A memorial for victims of a terrorist attack in Buffalo New York, US, on May 18, 2022. Reuters
A memorial for victims of a terrorist attack in Buffalo New York, US, on May 18, 2022. Reuters
A memorial for victims of a terrorist attack in Buffalo New York, US, on May 18, 2022. Reuters
A memorial for victims of a terrorist attack in Buffalo New York, US, on May 18, 2022. Reuters


Why does the myth of the 'Great Replacement' endure in the West?


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May 20, 2022

On May 17, US President Joe Biden declared: “We need to say as clearly and forcefully as we can that the ideology of white supremacy has no place in America. None. Look, failure to saying that is going to be complicit. The silence is complicity.”

Mr Biden was speaking in the aftermath of a terrorist attack in Buffalo, New York last week, in which a self-described white supremacist killed 10 people. Mr Biden further went on to condemn the so-called “great replacement theory”, which claims that white populations of western nations are going to become minorities in these places as people of colour become more numerous. But Mr Biden misspoke, because while white supremacy, and the great replacement theory, shouldn’t have places in American society, they do. Indeed, they underpin a lot of politics across many societies in the West – and if people are really going to tackle these problems, they ought to recognise the scale of them.

White supremacy has been part of western societies for many centuries – it is part and parcel of the original motivations around colonial enterprises, Nazism and other periods in western history that led to a great deal of suffering. In recent decades, white supremacy in the West has found an impressively effective vehicle: the concern around the “great replacement”. The theory, which has different permutations in different parts of the West, is summed up as such: the continued dominance of the “white race” in western states is being threatened by being “replaced” by people of colour, either due to the latter’s birth rates, or immigration, legal and otherwise. If that sounds familiar, it ought to – because this “theory”, which inspired not only the Buffalo terrorist attacker, but also the perpetrator of the New Zealand mosque massacre and many other hate crimes across North America and Europe, isn’t a rare trope. It’s not even particularly uncommon. Rather, it’s been mainstreamed in traditional political parties and media.

US TV host Tucker Carlson has been accused of spreading 'great replacement theory'. EPA
US TV host Tucker Carlson has been accused of spreading 'great replacement theory'. EPA
White supremacy has been part of western societies for many centuries

Perhaps the most famous pundit on the American right is Fox News’ Tucker Carlson, who regularly touts the theme – and the actual phrase – of the “great replacement” to his incredibly wide audience in conservative America and internationally. But it isn’t just mainstream media in America – it’s mainstream political figures as well; the Republican party boasts a range of figures, such as former House speaker Newt Gingrich, and congresspersons Elise Stefanik and Matt Gaetz, who have openly defended the use of replacement theory in their politics. As Amy Spitalnick, executive director of Integrity First for America, a non-profit group, said on the Buffalo killings: “This is the inevitable result of the normalization of white supremacist Replacement Theory in all its form… Tucker Carlson might lead that charge – but he’s backed by Republican elected officials and other leaders eager to amplify this deadly conspiracy.”

It goes beyond America. The phrase itself, indeed, originates in France, where a fascist writer, Renaud Camus, came up with it more than a decade ago. The theme, if not the phrase, of “replacement” motivated Serbian extremists during the Bosnian war, and continues to invigorate Balkan far-right and right-wing extremists. Canadian reactionaries like Mark Steyn encouraged a similar notion, speaking of Europe at the time. Hungary’s prime minister, Viktor Orban, is a contemporary great fan of the replacement theory, who has described Europe’s“suicidal” immigration policies. As a result, Mr Orban has many fans on the American right. Indeed, even after the massacre in Buffalo, he declared, in a speech following the beginning of his fourth successful prime ministerial election: “I see the great European population exchange as a suicidal attempt to replace the lack of European, Christian children with adults from other civilisations – migrants.”

It is an interesting fear, to be sure. Rather explicit is the white supremacist’s desire to remain a demographic majority – although “white” is defined in a rather exclusivist fashion, which would probably not include followers of other non-Christian religions that originate beyond Europe, even if they are white. Those would include converts and their descendants, recent or otherwise, such as the ancient Muslim populations of the Balkans. But it has an implicit claim as well – that minorities are not treated well, while these white supremacist figures are boldly proud of their abusive treatment of minorities.

It is a dangerous theory, not least because it is full of holes; the white populations of the West, however they are defined, are not, according to statistical data, at risk of becoming minorities in the West. But the growth of minority populations, particularly in the US, is a natural consequence of not only immigration, but interracial mixing. It has happened many times before in the great civilisations of the world; ethnic and national identities develop regularly over time. What is needed now is for political and social figures to not only admit that fluidity, but to embrace it. The alternative is to allow this bigotry to fester further. Europe has seen that danger before – it led to the Holocaust as well as countless colonial atrocities. We should not visit that period of our history ever again.

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

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Updated: May 20, 2022, 7:00 AM