US Vice President JD Vance stunned his European audience at the Munich Security Conference when he insisted that Donald Trump was the “new sheriff in town”. Sorting out a lawless world is something many of us would welcome, but does the US President fit the ideal of a Wild West lawman?
Try as I might, I cannot imagine Clint Eastwood playing Mr Trump bringing order to Dodge City (unless that is confused with Elon Musk’s Doge city). However, other titles of Eastwood’s great Westerns, such as A Fistful of Dollars and For A Few Dollars More, do sound more Trump-appropriate.
These titles capture one part of Mr Trump’s complex political psyche: money. The levying of international import tariffs may bring in (he hopes) a fistful of a few million – a few billion? – dollars more. Whatever European views about Mr Vance’s speech may be, we can surely agree that a sheriff implementing order would be good for our disordered world, especially in those existing flashpoints of Gaza and Ukraine. Unfortunately, disorder is the international disease of the 2020s in democracies, too.
Democratic elections in recent times have often failed to produce political order. Quite the opposite. Voters everywhere appear to be fed up with politics as usual.
Domestically, every institution from the US Department of Education to the Federal Emergency Management Agency is being shaken up
The idea of “change” has universal appeal. In the UK, the change was profound. The Labour party won two thirds of the seats in the House of Commons, yet six months after the election opinion polls showed Labour’s popularity receding.
Unsettling change was also the theme elsewhere. French President Emmanuel Macron, undermined by the French Assembly elections, appointed Michel Barnier as prime minister last September. The Barnier government lasted about three months.
In Germany, Chancellor Olaf Scholz’s government lasted longer but his coalition collapsed in November. The upcoming German elections on Sunday are fraught with difficulty. The far-right Alternative fur Deutschland is doing well in the polls. AfD has also been blessed – if that is the correct word – by Mr Vance’s suggestion that traditional German parties need to work with the far right.
That has been taboo in Germany since the fall of the Nazis. Yet mould-breaking insurgent parties of the far or unconventional right appear to be doing well across Europe. In Britain, Nigel Farage’s relatively new vehicle, the Reform UK party, is performing well in opinion polls.
One coherent link between all this European political turbulence and Mr Trump’s presidency is that former “outsiders” are “in”. Electorates in many countries want positive change but suspect that traditional politicians cannot bring about significant change in a satisfactory way. And so, Mr Trump is not a sheriff, restoring an old order. He is a disruptive force with a mandate for change, and change is what we are getting.
The world can see that Mr Trump dislikes existing arrangements, agreements and institutions. He is uninterested in the UN, not very respectful of Nato, sceptical of other international institutions, and incensed by the idea of American tax dollars aiding foreign countries through USAID.
Domestically, every institution from the US Department of Education to the Federal Emergency Management Agency is being shaken up and reorganised. Suspicion of multinational organisations is also a feature of insurgent and far-right parties in Europe, where membership of the EU is blamed for everything from slow economic growth and loss of sovereignty to immigration.
And when Mr Vance’s idea of “Sheriff Trump” wades into various gunfights, whose side is he on? His threatened tariffs will lead to some capitulation among smaller countries – Colombia folded already – and some panicky pledges of co-operation from larger partners including Canada and Mexico. Nevertheless, trade wars may still follow. China is no pushover. Pessimistic economists fear “de-globalisation” or what the rest of us might call “every country for itself”.
Rather than Sheriff Trump imposing law and order, as gun-carrying lawmen did in the 19th-century Wild West, perhaps we should worry about a repeat of the 1930s from Wild Washington.
The potential dislocation to international trade from tariffs and protectionism threatens a 21st-century version of the Great Depression, while Mr Trump’s “solution” for Ukraine led some in Congress to complain that Russia is being rewarded for aggression. Nevertheless, the Trump-inspired shake-up of Nato has begun. From the Nordic countries, Estonia and Poland to the UK and Spain, European governments will undoubtedly plough more taxpayers’ money into increased defence spending. That may be both inevitable and welcome.
Even so, the Trump tariff threat is already finding pushback at home, in the US itself. The chief executive of the Ford Motor Company fears that “long term, a 25 per cent tariff across the Mexican and Canadian border would blow a hole in the US [car] industry that we have never seen”. Tariffs on European or Chinese goods will blow further holes in other economic sectors, too.
The world doesn’t have a new sheriff. What it has is a new disruption based on some old, failed policies, tariff wars and appeasement. Personally, I’d rather watch a re-run of old Clint Eastwood movies than a rerun of the 1930s.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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.”
Killing of Qassem Suleimani
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Common%20symptoms%20of%20MS
%3Cul%3E%0A%3Cli%3EFatigue%3C%2Fli%3E%0A%3Cli%3Enumbness%20and%20tingling%3C%2Fli%3E%0A%3Cli%3ELoss%20of%20balance%20and%20dizziness%3C%2Fli%3E%0A%3Cli%3EStiffness%20or%20spasms%3C%2Fli%3E%0A%3Cli%3ETremor%3C%2Fli%3E%0A%3Cli%3EPain%3C%2Fli%3E%0A%3Cli%3EBladder%20problems%3C%2Fli%3E%0A%3Cli%3EBowel%20trouble%3C%2Fli%3E%0A%3Cli%3EVision%20problems%3C%2Fli%3E%0A%3Cli%3EProblems%20with%20memory%20and%20thinking%3C%2Fli%3E%0A%3C%2Ful%3E%0A
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
More on Quran memorisation:
Zayed Sustainability Prize
More from Neighbourhood Watch:
Mohammed bin Zayed Majlis
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The years Ramadan fell in May
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
