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Argentine President Javier Milei speaks during the America Business Forum at the Kaseya Center in Miami, Florida, USA, on November 6, 2025.
Hard Numbers: US banks’ Argentina bailout plan falls through, Trump threatens Dem lawmakers, India is latest heist site, Saudi investment fund is stretched, & More
$20 billion: Argentine President Javier Milei had a fantastic midterm election last month, but the celebration might be coming to an abrupt end: A group of US banks shelved its $20-billion bailout plan for the South American nation, favoring instead a short-term loan package.
6: A group of six US Democratic lawmakers published a video telling military and intelligence officials that they must disobey illegal orders. The move irked President Donald Trump, who suggested that the move constituted, “SEDITIOUS BEHAVIOR, punishable by DEATH!”
70 million: The Louvre wasn’t the only site of a successful heist in broad daylight this fall, as a group of men posing as Indian central bank officials robbed a vehicle that held 70 million rupees ($800,000) in the southern state of Karnataka on Wednesday afternoon, per police. Law enforcement is still searching for the culprits.
41: Relentless rains and flooding in central Vietnam have killed at least 41 people, left nine missing, submerged over 52,000 homes, and cut power to half a million households. Hard-hit cities like Hoi An and Nha Trang face evacuations, landslides, and infrastructure collapse as typhoons grow increasingly frequent.
10.5: The former leader of Nigel Farage’s Reform UK party was sentenced to ten-and-a-half years in prison this morning for accepting pro-Russian bribes. Nathan Gill was paid thousands of pounds to deliver TV interviews in favor of an ally of Russian President Vladimir Putin. Reform UK has taken a more dovish position on Russia’s invasion of Ukraine than other parties in the United Kingdom.
$1 trillion: During his White House visit this week, Saudi Crown Prince Mohammed bin Salman pledged to increase his investment in US firms to nearly $1 trillion. There’s just one problem: Riyadh’s Public Investment Fund is running low on cash, according to a New York Times report.
ZOHRAN MAMDANI, Rama Duwaji, MIRA NAIR, MAMOOD MAMDANI during an election night event at The Brooklyn Paramount Theater in the Brooklyn borough of New York, US, on Tuesday, Nov. 4, 2025.
Calm down about Zohran Mamdani
Last Tuesday, a self-identified democratic socialist who ran on making New York affordable for the 99% won the city’s mayoral race in a landslide, defeating former Governor Andrew Cuomo. And the reactions have been predictably hysterical.
Some critics are claiming that Mamdani will impose Sharia law and turn New York into Venezuela. Business leaders and billionaires are warning about a mass exodus. The Washington Post editorial board sees "class warfare" on the horizon. And President Trump, never one to waste an opportunity for confrontation, is threatening to cut federal funding to the city.
Everyone needs to take a breath. Yes, a 34-year-old Muslim who's never managed anything bigger than a state assembly office with five staffers just won the most powerful mayoral job in America on a platform of free buses, rent freezes, universal childcare, and soaking the rich. But most of that isn’t going to happen. Why? Because the mayor of New York City, for all the pomp and circumstance of the office, has remarkably little unilateral power to do... well, almost anything.
Let’s start with the most basic and binding constraint on Mamdani: money. The city is legally required to run a balanced expense budget each year, meaning that every dollar the mayor wants to spend on new programs has to come from somewhere else – either budget cuts elsewhere or new revenue.
Mamdani has proposed increasing the top corporate tax rate from 7.25% to 11.5% and levying an additional 2% tax on incomes over $1 million to fund his ambitious agenda. But – and this is key – the mayor of New York can’t raise income or business taxes on his own. The power of the purse belongs exclusively to the state legislature in Albany and requires Governor Kathy Hochul's signature.
And Hochul – a centrist Democrat who was Andrew Cuomo's lieutenant governor – has already ruled out tax hikes. "I'm not raising taxes at a time where affordability is the big issue," she stated flatly. Not surprising given that New York already has a combined top marginal income tax rate of 51.776 percent – the highest in the nation. Mamdani could raise property taxes with City Council approval, but that wouldn't solve his problem – property taxes don't discriminate by income, hit middle-class homeowners and co-op owners who've already seen taxes skyrocket, get passed through to renters, and wouldn't raise nearly enough to fund his agenda anyway.
What does this mean for free buses? Mamdani made this a centerpiece of his campaign, but it’d cost the Metropolitan Transportation Authority $630 million annually in lost fares, and the mayor doesn't control the MTA – the governor does. To make buses free, he would need to get either the City Council to approve funding replacement or the state to pony up the money.
What about universal childcare? The mayor could operationally run such a program, but funding it would cost $5 billion annually – requiring either massive budget cuts elsewhere or tax increases he can't authorize and Albany and Hochul won’t. A $30 minimum wage by 2030? Can't do it without the state legislature. Building 200,000 affordable housing units? That would require borrowing $70 billion, $30 billion more than the city's debt limit – and Albany’s approval is needed for that, too. Are you starting to see a pattern?
Even the rent freeze – probably Mamdani’s most viable promise – would face challenges. Yes, the mayor appoints the Rent Guidelines Board, and there’s precedent for political appointees freezing rents. But the RGB is supposed to follow economic indicators or risk lawsuits, and it doesn't always do what the mayor wants. Crucially, even if Mamdani gets his freeze, it’d only cover about one million rent-stabilized apartments – not market-rate units, condos, co-ops, or the thousands of newer "affordable" units governed by federal and state regulations.
What can Mamdani do? He can make buses faster through dedicated bus lanes and Department of Transportation enforcement. He can open city-run grocery stores through the Economic Development Corporation, which already operates retail food operations, for relatively little money. He can reorganize the NYPD to create an Office of Community Safety, even if a full department would need City Council approval. And he can use new charter amendments passed in November—which reduce City Council and community board veto power over housing—to accelerate private development, even if he can't fund the government-built affordable housing he promised. Not nothing, but not exactly a socialist revolution.
The good news is that Mamdani’s tenure doesn’t need to be revolutionary to be successful. Fiorello La Guardia had it right when he said, “There is no Republican or Democratic way to pick up the garbage.” There isn't a socialist way either. What most New Yorkers will care about when they go back to the polls in four years is whether their mayor kept the subways running, the trash collected, the schools functioning, and the streets safe. That’s what the job is largely about, and why the mayor’s real power isn't passing laws or raising taxes but appointing hundreds of commissioners and department heads and managing the 300,000-person workforce that runs city services. Here's where a truly radical mayor could do real damage: hiring incompetent ideologues and cronies to run the NYPD, the Department of Education, sanitation, emergency management, and so on.
Given Mamdani’s lack of an administrative track record, the jury is still out on whether he will govern as an ideologue or a pragmatist. But the early signs are encouraging. His transition team is heavy on people with actual records of accomplishment. He’s talking to experienced hands like Maria Torres-Springer, who's served multiple mayors and knows how to get things done at City Hall. He’s expressed a desire to keep Jessica Tisch as police commissioner, a widely respected technocrat whom business leaders and moderates trust. And in his victory speech on Tuesday night, Mamdani quoted his defeated opponent’s dad Mario Cuomo about campaigning in poetry but governing in prose, signaling that he understands the job ahead will take more than just slogans.
The real risk isn't that Mamdani will turn New York into a socialist hellhole, but that he won't be able to accomplish much of anything at all. This isn't some low-tax, low-spending jurisdiction where a progressive can open the spigots and transform society. New York already has some of the highest taxes and spending in the country. But the problems that actually make the city so unaffordable – entrenched public unions with ironclad contracts, overregulation, a bloated bureaucracy – have no easy fixes and are mostly beyond any mayor's control.
We've been here before. When progressive Bill de Blasio won the mayoralty in 2013 on a very similar “soak the rich” campaign, the same people predicted an apocalypse. Crime would explode, the tax base would flee to Florida, and the city would enter a death spiral. De Blasio made many mistakes during his eight years at Grace Mansion, but none of that (save for crime going up during the pandemic, not just here but everywhere) came to pass. New York remained New York: dirty, noisy, expensive, still the greatest city in the world.
I don’t know if Mamdani will be a good mayor. But people who've been predicting the death of New York for forty years still haven't learned that betting against the city is a sucker's game. We’ve survived far worse than an inexperienced progressive mayor with big ideas and limited power. And if you look past all the pearl-clutching, Mamdani’s victory reveals something far more interesting about where American politics is headed.
Mamdani ran a left-wing populist campaign focused almost entirely on one thing: affordability. He didn't win on identity politics or progressive social policy or democracy or Trump's corruption. He won by speaking to New Yorkers’ economic anxiety while mostly avoiding the more polarizing cultural issues that alienate moderate voters and tear the Democratic Party apart.
And here's the thing: economic anxiety resonates far beyond New York. Yes, the city's electorate is younger, wealthier, more educated, and less white than the rest of the country. These people are particularly concerned that they and their children won't have the opportunities their parents had – whether because of inflation, housing costs, student debt, AI displacement, or disillusionment with capitalism. But voters everywhere are angry at a system that feels rigged for the rich and powerful, less meritocratic capitalism than kleptocracy. That grievance is not exclusive to liberal urbanites.
Just as Trump won by convincing Americans that democracy was broken and he alone could fix it, expect to see a wave of left-wing economic populism that mirrors right-wing Trumpism but comes from a completely different place. Neither the current Democratic establishment nor Trump himself – who's abandoned "drain the swamp" for pay-to-play corruption – is positioned to capitalize on this energy.
It won't be Mamdani either. His Israel-Palestine and identity-politics positions don't play nationally like they do in deep-blue New York (frankly, neither do his demographics). But his economic playbook will. The candidates who can speak most credibly to economic anxiety and promise to disrupt a captured system – without the culture-war baggage – will have an edge in 2026 and 2028.
- What We’re Watching: Far-left upstart wins NYC mayoral primary, NATO members to boost defense spending, Iran nuclear damage in doubt ›
- Why Mamdani’s win matters ›
- How Israel made it onto the ballot in the NYC mayoral race ›
- Now the real work begins ›
- What Zohran Mamdani’s win really signals for US politics ›
- Zohran Mamdani and America's political future ›
Canada's Prime Minister Mark Carney speaks during a press conference on the sidelines of the 47th ASEAN Summit in Kuala Lumpur, Malaysia, on October 27, 2025.
Hard Numbers: Bank of Canada slashes staff, US flights grounded by shutdown, Mexico’s president groped in viral incident, Japan targets ursine enemies
10%: The Bank of Canada plans to lay off 10% of its staff. The move comes amid broader cuts of thousands of government workers as Prime Minister Mark Carney tries to streamline operations and gird the country against the longer-term impacts of Donald Trump’s trade war.
40: The US government shutdown will hit travellers this weekend, as the Trump administration plans to cut 10% of air traffic at 40 of the country’s busiest airports. Thousands of flights will be canceled. The move is meant to ease working conditions for air traffic controllers, who have been on the job without pay since the shutdown began more than a month ago.
501: Mexican President Claudia Sheinbaum has filed a criminal complaint against a man who groped her breast and tried to kiss her on Tuesday. The incident was captured on video and went viral. “If I don’t file a complaint, then what message does that send to all Mexican women?” Sheinbaum said. The incident shines a fresh light on the country’s huge problem of violence against women – there have been 501 femicides in the country so far this year. Experts say that’s a vast undercount.
100: Japan hasn’t fought a war in 80 years, but the government has just deployed troops to deal with an internal enemy: bears. This year there have been more than 100 attacks by the animals – including at a hot springs, a bus stop, and inside a supermarket – leaving a record 12 people dead. Overpopulation and shortages of natural food is driving the bears more into settled areas to fatten up ahead of the winter hibernation.
20: Democratic Rep. Nancy Pelosi’s 20th term in Congress will be her last, as the 85-year-old representative for San Francisco and announced she would retire. A fierce leader who has politics in her blood, Pelosi was the first woman to ever serve as speaker, holding the gavel for eight years cumulatively. She was also the Democratic leader in the House for 20 years. Arguably her biggest legislative achievement was shepherding the Affordable Care Act through Congress – although she hated the final version of the bill.
Zohran Mamdani and America's political future
A Democratic Socialist, Mamdani’s rise signals a generational and ideological shift in American politics. “Mamdani represents an urban, educated, professional base,” Ian explains.
But unlike right-wing populism rooted in nationalism and manufacturing, this new movement stems from economic insecurity driven by AI disruption, stagnant hiring, and generational inequality.
The result, Ian says, is a wave of progressive populism the Democratic establishment isn’t prepared for and one Donald Trump hopes to exploit. “President Trump wants Mamdani to win as a foil, as someone he intends to go to war against… Mamdani is more politically expedient and useful.”
Election season is here
As we race toward the end of 2025, voters in over a dozen countries will head to the polls for elections that have major implications for their populations and political movements globally.
Today, GZERO is highlighting three of them that stand out to us – in the United States, Argentina, and Côte d’Ivoire. The issues each of those electorates face are different, but the results could provide insight into the future of larger political trends.
Democrats seek a glimmer of hope
The United States doesn’t have a nationwide election this fall, but it has plenty of local ones to pique the interest of political nerds. These include the mayoral election in New York City, gubernatorial races in New Jersey and Virginia, and state Supreme Court races in the purple state of Pennsylvania – Election Day for all them is Nov. 4.
“Democrats probably should win all those races for this election to be to feel like a success for them,” University of Virginia politics expert Kyle Kondik told GZERO.
Though these races are local, they have national implications, as the Democratic Party desperately seeks to build some momentum after a tough year. The party is struggling for leadership, its messaging has been muddled, and it hasn’t been able to even temper – let alone stop – President Donald Trump’s policy agenda.
One Democrat who has brought some life to the party this year is Zohran Mamdani, the nominee for New York City mayor. A democratic socialist, Mamdani rode the waves of a successful social-media campaign to defeat former New York Governor Andrew Cuomo in the primary, and is now all-but-certain to become the mayor. This doesn’t mean his message, though, will work elsewhere in the country.
“There may be something appealing about Mamdani’s campaigning style – the short videos, that sort of thing.” said Kondik. “But I don’t think staking out left-wing positions is going to suddenly be seen as a winning strategy.”
Can Milei clean up the midterm mess?
Argentine President Javier Milei’s libertarian movement is on the line as the South American country heads to the polls on Sunday in legislative elections.
The economist-turned-politician, replete with his mutton chops and sometimes a chainsaw, has become a figurehead for a global movement to slash the size of government via “shock therapy.” However, he’s faced some roadblocks recently: unemployment is increasing, the economy is slowing, and a corruption scandal sent government bonds tumbling over the summer. It didn’t help matters that his foreign minister resigned on Wednesday. This has all overshadowed the significant progress that Milei has made in cutting the country’s notoriously high inflation rate.
Though Milei isn’t personally on the ballot this year, an ally from afar has tried to throw his party a lifeline: US President Donald Trump pledged to hand Argentina a $20-billion bailout. The money comes with conditions, though. “If he doesn’t win, we’re gone,” Trump said. “If he loses, we are not going to be generous with Argentina.”
So what’s Milei’s target? Milei’s Libertad Avanza party is still nascent – it was only formed in 2021 – so it has only scant representation in the National Congress. What’s more, only a third of senators are up for reelection, and half the Chamber of Deputies. The goal for Milei, then, is simply to nab a third of all seats in the lower chamber, which will be enough to give him veto power.
Will it happen? “The expectation a couple of months ago was the government was expecting to have a very strong performance in the election and win at least a third of the seats.” Juan Cruz Díaz, the managing director of Buenos Aires-based advisory firm Cefeidas Group, told GZERO. “Now the situation is more challenging.”
Another old leader set to retain power on world’s youngest continent
Côte d’Ivoire on Africa’s West Coast is known for many things: it is the world’s largest cocoa producer, it has large gold reserves – particularly important with gold prices sky high – and it has had its share of world-class soccer players, most notably Didier Drogba.
One thing that the country isn’t known for, at least recently, is democracy. The country hasn’t had a peaceful transition of power in decades: two of the last three presidents were forcibly deposed, and the other was assassinated two years after leaving office. Meanwhile the incumbent leader Alassane Ouattara, who is 83 and seeking a fourth term, has clamped down on opposition leaders and restricted mass gatherings on the grounds that it could cause yet another coup.
What’s more, the opposition is fragmented, according to Eurasia Group’s West Africa analyst Jeanne Ramier.
“Nobody has successfully managed to mobilize against the fourth term,” said Ramier. “Whereas, on the contrary, many people are actually advocating for Ouattara because he’s got a good record, because they want stability and peace.”
Ouattara’s impending victory also highlights a trend across Africa: There are several elderly leaders across the continent, and many are set to stay in charge. It’s a remarkable trend on what is the youngest continent in the world – by some distance – and one that is fueling concerns about the state of democracy across it.
The state of America's political parties
What is going on with the Democratic Party? President Trump says they’ve “gone crazy” and even Democratic leaders are unsure of what they do (or don’t) stand for. On Ian Explains, Ian Bremmer breaks down the current state of America’s political parties. With the midterms just about a year away, Republicans need to show voters they can overcome Washington gridlock and Democrats need to prove they are more than just the party of “anti-Trump.”
While President Trump’s approval ratings may have slipped in recent months, especially with young voters, Republicans are united behind him. Yet Democrats can’t agree on what they stand for. Should they move to the center or further to the left? Should they focus on the economy or double-down on social issues that matter to the base? If Dems can’t find a message (or understand how to deliver it), it’s going to be an uphill battle. Trump, for all his foibles, knows how to control the narrative.
GZERO World with Ian Bremmer, the award-winning weekly global affairs series, airs nationwide on US public television stations (check local listings).
New digital episodes of GZERO World are released every Monday on YouTube. Don't miss an episode: subscribe to GZERO's YouTube channel and turn on notifications (🔔). GZERO World with Ian Bremmer airs on US public television weekly - check local listings.
Democratic mayoral candidates Andrew Cuomo, left, shakes hands with Zohran Mamdani, center, as Whitney Tilson reacts after participating in a Democratic mayoral primary debate, on June 4, 2025, in New York City.
How Israel made it onto the ballot in the NYC mayoral race
New York City residents head to the polls today to vote in the Democratic primary election for mayor, and while housing affordability, street safety, and public transit are the key issues motivating voters, another issue has come into the limelight in recent weeks, from nearly 6,000 miles away.
The candidates views’ of Israel have become, if not a decisive factor, a huge flash point in a city that is home to the world’s largest Jewish population outside of Israel, becoming a major topic of discussion at the two televised debates.
The race has now come down to two candidates: Zohran Mamdani, a 33-year-old Democratic Socialist politician of South Asian descent who once tried to become a rapper, and former New York Governor Andrew Cuomo, an establishment centrist who resigned from his previous role after facing accusations of sexual harassment. Other candidates like hedge fund manager Whitney Tilson and New York City Comptroller Brad Lander are still in the running but face long odds – they have endorsed Cuomo and Mamdani, respectively.
The race is on a knife edge. Polls show a surprisingly close race: Most had shown Cuomo ahead, but an Emerson College survey from last week found Mamdani edging out his rival in the final round. In a city that is as heavily Democratic as the Big Apple, the Democratic primary winner will be the firm favorite to win the general election on November 4.
Where do the candidates stand on Israel? Mamdani is an avowed critic. At the first televised debate, he affirmed Israel’s right to exist, but not as a “Jewish state.” He has also defended the use of the controversial call to “Globalize the Intifada,” drawing backlash from several Jewish groups who view it as antisemitic hate speech. But he has also said that he wishes to “meet Jewish New Yorkers where they are” and focus on the issues that they care about in the Big Apple.
“The New York City mayor does not make foreign policy, of course,” Tilson told GZERO Media last week. But Mamdani’s views on Israel, he said, are “absolutely motivating Jewish voters in the city.”
Cuomo, on the other hand, has been wholly supportive of Israel – he’s always seen wearing a yellow ribbon on his lapel in solidarity with Israelis held hostage in Gaza. Yet he has faced criticism, too. Lander, who is Jewish, accused him of “weaponizing antisemitism to score political points.”
How did this become such an issue? New York City is home to 1.4 million Jewish people, accounting for roughly 12% of the city’s population. While Israel is often a higher priority for Jewish voters than others, it’s especially high now among Jewish New Yorkers due to Israel’s war with Hamas in Gaza, the backlash against it at institutions like Columbia University, and the rise of antisemitic violence across the United States.
New York Jewish voters, reflecting the broader community in the US, are hardly a monolith. While support for Israel is generally strong, there is a diversity of opinion about the war in Gaza and the Palestinian cause. That may in part be why a recent poll shows Jewish voters in New York are actually split among the top candidates, Cuomo at 31%, Mamdani at 20%, and Lander, who is Jewish himself, at 18%.
Reality check. Housing affordability and the economy remain the top issue for voters: Three in 10 New Yorkers put housing costs as their top issue, and another two in 10 said it was the economy, per an Emerson College poll from May. Fewer than 1% of voters said their top issue was foreign policy.
Yet Israel specifically remains an issue, one that can’t be captured in the nebulous “foreign policy” bracket, says Tilson, whose wife and daughters are Jewish. What this is really about, he said, is Jewish people’s perception of safety – over three-quarters of all American Jews said they feel less safe in the United States following Hamas’ attacks on Israel on Oct. 7, 2023, per an American Jewish Committee report. In New York City, antisemitic attacks increased more than 100% between 2022 and 2023, according to the local offices of the Anti-Defamation League.
“You’re defining it too narrowly by saying foreign policy. It is [about] keeping the Jewish community safe,” said Tilson. “And there has been a dramatic decline in the feeling of [safety among New York Jews].”
Israeli Prime Minister Benjamin Netanyahu and European Union foreign policy chief Federica Mogherini brief the media at the European Council in Brussels, Belgium, on December 11, 2017.
What We’re Watching: Pressure on Israel, Jitters in Bolivia, Podcasts for Democrats
Israel under fresh pressure
The UK and EU threatened Tuesday to revise trade ties with Israel unless PM Benjamin Netanyahu stops the new offensive in the Gaza Strip and allows sufficient humanitarian aid into the besieged enclave. This comes after the UK, Canada, and France threatened Israel on Monday with “concrete measures,” like sanctions. Netanyahu and his far right coalition allies say they are intent on destroying Hamas, though critics warn Israel is becoming a “pariah.”
The Morales of the story: Bolivian heavyweight to defy election exclusion
Bolivia’s socialist powerbroker Evo Morales, who governed from 2006 until he was ousted in protests in 2019, is officially ineligible to run in this August’s presidential election because of term limits. Yet he has pledged to mobilize his supporters to defy this rule, setting up a potentially destabilizing contest as his once-formidable leftwing MAS movement splinters into rival factions.
Democratic donors try a pivot to podcast
Faced with the vast array of conservative or MAGA-friendly online influencers who helped Donald Trump to win the 2024 election, Democrats and their donors are now trying to cultivate a creator economy of their own ahead of the 2026 midterms. There’s lots of money and pitches, but can you really create a viable ecosystem of influencers overnight? Authenticity, the heartbeat of any political campaign, is hard to create in a lab. You’re either a born killer or you’re not.