-
2020: The Year of the Four Crises

When Joe Biden accepted the Democratic Party nomination as Presidential candidate last week he gave a powerful speech, recognised and praised as such on both sides of the aisle.
While the headlines focused on his narrative of being an ally of the ‘light’ in contrast to the incumbent’s stewardship of ‘darkness’, Biden also set out the magnitude of the challenge that he would face if he were to win the election in November.
He set out the four interlinked crises that the US currently faces; Covid 19 and a public health crisis, an economic crisis with unemployment levels not seen since the Great Depression, a racial crisis encapsulated by the rise of the ‘Black Lives Matter’ movement and a climate crisis that helps explain the wildfires wrecking havoc in California.
Arguably beneath these four could live several other meta trends in global affairs, whether they be the hardening of political extremes on both the left and the right, a crisis of trust in information and the media, the continuation of protracted conflicts such as those in Syria and Yemen and mass migration and displacement at levels not seem since World War Two.
Only when you see the fully horizon of these issues and how they affect and exacerbate one another can the true scale of the challenge for Biden, who would be the oldest President in US history, if he were to win.
These are,as is often said, ‘unprecedented’ times. Indeed, Bloomberg news has tracked the exponential rise of the word ‘unprecedented’ in 2020 coinciding with the emergence of the Covid crisis. It is one thing to recognise the scale of crisis facing governments, society and business, its another thing to be blinded by the scale of the challenge and hide poor decision making behind the word ‘unprecedented’.
The rise of simultaneous epoch defining crises is in danger of diluting the term and the kind of response it is expected to trigger. Looking at countries like Lebanon the layering of crisis is hyperinflating the course of events, whether its the turnover of governments or the haemorrhaging of the economy.
In the US a potential Biden administration will face the cold hard reality that it is one thing to recognise crisis facing the country and quite another thing to tackle them effectively. Biden is helped by the fact that the incumbent, President Trump, is unable to even recognise the crisis in the first place. In the world according to Trump the economy is prospering, Covid will ‘disappear’, racism isn’t an issue and climate change is a ‘hoax’.
Crucially at least three of the four crises Biden has identified require global, not national, strategies to address them. Already there is concern as Covid 19 treatments emerge that ‘vaccine nationalism’ could define needless competition over collaboration. Ditching the ‘America First’ rhetoric for policies that put American first would again represent a significant departure from the old administration and a reminder of the country’s incredible ability to reinvent itself.
In his acceptance speech Biden explained that this moment is “not only a crisis, it's an enormous opportunity”. This adage, often linked back to a Chinese proverb, may be a cliche but it is certainly the historical truism that major political change happens in moments of flux rather than in periods of settled and predictable events.
There is a seeming paradox running at the heart of the Biden campaign that tests the hypothesis that it will be radical in its approach to these crises. The Economist had a cartoon showing Biden as a train running in the political centre and of course he had eight years of experience at the heart of the Obama administration. Has the Trump Presidency been so norm-shattering that the heart of the Biden message is in fact a return to sensible normality rather than any risky new proposition?
As ever campaigns try to be all things to all people in order to secure victory and so far there has been a unity to the Biden coalition that some didn’t predict. But if you campaign with poetry and govern with prose the expectations of what a Biden administration must ‘step up’ to must be calibrated to the four crises he sets out, not simply bringing normality and order in contrast to Trump’s chaos
by : jamse danselow
Tags
You May Also Like
Popular Posts
Caricature
BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
opinion
Report
ads
Newsletter
Subscribe to our mailing list to get the new updates!