Alibaba founder tells US: you spend too much on wars

Alibaba Founder and Chinese Billionaire Jack Ma stated recently that improper distribution of funds and inflated US Military spending are the cause of the economic decline in America and not the other countries stealing their Jobs.

In a speech at World Economic Forum in Davos he said, “Over the past thirty years, the Americans had thirteen wars spending 40.2 trillion dollars. What if they spent a part of that money on building up the infrastructure, helping the white-collar and the blue-collar workers? No matter how strategically good it is, you’re supposed to spend money on your own people.”

“And the other money which I’m curious about is that when I was young, all I heard about America was Ford and Boeing and those big manufacturing companies. The last 10-20 years, all I heard about is Silicon Valley and Wall Street,” he continued.

“And what happened? The year 2008: the financial crisis wiped out 19.2 trillion dollars in the USA alone and destroyed 34 million jobs globally. So what if the spent on Wall Street and the Middle East was spent on the Mid-West of the United States, developing the industry there? That could change a lot.”

 “So it’s not that other countries steal jobs from you guys, it is your strategy! You do not distribute the money in a proper way”.

Ma also expressed the view that overall globalisation was a positive thing as it had brought many benefits to both China and the world.

“The WTO was great but it was mainly designed for developed countries and big companies. There’s no opportunity for small business. We want to build up an EWTP – an Electronic World Trade Platform – to support young people, small business.”

 “And the other thing is that the WTO is a very interesting organisation. When you put 200 government officials in one room, ask them to agree on something – it’s impossible! I can never imagine that they agree on something together. Business should be designed by business people, so we believe the EWTP should have businessmen sitting down together, agree on something, negotiate on something, and then get the endorsement from the government.”

Watch the video here:

https://www.youtube.com/watch?v=S-bFNRj7mNk

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