffer because of the actions of that country’s administration? First, it’s important to say that they certainly shouldn’t, and second that it is considered anti-Semitic to hold Jewish people anywhere else responsible for whatever the state of Israel does. But many don’t see so much of a distinction, and it doesn’t help when Britain’s chief rabbi, Ephraim Mirvis, describes Israeli troops as “our incredible heroic soldiers”.

That sounds perilously close to what the historian Deborah Lipstadt calls “the dual loyalty canard”, although having dual nationality myself – and, indeed, having an Irish friend who was called up to serve in the Israeli army during the First Gulf War – I don’t see anything inherently wrong in Jewish people feeling a close connection to Israel as well as their home country. But it does serve to weaken the idea that Israelis and diaspora Jews are two totally different groups. It may not be fair or right, but the latter are being held responsible for the crimes of the former’s government.

And those crimes, the privileging of Israeli lives over Arab lives, the outrage when Iran fires a missile barrage that kills no one and what appears to be a collective shrug by western leaders when huge numbers of Palestinians are killed in the West Bank or Gaza, has become so glaringly obvious that even The Washington Post reported there was “overwhelming anger” at the country at the recent UN General Assembly meetings. Jewish communities around the world are feeling a chill up the spine, and often far worse, as a result.

We should call out Biden and Harris, because you can’t express regret for the tens of thousands of deaths, or the blighting of at least a generation’s future, if you’re the one supplying the arms and money

There’s a further aspect to this, too.

When Malaysia’s then prime minister, Dr Mahathir Mohamad, made the claim in front of the Organisation of Islamic Co-operation in 2003 that “today the Jews rule the world by proxy”, I tried to persuade an old associate of his that this was “unhelpful” to say the least. “But it’s true,” he replied. What Mr Netanyahu is doing is making it all the harder to argue against that awful anti-Semitic trope, because no one who has the power to hold him back is exercising any restraint on him at all. He could be wilfully provoking untold disaster in the Middle East and yet all we hear, from the US and UK at least, is “we stand with Israel”.

This not to say that Israel should have not retaliated after the attacks of October 7 last year. Any administration would have had to do so. Both critics and those of us overwhelmed by the catastrophic destruction wrought by Mr Netanyahu need to acknowledge how much of a life-changing, existential shock the Hamas-led attack was for the vast majority of ordinary Israelis. No, the conflict may not have begun on October 7. But this part of it did for them.

It must also be acknowledged that any long-term peace has to entail not only Palestinian statehood but also an Israel that both is, and feels, secure. Whatever one thinks about the original establishment of the state of Israel, it is a reality, and seven million Israelis are not, and should not, have to go anywhere, any more than seven million Palestinians.

Regional peace agreements should have been a way to start building that peaceful future. The blame for the fact that that happy prospect currently appears to be no more than a mirage lies not with the state of Israel, but with its disastrous prime minister – and with the American president who has enabled him.

We should call out Mr Biden and Ms Harris, because you can’t honestly express regret for any of the tens of thousands of deaths, the children maimed, the desolate moonscapes created, or the blighting of at least a generation’s future, if you’re the one supplying the arms and money.

So cut the “malarkey”, to use one of Mr Biden’s favourite words, Mr President. Let’s hear no more of your “ceaseless” efforts. Because the world knows you could have stopped all this. And you didn’t.

Live updates: Follow the latest on Israel-Gaza

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models

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.”

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

Result

2.15pm: Maiden Dh75,000 1,950m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).

2.45pm: Handicap Dh80,000 1,800m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.

3.15pm: Handicap Dh85,000 1,600m; Winner: Native Appeal, Adam McLean, Doug Watson.

3.45pm: Handicap Dh115,000 1,950m; Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.

4.15pm: Handicap Dh100,000 1,400m; Winner: Pilgrim’s Treasure, Tadhg O’Shea, Satish Seemar.

4.45pm: Maiden Dh75,000 1,400m; Winner: Sanad Libya, Richard Mullen, Satish Seemar.

5.15pm: Handicap Dh90,000 1,000m; Winner: Midlander, Richard Mullen, Satish Seemar

Scoreline

Real Madrid 1
Ronaldo (53')

Atletico Madrid 1
Griezmann (57')

Updated: October 10, 2024, 12:00 PM