Nearly three months ago, this column sought to assure readers that Barack Obama was a moderate in the tradition of his most immediate Democratic predecessor, the fiscally prudent Bill Clinton. But this is ridiculous.
While it's one thing to borrow from Mr Clinton's neoliberal rubric, it's something else again to summon the apparatchiks of his presidency, from the former first lady - Mr Obama's new secretary of state - to his top economic advisers, who are returning to the White House after eight years in the political wilderness.
Some insiders even suggest Mr Clinton himself will be offered a prestigious post, such as ambassador to the UN. At this rate, the White House domestic help should put out a fresh litter box for Socks, the Clinton family cat.
Having won the presidential election with a mandate for change, Mr Obama has turned his Cabinet into a happening for Clintonista baby boomers and wannabes: Rahm Emanuel, the "beltway rottweiler" and a senior adviser in the Clinton White House, will be Mr Obama's chief of staff. Larry Summers, who served as Mr Clinton's Treasury secretary, has been recycled as the head of the National Economic Council. The new budget director, Peter Orszag, worked closely with the Clinton administration on economic affairs. Bill Richardson, Mr Clinton's energy secretary and US ambassador to the UN, has been tapped to be the commerce secretary, while Eric Holder, America's next attorney general and the first black man to hold the office, was also the lawyer who successfully lobbied Mr Clinton to pardon Marc Rich, a corrupt commodities trader whose wife just happened to be a major donor to the Clinton presidential library.
Sprinkled over the Cabinet selection process is the fairy dust of Robert Rubin, Mr Clinton's first Treasury secretary and neoliberal patron saint, who until recently had been celebrated by both Democrats and Republicans as the architect of the Clinton boom years. The presumptive Treasury secretary, Timothy Geithner, is a Rubin acolyte, as are Messrs Summers and Orszag, as well as Austen Goolsbee, an adviser to Obama who will serve as the chief economist of the recently launched President's economic recovery advisory board.
Then there is Mrs Clinton, who has emerged from the ashes of a horribly botched campaign to become America's top diplomat. Her appointment as secretary of state will restore the executive brand of US politics into a Clinton caliphate.
Is this such a bad thing? The Clinton presidency, stripped of its commander in chief's wretched excess, was known for a clear-eyed competence and a willingness to work with the opposition to balance budgets, reform the welfare state, liberalise financial markets and strike historic trade deals - no mean feat in a bitterly partisan company town like Washington.
But seen through the gauze that's holding together our battered global economy, it is now clear that Clinton neoliberalism took a good thing too far. The first priority of the Obama presidency should be to bridle what had been a rogue financial system, and it's hard to imagine a slate of Rubin protégés bringing any real enthusiasm to the job. While it would be reckless to drop neoliberalism completely as a reference point for the journey ahead, Mr Obama could have at least recruited a Keynesian to his "team of rivals", as the beltway press insists on calling it - a Paul Krugman, perhaps, or Joseph Stiglitz, both recent Nobel Prize winners.
Nor does the likely arrival of Mrs Clinton inspire much confidence. If the president-elect was sincere about his pledge to reach across party lines, he had two highly qualified Republican senators from which to choose: Richard Lugar, the chairman of the Senate foreign relations committee, and committee member Chuck Hegel. While both men initially supported the invasion of Iraq, they have been openly critical of the Bush administration's foreign policies and have advocated, as has Mr Obama, engagement with such problematic states as Iran and North Korea.
On no other foreign policy issue did Mr Obama and Mrs Clinton differ so conclusively during the primary campaign. One wonders if Mrs Clinton, should she still harbour presidential ambitions, could promote initiatives that would antagonise key electoral constituencies. Put bluntly, would Mrs Clinton, as secretary of state, faithfully shepherd a President Obama plan for a just and lasting peace in the Middle East, a process that would certainly alienate the pro-Israel lobby?
Mr Obama has assured the American people that it is his vision that will inform his presidency, not the biases of Clinton residuals. That may be, but the reality of his new Cabinet suggests a sad estrangement from the freshness and integrity of his campaign.
As it stands, "change you can believe in", as Mr Obama famously pledged to deliver, is beginning to look more like "change you can see through".
sglain@thenational.ae
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
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The Specs:
The Specs:
Engine: 2.9-litre, V6 twin-turbo
Transmission: 8-speed automatic
Power: 444bhp
Torque: 600Nm
Price: AED 356,580 incl VAT
On sale: now.
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Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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RESULTS
1.45pm: Handicap (TB) Dh80,000 (Dirt) 1,400m
Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer
3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.
4.15pm: Handicap (TB) Dh64,000 (D) 1,950m
Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman
4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.
RACECARD
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How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
CRICKET%20WORLD%20CUP%20LEAGUE%202
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UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
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
THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
