According to CNBC, at the World Economic Forum in Davos, Switzerland, Jack Ma, the billionaire founder of Alibaba said that the current U.S. financial woes are due to the country wasting millions on warfare.
When asked by CNBC’s Andrew Ross Sorkin about the U.S. economy in relation to China, Ma replied that it was incorrect to view any U.S. economic issues as a result of a rising China.
“It’s not that other countries steal jobs from you guys,” Ma said. “It’s your strategy. Distribute the money and things in a proper way.”
Ma said that instead of investing in infrastructure, the U.S. wasted over $14 trillion on warfare over the last 30 years. More, he says outsourcing to countries like China is a “wonderful” and “perfect” strategy.
“The American multinational companies made millions and millions of dollars from globalization,” Ma said. “The past 30 years, IBM, Cisco, Microsoft, they’ve made tens of millions — the profits they’ve made are much more than the four Chinese banks put together. ... But where did the money go? ”
Ma says the U.S. isn’t distributing or investing the money well. Too much money goes to Wall Street and Silicon Valley instead of the Midwest and less fortunate Americans. Ma says globalization is good, but it “should be inclusive.” The money should not go to just the wealthy.
“The world needs new leadership, but the new leadership is about working together,” Ma said. “As a business person, I want the world to share the prosperity together.”
Read the full story here.