US president Barack Obama (second from left), First Lady Michelle Obama (left) along with former president Bill Clinton and former secretary of state Hillary Clinton take part in a wreath-laying ceremony in honour of the late 35th president John F. Kennedy at Kennedy's gravesite in Arlington National Cemetery. Mandel Ngan / AFP
US president Barack Obama (second from left), First Lady Michelle Obama (left) along with former president Bill Clinton and former secretary of state Hillary Clinton take part in a wreath-laying ceremShow more

The day the US began a turn for the worse it is yet to halt



We cannot get past it, we Americans. Not a half century later. Maybe not even ever.

The president with the easy grin in whom so much hope was invested. His wife, forever frozen in pink and pillbox hat. The motorcade. The sunny day. The shadowy man in the window with a rifle. Even more shadowy, the man on the nearby “grassy knoll” who perhaps existed, perhaps didn’t. The flickering, silent colour film of a leader’s final moments. And the way it is described, even now, by so many Americans: the “loss of innocence” that left us vulnerable to so much of the heartache and tumult that was still to come. If, that is, we were ever truly innocent in the first place.

We should move on, maybe. But we don’t. From that moment in Dallas – that moment scoured and buffed for so long, visited and revisited by so many people with so many agendas for so many years – from that moment until now, Americans will not let go of this event that changed so much and, just as significantly, was thought to have changed so much more. Even as the world lurched forward, Pause was pressed on that moment, and Play has never really been pressed again.

Why? Here’s one two-word answer: baby boomers.

It is they who have carried this torch, they who have fuelled its flame. When talk turns to the inevitable question – “Where were you when you heard the president had been shot?” – the dominant answer in American culture is this one: “I was in school.” It is almost as if no adults were around on the Friday of the assassination, except as bit players. This is because baby boomers – who were, indeed, in school that day – are the ones who have shaped the national memories of this event.

For this generation – the Americans who were 17 and under on that day and, today, are from 67 down to, say, 49 – the assassination of John F Kennedy remains the watershed event that birthed the decade we know as the Sixties and rippled out, year after year, into politics and science and art and culture. It has been a singular snowball rolling down a hill, still gathering debris and holding on to momentum as it hurtles through succeeding generations.

“This murder in broad daylight ... Everything changed,” says Oliver Stone, the boomer director who served in Vietnam and made a movie about it before turning his distinctively critical lens on the Kennedy assassination.

Because he knows what becomes clearer with each passing year: for better and for worse, it was the event that defined the generation that has defined the way we look at the world today.

“So, what constitutes a Baby Boomer? Opinions vary, but most agree that a Boomer was born between 1946 and the start of the Vietnam War (about 1963). I, however, submit that a real Boomer is defined by the recollection of a world-changing event: JFK’s assassination.” – Ron Enderland, operator of a blog called “I Remember JFK: A Baby Boomer’s Pleasant Reminiscing Spot”.

To define the collective traits of a generation – to broad-brush millions of Americans with a statement like “they think” or “they believe” – is a futile pursuit. Many have tried, particularly with the boomers. Most have fallen short. The group is too diverse.

Yet when it comes to this event, boomers are often united by the way they characterise it. Many have described it not simply as an ending – of a life, a presidency, an era – but as a beginning. It is variously cast as the start of when America took a turn for the worse, the beginning of deep distrust of government, the unleasher of many kinds of chaos – and, of course, the dawn of the acceleration of the Vietnam War and the out-of-control decade it defined.

“It has become a founding crisis ... for this generation in particular,” says Art Simon, author of Dangerous Knowledge: The JFK Assassination in Art and Film.

“They have made it their own,” he says. “They made it part of what came after it. They made it part of this revision, or this crisis, over governmental legitimacy. Or they used it as a founding moment for the unravelling of government legitimacy.”

Generations are funny things, if they even truly exist at all. An event that changes reality for one generation can, with the passage of time, be a mere historical footnote for another. The Kennedy assassination still resonates across American culture and will for many more years.

“I was only really aware of how profoundly it changed the country years later when I was in college, because Kennedy’s assassination started a chain reaction – a kind of house of cards started to come down, not immediately but gradually over the next decade,” Steven Spielberg, born in 1946, wrote in Where Were You? America Remembers the JFK Assassination.

What more is there to say? About this, will there always be more? To deploy an old Kennedy metaphor, the torch is being passed to a new generation of Americans. What they will do with it – and whether they can, or even should, let it go and move on – is the JFK assassination story of the next half century.

* Associated Press

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.