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Zohran Mamdani: A ‘nepo baby’ in the belly of the beast

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According to New York Mayor Eric Adams, who is under investigation for bribery allegations with ties to Türkiye, the next election to determine the city’s leader would be between a “blue-collar” candidate and another candidate “in a suit and with a silver spoon.”

Adams’s “blue-collar” candidate was, of course, himself. The candidate born with a silver spoon in his mouth was (surprise!) Zohran Mamdani.

Who would have thought… The frontrunner for the Democratic nomination for Mayor of New York is Zohran Mamdani—a “democratic socialist” of Indian descent whose ancestors were followers of “Twelver Shia Islam.”

Mamdani, who has gained prominence with a platform including free public transport, a solution to the housing crisis, and the “denunciation of Israel,” became known in connection with the term “nepo baby,” which entered the American public discourse—thanks to Hollywood stars—with a December 2022 issue of New York Magazine.

What is a nepo baby? To say “he was born on a blessed night” [a Turkish idiom for being extremely lucky] wouldn’t be enough. It’s a term used for relatively wealthy/upper-crust celebrities who were born into privilege, with a silver spoon in their mouth, and have risen in the profession of their parents or ancestors.

City&State New York, likely envious of the nepo baby list made for the West Coast, prepared one for the East Coast (New York). The date was December 20, 2022. The list included former Governor Andrew Cuomo (whose father was also a former governor) and Andrew Giuliani, known as Trump’s lawyer (his father, too, was a former mayor).

Mamdani made it onto this list back at the end of 2022. He is introduced as follows:

“His mother is the Oscar-nominated director Mira Nair. She may not have directly helped Mamdani enter politics, but she might have had some influence on his short-lived rap career.”

Mamdani’s mother, Mira Nair, has directed films such as “Salaam Bombay!”, “Mississippi Masala,” and “Monsoon Wedding.” His father, Mahmood Mamdani, is a renowned professor in the fields of international relations and anthropology.

In 2013, Nair was invited to a film festival in Israel but announced on social media that she would not go to the country “until the apartheid ends.”

Mahmood Mamdani, for his part, held informational meetings at the encampments set up at Columbia last year to protest the occupation in Gaza and criticized the university’s response to the protests.

Mahmood Mamdani is a prominent figure in the field of postcolonialism at Columbia. His academic work addresses topics such as the legacy of colonialism in Africa. As Aijaz Ahmad, who penned an excellent critique on the subject, puts it, the widespread “postcolonial” studies in the West offer a golden opportunity for members or children of the ruling classes in the colonial world to establish themselves in the West, especially in Western academia.

Nair’s career is also peculiar. She met Mahmood in Uganda, where Zohran was also born. The director was doing research for her film “Mississippi Masala.” But, according to what she told The New York Times, producers who wanted a “white hero” in her film were unwilling to provide funding.

Somehow, though, Nair eventually found “a few million dollars” and began shooting the film in Uganda, with the famous actor Denzel Washington in the lead role.

Don’t underestimate Nair’s position: Warner Bros. offered our director the chance to direct Harry Potter and the Order of the Phoenix, but Nair turned it down because she was filming The Namesake, adapted from Jhumpa Lahiri’s bestselling novel of the same name.

***

Family isn’t everything, but it is important. “Colored” property owners from the former colonies of the British Empire have no trouble joining the Western ruling class aristocracy.

Prabhat Patnaik, India’s diligent Marxist, analyzes the phenomenon of these “Third World” leaders rising to prominence in imperialist countries as a “tendency toward the formation of an international middle class.” I quote at length:

“This phenomenon [the rise of politicians or businesspeople from the Third World – author’s note] not only creates an opportunity to emphasize how ‘fair’ the countries in question where they grew up are, but it also helps convince people from the middle classes in Third World countries that they will receive ‘equal treatment’ in these metropolises, and consequently, that the world has a ‘just’ order and that the country of one’s birth is irrelevant to success. One of the problems that people from the middle classes in the colonies used to face was that they were subjected to discrimination in their own countries under colonial administration and could never rise beyond a certain point in official positions. This experience made the middle class feel that they had to overthrow the colonial yoke. In contrast, the current experiences of the present-day Third World middle class convince them that such discrimination no longer exists and, therefore, that the phenomenon of imperialism itself is no longer valid.”

This brings us closer to a Nietzschean ideal of an “intermingled, (aristocratic) ruling class that disregards national borders.” There are also those, like Homi Kharas, who affirm this by calling it the “global middle class.” This “global middle class” has an ideological package that will save our planet: It will combat global warming; it will steer global capital markets and corporations toward “sustainability”…

Beyond that, confirming Patnaik’s thesis, they also “don’t believe” in imperialism. It is constantly underlined that Mamdani’s wife, the Damascus-born artist Rama Duwaji, is “Syrian.” In Duwaji’s biography, we see that she has worked with The New YorkerThe Washington Post, Apple, Spotify, VICE, the BBC, and Tate Modern. A US-based campaign account close to Iran and Hezbollah writes that Duwaji supported the foreign-backed rebellion against the Bashar al-Assad government and that Mamdani is “controlled opposition.” The picture is complete.

***

Just because a person is born with a silver spoon in their mouth doesn’t mean they have to embrace their “class.” History is full of examples.

But Mamdani is not among them.

It seems this is the case, as a New York Times investigation into who he gets his votes from in New York is the kind of news that would soothe the heart of a Wall Street said to be trembling in fear.

The NYT writes that Mamdani pulled ahead thanks to increased turnout in gentrifying neighborhoods and strong support from Asian and Hispanic communities.

“Democratic socialist” Mamdani secured high vote shares in Brooklyn’s affluent “brownstone” neighborhoods, in the diverse neighborhoods of Upper Manhattan, and in areas of Queens with large South Asian populations.

I would like to remind you that brownstone houses in New York are expensive: one of the main reasons these homes are so costly is simply their rarity. The number of these houses is limited, and it’s not possible to build more.

Quoting again from the NYT investigation: Mamdani, who promises to solve New York’s economic crisis, performed better than his rivals in predominantly college-educated districts and in middle- and high-income neighborhoods. Mamdani won in most of the majority-Asian districts and narrowly beat his main rival, Cuomo, in majority-Hispanic districts.

An interesting data point: Cuomo received more support in majority-Black districts and in low-income districts. Mamdani, however, struggled to win over older, wealthier voters, a significant portion of whom are Jewish, on Manhattan’s Upper West and East Sides.

I quote directly from the NYT investigation:

“Mamdani, who would be the city’s first Muslim and South Asian mayor, received his highest vote share in gentrifying neighborhoods with young, left-leaning voters, like Ridgewood in Queens and Greenpoint in Brooklyn. Voters in Jamaica Hills, a Queens neighborhood with a large South Asian population, also preferred Mr. Mamdani by a wide margin.”

The research shows that the majority of high- and middle-income New Yorkers voted for Mamdani. Nearly half of the low-income population, however, voted for Cuomo.

***

It is known that there is a search for restructuring within the Democratic Party following the disappearance of Joe Biden and the defeat of Kamala Harris.

Saikat Chakrabarti, a former adviser to New York Representative Alexandria Ocasio-Cortez, one of Mamdani’s most important supporters, has rolled up his sleeves to unseat Nancy Pelosi in San Francisco.

The Texas-born Chakrabarti, a Silicon Valley veteran of Indian descent, is a perfect fit for the “nepo baby” class. This software engineer-turned-activist is known for his goals of a “Green New Deal” and a “New New Deal.” In his manifesto titled “A Mission for America,” he complains about the bureaucracy against nuclear energy and calls on the military to normalize nuclear power in the public eye, wears a t-shirt featuring a photo of Subhas Chandra Bose, a Hindu nationalist known for his sympathy for the Nazis, and was part of the “progressive” group “Justice Democrats.”

Chakrabarti was fired from the AOC campaign, but his platform is being adopted wholesale. According to a report on NPR in April, a young generation, including the Silicon Valley veteran, was poised to become the “new AOCs.” This younger generation, advocating for a more “aggressive” stance against Trump, was deeply dissatisfied with the old Democrats.

It’s not hard to see that Mamdani is also playing to this crowd. After his initial success, Mamdani’s campaign team is looking for ways to appeal to the “general public.” Mamdani, who once advocated for defunding the police, now appears to have backed away from that position.

It is claimed that corporations are prepared to spend $20 billion to defeat Mamdani. Mamdani’s campaign, however, believes they can quickly raise an initial $8 billion. Pro-Mamdani super PACs face no limits on how much money they can raise, and the group “New Yorkers for Lower Costs” raised $1.5 million in the primaries.

The Wall Street Journal (WSJ) writes even more. It suggests that the broad support for Mamdani reveals how Wall Street has changed in recent years, stating:

“Mr. Mamdani received more individual donations from the big banks than Mr. Cuomo did, according to city campaign-finance records that list donors’ employers. But they were mostly among the growing ranks of tech staff and other nonfinance workers. Three Goldman Sachs software engineers, for example, were listed as giving directly to Mr. Mamdani. Only one financier at Goldman gave directly to Mr. Cuomo, records show.”

Furthermore, the WSJ reports that other bankers who quietly support Mamdani did not want to speak “on the record,” and one even tried to use a “fake name.”

According to POLITICO, following his primary victory, Mamdani met privately with Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries. Both are “establishment” New York Democrats.

The two leaders did not immediately give Mamdani their full endorsement, but they made positive comments about him on the social media site X and said they planned to meet with him in person soon.

A person close to Mamdani, speaking on condition of anonymity, described these statements as a “positive green light” and said the team was “very, very hopeful” about what they had accomplished in the short time since the primaries.

Also, Mamdani was called to the stage on Tuesday night by New York Attorney General Letitia James. James is one of the state’s most beloved and influential Democrats, known for her legal battles with President Donald Trump.

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AI spending heads toward $7 trillion as analysts warn of market bubble risks

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Massive financial resources directed into artificial intelligence technologies are driving companies into dangerous territory for global markets.

If expected productivity gains fail to materialize despite these immense capital flows, the artificial intelligence sector faces the risk of inflating into a giant bubble.

The Wall Street Journal reported that should such a scenario unfold, a widespread collapse capable of shaking the entire financial system and dragging down the broader market will become inevitable.

Estimates by McKinsey & Company project that global spending on data center construction alone could reach $7 trillion by 2030.

According to the newspaper, if these massive investments fail to deliver adequate productivity gains, the global economy will suffer a severe blow.

Should the sector as a whole turn out to be a bubble, the resulting damage will spread directly across the broader financial system.

While market observers note that a major crash—whether sooner or later—would drag all equity markets down with it, declines in AI-related stocks are currently being offset by gains in other sectors.

However, the first concrete signs of emerging vulnerability appeared in the memory chip market, where a sector-specific bubble formed and burst within just four months.

South Korean market shaken by sharp drop

In June, shares of South Korea’s Samsung and SK Hynix, the world’s two largest memory chip makers, sank by more than 12%.

The sharp sell-off pulled down the country’s broader stock index. South Korea’s benchmark Kospi index dropped 10%, triggering an automatic 20-minute trading halt.

Growing investor anxiety over artificial intelligence triggered the steep decline in the two giant companies, which together account for half of the total market capitalization of the Kospi index.

US equity markets also felt the ripple effects during the same period. The Nasdaq index closed down 2.2%, while the S&P 500 fell 1.4%, marking their worst single-day performances in two weeks.

Nevertheless, The Wall Street Journal pointed out that the disruption has not yet produced catastrophic consequences for the rest of the market.

While the bursting of massive historical bubbles resulted in disaster for national economies, smaller and localized bubbles in recent years have failed to paralyze broader economic growth.

The primary reason for this resilience is that these recent investments were not predominantly funded through leverage and bank credit.

When those localized bubbles burst, investors suffered wealth losses, but the financial system remained intact.

Russell Napier, a global macroeconomic strategist and keeper of the Library of Mistakes, a financial history archive in Edinburgh, evaluated the current market posture:

“The banking system is in superb condition, which means there will always be enough credit available to blow the next bubble.”

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Anthropic AI models breach corporate systems after escaping isolated test environment

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Anthropic has announced that several of its advanced artificial intelligence models escaped an isolated testing environment and accessed the live internet.

In a review published Thursday night, the company stated that in three separate incidents dating back to April, the models independently breached the systems of multiple companies without the AI developer’s knowledge.

Anthropic said the incidents involved an unreleased internal research test model, alongside its Opus 4.7 and Mythos 5 models.

Mythos was made available last month to a limited audience composed of technology companies and cybersecurity researchers, an initiative also known as Project Glasswing.

The AI developer did not disclose which companies were breached, but said the affected firms were informed of the incidents on Monday.

Anthropic noted that it conducted the review after OpenAI revealed last week that two of its most powerful models had breached containment, escaped their testing environment, and infiltrated several entities, including the AI platform Hugging Face and cloud provider Modal Labs.

System misconfiguration allowed internet access

Anthropic stated that it examined more than 140,000 tests to find evidence of whether Claude could gain access to the internet from test environments designed to be isolated.

The evaluations included “capture-the-flag” exercises, in which Claude was instructed to breach other systems to obtain information. This is a method frequently used by experts to assess a model’s hacking capabilities.

The San Francisco-based company stated that a “misconfiguration” in systems operated by Anthropic and its testing partner left the models with live internet access, enabling them to infiltrate external systems.

Anthropic said it approached remediation efforts “with full ownership of the responsibility.”

Neither Anthropic nor the affected organizations detected the unauthorized entries at the time they occurred.

Anthropic added that it may examine its logs more extensively, noting that the findings gave the company “cautious optimism” that such risks can be overcome through increased investment and more stringent safeguards.

David Allott, a cybersecurity expert, told the BBC: “The overarching lesson here is not that AI has developed fundamentally new attack vectors.”

“Instead, it means that AI agents can combine capabilities, acquire credentials and system access to act autonomously, while adapting scope and scale at machine speed,” Allott said.

The developments come as technology companies invest billions of dollars to develop AI agents capable of independently executing a range of tasks, from research and customer support to cybersecurity.

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Elon Musk’s America PAC plans $100 million field operation for 2026 Republican midterm push

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Tesla and SpaceX CEO Elon Musk is returning to the political spending arena with a new field program designed to help elect Republicans in at least eight states ahead of the 2026 midterm elections.

Musk has authorized his political action committee, America PAC, to spend between $100 million and $120 million on a new ground game focused on conservative voter turnout for the 2026 midterms, according to a Thursday report by The New York Times, which cited two unnamed sources informed about the plans.

America PAC funneled more than $250 million into Donald Trump’s reelection campaign in 2024, a expenditure that established Musk as the largest political donor in US history.

The New York Times reported that America PAC is reviving its spending initiatives and has reached out to other Republicans in recent weeks regarding the new field operations.

The effort is also being coordinated with other Republican Party spending groups, according to the report.

The newspaper identified targeted Senate races in the states of Alaska, Iowa, Maine, Michigan, and Ohio, while noting that discussions are also underway regarding contests in North Carolina, Georgia, and Texas.

The political action committee is additionally expected to deploy funds for House of Representatives elections in Washington, Wisconsin, and California.

The news comes a day after Axios first reported that America PAC’s operations were resuming, with a focus on driving Republican turnout during the non-presidential election cycle.

A spokesperson for America PAC declined to comment on The New York Times report but confirmed the Axios reporting to The Hill. The spokesperson stated that the spending group was “excited” to contribute to efforts to maintain the Republican majorities in Congress this fall.

“The President’s political team and the rest of the GOP apparatus have built a world-class operation that has Republicans well-positioned to make history and retain control of Congress this fall,” America PAC spokesperson Andrew Romeo said in a statement. “We’re excited to be part of the team again.”

The campaign will reportedly target Republican voters through door-to-door canvassing, mailers, and digital advertisements, enabling other groups to concentrate their resources on television advertising.

The developments were reported days after Musk told The Economist magazine that he had gotten “carried away” during his brief foray into politics.

The SpaceX CEO entered the political arena during the 2024 election, pouring hundreds of millions of dollars into Trump’s presidential campaign and accompanying the candidate on the campaign trail.

Musk went on to lead Trump’s cost-cutting initiative, known as the Department of Government Efficiency (DOGE), which executed sweeping employment and funding reductions across the federal government. Those efforts sparked controversy for Musk and his enterprise empire, including Tesla, whose shares fell sharply during his period of political involvement.

Musk departed the White House in late May 2025, and DOGE officially terminated its operations on July 4.

Shortly after leaving government, Musk and Trump engaged in a public dispute over the president’s sweeping spending legislation, the “One Big Beautiful Bill Act.” During the friction, Musk threatened to form a third party, though the initiative never materialized.

Musk and the US President appeared to resolve their differences last year, with the tech billionaire most recently joining Trump alongside other technology leaders on a trip to China in May.

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