Saturday, March 25, 2023

Toshiba: The Fading Jewel of Corporate Japan

 

After receiving a financial lifeline from JIP,  a Japanese private equity firm, it remains to be seen how Toshiba will overcome its current challenges and adapt to changing market conditions in the years ahead.

 

Toshiba was once the symbol of Japan’s industrial might, making everything from memory cards to nuclear reactors. Founded in 1875, the company grew to become a major player in a number of industries, including consumer electronics, home appliances, and power systems. At its peak, Toshiba was widely regarded as one of the "Big Four" of Japan's electronics industry, along with Sony, Panasonic, and Hitachi. The company's success was due in large part to its innovative spirit and its commitment to research and development. It was responsible for a number of groundbreaking products and technologies, including Japan's first radar system and the world's first laptop computer. Its reputation for quality and reliability also helped to cement its position as a leading brand in Japan and around the world.

Today, Toshiba is a complete shadow of itself. Though one of Japan's largest and most prominent conglomerates, the company has been struggling in recent years with a series of financial and governance issues. As a result, foreign private-equity firms have reportedly been circling the company, seeing an opportunity to acquire a stake in a once-great Japanese firm that has fallen on hard times.

The opening act for Toshiba’s problems is clear: the company has been beset by a number of problems, including a major accounting scandal in 2015 that forced the resignation of its then CEO Hisao Tanaka and a significant restructuring effort. According to published evidence, Toshiba cooked its book to inflate profits by $1.2 billion between 2007 and 2014. The executives who were implicated in the scandal bowed deeply in apology. A new crop of the company’s leadership had to apologize again when its big bet on Westinghouse, an American nuclear-power company, went sour, leading to a $12 billion loss. To remain financially afloat, Toshiba sold its prized memory chip division to a consortium led by Bain Capital, an American private-equity group. The company also issued a block of new shares – a move that attracted foreign investors, including Effissimo Capital Management (ECM), a Singaporean asset manager, which amassed a stake of nearly 10%, making it the largest shareholder in the company.


 Good for the Goose, Bad for the Gander

 Toshiba's troubles have been compounded by the ongoing shift away from traditional consumer electronics products like TVs and laptops, which has hit Toshiba's core business lines particularly hard. The truth is that Toshiba, like many other traditional consumer electronics companies, has been facing significant challenges in recent years due to the shift in consumer preferences away from products like TVs and laptops. This shift has been driven in large part by the rise of mobile devices and the increasing popularity of streaming services, which has resulted in declining demand for traditional electronics products.

 Toshiba's core business lines, including its consumer electronics division, have been particularly hard hit by this trend. The company has struggled to compete with newer players in the market, and has also faced intense price pressure as a result of the increasingly competitive landscape.

 In addition to these challenges, Toshiba has also been dealing with a number of other issues in recent years, including a major accounting scandal that resulted in significant financial losses and a loss of trust among investors. As a result of these challenges, Toshiba has been forced to undertake a major restructuring effort in an attempt to turn the company around and focus on more profitable business lines.

 Despite these challenges, Toshiba remains a major player in a number of key industries, including nuclear power, semiconductors, and storage solutions. The company's expertise and assets could make it an attractive target for private-equity firms looking to gain a foothold in these areas. Reports suggest that several foreign private-equity firms are considering bids for Toshiba, with potential suitors including U.S.-based KKR & Co., Bain Capital,  and Brookfield Asset Management, as well as Canada's Brookfield Infrastructure Partners. Any acquisition would likely face significant scrutiny from Japanese regulators and Toshiba's management, but the interest from these firms suggests that there is significant potential value to be unlocked in Toshiba's business.

  

Whisky for My Men, Beer for My Horses

 The collapse of the surprise bid to take Toshiba private and the subsequent ousting of CEO Kurumatani Nobuaki was a significant development for the Japanese conglomerate. Tsunakawa Sastoshi, a former boss who returned to the job after Kurumatani's departure, has put forth a different strategy for the group, proposing that it be split up instead.

 The proposal to split up Toshiba comes amid mounting pressure from shareholders, including activist investors, who have been calling for changes at the company. The split would involve separating Toshiba's various businesses into different units, each with its own management team and reporting structure. This would allow each unit to focus on its core competencies and improve its competitiveness in the market. In March 2022, Mr. Tsunakawa  basically fell on his own sword as the plan faltered, after Toshiba’s shareholders killed the proposal for a split into two businesses, one focused on electronics and the other on infrastructure.  Mr. Tsunakawa soon resigned from his position amidst opposition to the company's restructuring plan. The new interim CEO, Taro Shimada, reportedly intends to continue with the current break-up plan that has been approved by the board of directors.

 Toshiba’s problems remain. In 2020, the Japanese government has tightened regulations on foreign investment in industries deemed important to national security, and this has made it more difficult for foreign companies to acquire or invest in Japanese companies. Toshiba has interest in many sectors that are important to Japan’s national security, including nuclear power, chips, and quantum computing. Regulators actually helped scuttle earlier buy-out bids for Japanese companies. Bain Capital, which ultimately acquired Toshiba's memory chip unit in 2018, appears to have navigated these challenges successfully. The firm worked closely with Japanese regulators to ensure that its bid complied with local laws and regulations, and had also secured the support of key Toshiba shareholders. As a result, the Bain-led consortium was able to complete the acquisition, which was seen at the time as a major victory for the firm and a sign of its ability to operate successfully in Japan.

 The good news is that Toshiba appears to have finally found a softer landing: in March 23, 2023, the company’s board accepted a $15.2 billion buyout offer from a group led by the private equity firm Japan Industrial Partners (JIP) – a development that can potentially draw a line under years of upheaval at the conglomerate. It remains to be seen whether this offer will be accepted by Toshiba’s shareholders, and if they do, what the implications will be for the company's future. However, it is clear that Toshiba is facing significant challenges and will need to make significant changes to remain competitive in the global marketplace.

 

 

 

References

Mundy, J. (2014, September 19). Toshiba Shifting Away From Consumer PCs. Retrieved from Trusted Reviews: https://www.trustedreviews.com/news/toshiba-shifting-away-from-consumer-pcs-2922272

NBC News. (2015, July 21). Toshiba CEO Hisao Tanaka Resigns Over Accounting Scandal. The Associated Press. Retrieved from https://www.nbcnews.com/business/business-news/toshiba-ceo-hisao-tanaka-resigns-after-1-2bn-cooked-books-n395626

Reuters. (2017, March 29). After Crippling $12B Loss, Toshiba's Westinghouse Nuclear Division Files for Bankruptcy. Retrieved from https://financialpost.com/commodities/energy/after-crippling-12b-loss-toshibas-westinghouse-nuclear-division-files-for-bankruptcy

The Economist. (2022, April 9). Toshiba: In Search of an Ending. p. 52.

Yamazaki, M. (2023, March 23). Toshiba Board Accepts Japan Industrial Partners' $15.2 Billion Buyout Proposal. Retrieved from Reuters: https://www.reuters.com/markets/deals/toshiba-board-agrees-accept-jips-153-bln-buyout-proposal-nikkei-2023-03-23/#:~:text=TOKYO%2C%20March%2023%20(Reuters),of%20upheaval%20at%20the%20conglomerate.

Yamazaki, M., & Murdoch, S. (2021, November 12). Toshiba Plans to Split Into Three After Wave of Scandals. Retrieved from Reuters: https://www.reuters.com/technology/toshiba-set-announce-split-into-three-firms-shareholder-reaction-focus-2021-11-12/

 

 

Tuesday, March 21, 2023

What’s the Matter With African Union?

 


African Union is basically a paper tiger, because historical experience had shown that many countries in Africa, including the small ones, can thumb their nose at it. Some of the leaders of these African countries, particularly that of Ethiopia, had at some point either leaned on African Union’s diplomats who displeases them, or had them expelled altogether – a prove that Africa’s task of building a union greater than the sum of its parts remains unfinished.

 

African Union , Africa’s regional club which replaced the continent’s discredited predecessor, the Organization of African Unity(OAU), is 21 years this year.  Founded in 2002, the African Union is supposed to resolve the continent’s wars, ease the flow of trade across its borders and help Africa to speak with one voice  in world affairs. According to Thabo Mbeki, a former president of South Africa and one of its founders,  the African Union will transform Africa into a continent of democracy in which the people participate and the rule of law is upheld. Twenty-one years after its formation, African Union’s record is mixed.

The union’s first genuine, though incomplete, achievement is its creation of the African Continental  Free Trade Area in 2021. Its early efforts  at peace-keeping  and upholding democracy are laudable too. Unlike the OAU, which refused to interfere in the affairs of the other African countries (that it, its member countries), the African Union has the power to intervene, without consent, to stop a bloodbath or to prevent tribal conflicts from getting out of hand. It sent African troops into the Darfur region of Sudan in 2004 to halt a genocide. Three years later, it established a mission to combat jihadist insurgency in Somalia – an insurgency that has continued to attack and degrade the Somali government’s ability to both provide security and alleviate the dire humanitarian situation in the country. And for approximately two decades coup d’états have become much rarer, thanks to the African Union’s strict no-coup policy.

In other respects, though, the African Union has come to resemble the paper tiger it replaced.  At each summit it approves admirable-sounding projects, but only a few of them go anywhere. It is no secret that more than a third of Africans think the African Union is a useless organization. And they have a genuine reason for assuming that position too: One of the goals of the African Union is to end conflict in Africa by 2020. That ambition is now pushed back to 2030. Also, in addition to the war in Ethiopia, jihadists and insurgents  still run amok across different countries of Africa. For instance, in Mozambique, the government is struggling to crush a bloody insurgency in its impoverished north. And in Eastern Congo, the government is fighting with rebel militias. Coup d’états are also making a comeback in Africa: with coups occurring in Burkina Faso, Guinea, Mali, and Sudan, it is only natural for Africans in general to complain that there has been a puncturing of the democratic norms that the African Union had been trying to enforce.

Other Africans lament inaction on the path of the African Union. The organization followed the United Nation’s model by establishing  the African Union  Peace and Security Council (AUPSC)– a 15-member panel. To most  Africans, the AUPSC has lost some of its energy and zeal. For instance, the AUPSC chose not to expel  Chad from the union when the son of Idriss Deby, Chad’s late dictator, seized power after his father’s death in 2021. This decision to give Chad a pass constitute a bad precedent.    


The Word on the Street

In plain terms, even if it were more willing to be firm, the African Union has little by way of sticks or carrots to enforce its decisions. Many countries in Africa, including the small ones, can thumb their nose at it. In 2015, the African Union (AU) proposed to send 5,000 peacekeeping troops to Burundi to help quell violence and instability in the country following President Pierre Nkurunziza's decision to run for a controversial third term. However, Burundi's government refused the offer, stating that the deployment of foreign troops would be seen as an invasion and that the country's security forces were capable of maintaining order.

 The decision was widely criticized by the international community, including the United Nations, which warned of the potential for further violence and human rights abuses in the country. Despite the government's assurances at the time, Burundi continued to experience political unrest and violence, including targeted killings, disappearances, and torture. The crisis in Burundi during that period had  far-reaching consequences for the country's people, with many fleeing to neighboring countries as refugees. While the worst of the violence had eased, the situation remains fragile and tense, and efforts to promote peace and stability in the country are ongoing.

 Ethiopia is another country whose government basically told African Union to get lost. In March 2021, the Ethiopian government announced that it would not be receiving a delegation from the African Union (AU) to investigate human rights abuses in the Tigray region, which has been the site of a conflict between the Ethiopian government and Tigray forces since November 2020. The government cited sovereignty concerns and stated that it was capable of conducting its own investigation.

 This decision was met with criticism from some African leaders and human rights organizations, who argued that an independent investigation was necessary to hold those responsible accountable and to ensure that such abuses do not happen again.

 

Making it Happen

 What lessons should be drawn from this farrago? The obvious one is that cries of  sovereignty were being used by the leaders of African countries as an iron wall against  intervention by African Union. The other lesson is that, to become an effective organization, African Union should stop allowing such cries of  sovereignty to be a substitute for taking bold actions when member countries were set ablaze. In general, a stronger and more effective AU is essential for the development and integration of Africa. To achieve this, African countries needs to strengthen the institutional capacity of the African Union and demonstrate political will to work together for the common good of the continent.

 

Notes

 

Agupusi, P. (2022). The African Union Has Had a Shaky Two Decades but Problems Can be Solved. Retrieved from American University's School of International Service: https://www.american.edu/sis/news/the-african-union-has-had-a-shaky-two-decades-but-problems-can-be-solved.cfm

Butty, J. (2022, September 7). African Union is Failing Africa – Analyst. Retrieved from VOA Africa: https://www.voaafrica.com/a/african-union-is-failing-africa/6735160.html

Human Rights Watch. (2022). Burundi: Events of 2021. Retrieved from https://www.hrw.org/world-report/2022/country-chapters/burundi

Plaut, M. (2014). Why is the African Union Still Failing Its People on Peace and Security? Retrieved from African Arguments: https://africanarguments.org/2014/01/why-is-the-african-union-still-failing-its-people-on-peace-and-security-by-martin-plaut/

Reuters. (2020, November 21). Ethiopia Rejects African Mediation, Pushes Toward Rebel-Held Tigray Capital. Retrieved from https://www.reuters.com/article/ethiopia-conflict-idINKBN28108V

The Economist. (2022, February 12). The African Union: Older and Less Wise. p. 41.

 

 

 

Monday, March 20, 2023

Why GOP Doctrine of Isolationism is Dangerous

 


While some of my fellow Republicans had continued to flirt with the doctrine of isolationism, the bottom line is this: Isolationism can hurt the U.S. by damaging the economy, weakening political influence, limiting security options, and reducing cultural exchange. Even though the U.S. should always prioritize its own interests, it should also engage with the world in a responsible and constructive manner.


As a Republican myself, I had watched the Republican Party undergo significant shifts in its ideology over time with great interest. Historically, the Republican Party (also known as the Grand Old Party [GOP]) has been associated with a more interventionist foreign policy, particularly during the Cold War era. However, in recent years, some members of the party have adopted a more isolationist stance, advocating for a reduced U.S. presence in global affairs. This doctrine of isolationism is often based on the idea that the U.S. should focus on its domestic issues and avoid getting entangled in foreign conflicts. Some proponents of isolationism argue that U.S. involvement in global affairs is costly and often leads to unintended consequences.

 Fox News’s Tucker Carlson and Sean Hannity offers us a perfect example of the Republican Party’s addiction to the doctrine of isolationism. For instance, both Carlson and Hannity have been known to express views that align with isolationism, particularly in the context of foreign policy. They has criticized U.S. involvement in conflicts overseas and has advocated for a reduction in U.S. military presence abroad.

 Carlson, in particular, has been critical of U.S. involvement in the ongoing conflict in Ukraine, arguing that the United States should not jump into any European conflict involving Russia. He has also criticized the manner in which the United States withdrew its troops from Afghanistan, describing the whole process as chaotic. According to him, President Biden did a necessary thing in an ugliest possible way.  

 Hannity has also been critical of international organizations such as the United Nations and has argued that the United States should prioritize its own interests over those of other countries. He has expressed skepticism about international trade agreements and has advocated for tariffs and other protectionist policies to protect American jobs and industries. Hannity's views on isolationism are reflective of a broader debate within the Republican Party over the role of the United States in global affairs. While some Republicans support a more interventionist foreign policy, others, like Hannity, argue for a more isolationist approach that prioritizes American interests and avoids entanglements overseas.

 Of all the prophets of the doctrine isolationism, the most popular is the former U.S. president, Donald Trump. In fact, he is the King of isolationism because he pursued several policies that could be seen as isolationist during his regime. For example, he advocated for the United States to pull out of international agreements, including the Paris climate accord and the Iran nuclear deal. He also imposed tariffs on imports from several countries and withdrew from the Trans-Pacific Partnership trade agreement. He also expressed skepticism about the value of the North Atlantic Treaty Organization (NATO), which is a military alliance between the United States, Canada, and several European countries. According to Trump, some NATO member countries were not contributing enough financially to the alliance and that the burden of defending Europe was falling disproportionately on the United States. He also questioned the relevance of NATO in the current geopolitical landscape, suggesting that the alliance was formed to address threats that no longer exist.

 Trump's criticism of NATO caused concern among some US allies, who saw it as a potential weakening of the alliance and a signal that the US might not come to their defense in the event of an attack. However, Trump also succeeded in pushing some NATO countries to increase their defense spending, which had been a longstanding US concern.

 It is worth noting that Trump's criticism of NATO was not universally shared within his own administration or among some members of the Republican party, and his approach to the alliance was often controversial. However, the issue of NATO's relevance and the burden-sharing among its members is a long-standing and complex debate that extends beyond the Trump presidency.

 To be fair, not all of Trump's policies can be characterized as isolationist. He also pursued an active foreign policy in some areas, including the Middle East and North Korea, and advocated for increased military spending.

 While I am neither an expert in international relations nor a politicians, I do believe I am well-informed enough to provide some insights on the potential consequences of isolationism. First, advocating for a complete withdrawal from global affairs the way some of my fellow Republicans recommend can lead to negative consequences, such as limiting the ability of the U.S. to promote peace, democracy, and human rights around the world. Isolationism can also damage diplomatic relations with other countries and weaken the U.S.'s standing as a global leader.

 Moreover, the U.S. economy is closely tied to the global economy, and isolationist policies could harm American businesses and consumers. The U.S. relies on international trade and investment to support economic growth, and cutting off ties with other countries could lead to economic stagnation. Not only that, isolationism can limit the U.S.'s ability to respond to security threats around the world. By withdrawing from global affairs, the U.S. could leave a power vacuum that could be exploited by adversaries or lead to conflicts. There are cultural consequences too. For instance, isolationism can limit cultural exchange and diversity, leading to a narrow and limited worldview. It can also reduce the U.S.'s ability to learn from other cultures and promote mutual understanding.

 On the other hand, some proponents of isolationism argue that reducing the U.S.'s involvement in global affairs would allow for greater focus on domestic issues such as infrastructure, education, and healthcare. They also argue that U.S. military interventions overseas have been costly in terms of both lives and resources. I believe America can still do these things while, at the same time, continue to be a major player in international affairs.

 Lessons From History

 To support the above analysis, I will provide two important real events of historical significance and explain how the pursuit of the doctrine of isolationism by the world governments contributed to them. The two events I am referring to are the Great Depression and World War II.

 Start with the Great Depression.  In plain terms, isolationism played a role in causing the Great Depression in a number of ways. First, isolationist policies led to a reduction in international trade, which in turn reduced the demand for goods and services produced by American companies. This lack of demand led to a decrease in production, which ultimately led to a decrease in employment opportunities and wages.  Second, in 1930, the U.S. government passed the Smoot-Hawley Tariff Act, which raised tariffs on 20,000 imported goods to record levels. This act was intended to protect American businesses from foreign competition, but instead, it had the opposite effect. Other countries retaliated by increasing their own tariffs on American goods, reducing international trade even further and causing a decrease in economic activity. According to the available published evidence, the  Smoot-Hawley Tariff Act resulted to worldwide decline of 66% between 1929 to 1934. Third, isolationist policies led to a reduction in foreign investment in the United States. This reduction in investment led to a decrease in capital available for business expansion and innovation, which limited economic growth and development. Finally, isolationist policies contributed to political uncertainty, both domestically and internationally. This uncertainty led to a lack of confidence among investors and consumers, which further reduced economic activity.

 All of these factors contributed to the economic downturn that eventually led to the Great Depression of the 1930s – the longest and the most severe economic downturn in modern history, marked by steep declines in industrial production and in prices, mass unemployment, banking panics, and sharp increases in rates of poverty and homelessness. By reducing international trade and investment, isolating the United States from the global economy, and contributing to political uncertainty, isolationist policies played a significant role in causing the economic collapse of the 1930s.

 Isolationism vs. World War II

 The policy of isolationism being promoted by the world governments during the first half of the 20th century equally played a role in causing World War II. For instance, the isolationist policies in the United States and other Western countries allowed aggressive expansionist regimes, such as Nazi Germany and Imperial Japan, to expand their territories unchecked. The appeasement policies of Western European powers of Britain and France, driven in part by a desire to avoid conflict, allowed these regimes to build up their military strength and ultimately invade their neighbors.

 Isolationist policies also contributed to a lack of collective security among nations. The United States, for example, refused to join the League of Nations, which was established in 1920 after World War I to promote international cooperation and prevent future wars. This lack of cooperation and shared responsibility for global security left individual nations, particularly the European nations, vulnerable to attack. Even when the United States and other Western countries began to recognize the danger posed by aggressive expansionist regimes, isolationist sentiment delayed intervention. The United States, for example, did not enter World War II until after the attack on Pearl Harbor in 1941. By that time, Nazi Germany had already conquered much of Europe and was threatening to invade the Soviet Union.

 Above all, the isolationist policies also contributed to global tensions by creating the impression that Western countries were unwilling to stand up to aggressive regimes. This encouraged aggressive expansionist regimes to believe that they could act with impunity, which ultimately led to war.

 Simply put, isolationist policies contributed to the outbreak of World War II by allowing aggressive expansionist regimes to expand their territories unchecked, by contributing to a lack of collective security, by delaying intervention, and by fueling global tensions.

 

The Way Forward

 The doctrine of expansionism, or the policy of expanding a country's territorial or economic influence, has been a significant part of U.S. history since its inception. The U.S. has expanded its territorial boundaries and global influence through various means, including military conquest, diplomacy, and economic influence.

 In the 19th century, the U.S. engaged in territorial expansion, acquiring new lands through military conquest, purchase, and treaty. For example, the Louisiana Purchase in 1803, the acquisition of Florida in 1819, and the Mexican-American War in 1846-1848 all contributed to the expansion of U.S. territory.

In the early 20th century, the U.S. shifted its focus to economic expansionism, seeking to expand its economic influence through trade and investment. This policy led to the establishment of economic spheres of influence in Latin America and the Pacific, as well as the creation of the Open Door policy in China.

 It is worth pointing out that expansionism can provide a buffer zone between the U.S. and potential adversaries, reducing the likelihood of conflict. For example, the acquisition of territories such as Puerto Rico and Guam allowed the U.S. to establish military bases in the Caribbean and Pacific.

During the Cold War, the U.S. pursued a policy of containment, seeking to contain the spread of communism and expand its sphere of influence around the world. This policy led to military interventions in Korea, Vietnam, and other parts of the world, as well as the establishment of military bases and alliances around the globe.

 In recent years, the U.S. has focused on expanding its economic influence through trade agreements such as NAFTA and the Trans-Pacific Partnership, as well as promoting democracy and human rights around the world.

 It is no secret that the doctrine of expansionism has played a significant role in shaping U.S. history and global influence. While it has brought economic and strategic benefits, it has also been criticized for its negative consequences, such as the exploitation of resources and the suppression of local populations. Therefore, any expansionist policies should be pursued in a responsible and ethical manner, taking into account the interests and well-being of all parties involved.

 The bottom line is that isolationism can hurt the U.S. by damaging the economy, weakening political influence, limiting security options, and reducing cultural exchange. While the U.S. should always prioritize its own interests, it should also engage with the world in a responsible and constructive manner.

 


References

Bang , P. F., Bayly , C. A., & Scheidel , W. (2021). The Oxford World History of Empire: Volume Two - The History of Empires. New York: Oxford University Press.

Fordham, B. O. (2007). The Evolution of Republican and Democratic Positions on Cold War Military Spending: A Historical Puzzle. Social Science History, 31(4), 603-636.

Gstalter, M. (2019, May 31). Fox News Commentator: Republicans Who Don’t support Trump’s Tariffs ‘Should Go Jump Off a Cliff’. The Hill. Retrieved from https://thehill.com/homenews/media/446390-fox-news-commentator-republicans-who-dont-support-trumps-tariffs-should-go/

Hannity, S. (2022). Live Free or Die: America (and the World) On the Brink. New York: Threshold Editions.

History Channel. (2023, March 18). Republican Party. Retrieved from https://www.history.com/topics/us-government-and-politics/republican-party#section_5

Juul, P. (2022, June 22). The Revival of Conservative Isolationism. Retrieved from The Liberal Patriot: https://www.liberalpatriot.com/p/the-revival-of-conservative-isolationism

McTague, T., & Nicholas, P. (2020, October 29). How 'America First' Became America Alone. Retrieved from The Atlantic: https://www.theatlantic.com/international/archive/2020/10/donald-trump-foreign-policy-america-first/616872/

Office of the Historian. (2017, May 9). American Isolationism in the 1930s. Retrieved from https://history.state.gov/milestones/1937-1945/american-isolationism#:~:text=During%20the%201930s%2C%20the%20combination,non%2Dentanglement%20in%20international%20politics.

Schwartz, S. (2023). National Security, Isolationism, and the Coming of World War II. Retrieved from Gilder Lehrman Institute of American History: https://www.gilderlehrman.org/history-resources/lesson-plan/national-security-isolationism-and-coming-world-war-ii

Stabile, A. (2021, August 16). Tucker blasts Afghanistan Withdrawal: Biden Did ‘Necessary Thing’ in ‘Ugliest Possible Way’. Fox News. Retrieved from https://www.foxnews.com/media/tucker-blasts-afghanistan-withdrawal-biden-did-necessary-thing-in-ugliest-possible-way

 

 


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