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Chinese Billionaire Says US Wasted Trillions on Wars and Wall Street


#1

Chinese Billionaire Says US Wasted Trillions on Wars and Wall Street

Lauren McCauley, staff writer

Speaking at the World Economic Forum in Switzerland on Wednesday, Chinese billionaire Jack Ma accused the United States of spending too much money on foreign wars and risky financial speculation and not enough money "on your own people."

The founder of the world's largest retailer, Alibaba, was addressing a question posed by CNBC's Andrew Ross Sorkin about the U.S. economy in relation to China.


#2

Jack Ma for President.


#3

Doh! There it is again. You should be spending more on your own people. IMF and WTO have said it's time to invest in the people again as this trajectory is unsustainable. Did they do it? Hell no.
What do we get? Like the man said, Wars and Wall Street.
This guy nailed it.
We got baby Donald because the so called leaders in this country are too immature to realize if they give some on the front end, they get it back later only better. They're like little greedy children that can't control their selfishness. Poor parenting I guess. The Donald personifies their present condition.


#4

Speechless! can't argue with anything he said. Hum, a communist billionaire?


#5

Well, Mr. Ma is right. However, haven't others without his wealth said exactly the same thing? Why is it news when Mr. Ma says it, but not when others do?


#6

When did the IMF and WTO get a heart, soul and integrity? I've heard good things coming from their mouths in last year but like Donald Trump will they just say anything?


#7

Everyone knows what the frick is wrong with the U.S. except for the U.S.


#8

Certainly this is not the kind of talk we expect to be hearing from a billionaire. WTF's wrong with this guy to lay everything out so clearly and then to get reported on too?


#9

The ugly head of the elephant in the room, Military Industrial Complex, rears its head, enabled by the capitalist economic system. It destroyed past empires and will destroy the present empire, as we go from day to day letting it.
What irony, to have this Chinese billionaire point out the truth about our floundering government and economy.


#10

Perhaps, without his money, others can accuse the speaker of envy, of detesting the 1% and Wall Street. I guess Ma is a bit like Buffett, who’d complained of the obscenity of working people paying more taxes than the super-rich.


#11

I assume your question is rehtorical, as it is clear that a capitalist society worshipskthe wealthy, regardless of how it is gotten, whether through murder, theft or fraud.


#12

When did the WTO get a heart? In the battle in Seattle in 99 the WTO showed it had a heart...a heart of stone!


#13

This is half the issue. As the USTR used to accurately report for decades before TPP and TTIP were being pushed, China and most of the world engages in various kinds of unfair trade practices. China is the 800 lb. gorilla here. They are playing to win for China and all tactics are being used (e.g., currency manipulation, trade barriers, concentrated state-sponsored manufacturing subsidies, subsidies to sell below market). We need to move slowly towards balanced trade.


#14

(SMH) Nope. No billionaires for president. Nobody for president. People's councils and a participatory economy.


#15

It appears Chinese billionaires have a little more self respect than American billionaires.


#16

.. according to Business Insider .. What's more, he added, "In the past 30 years, America had 13 wars spending $2 trillion...no matter how good your strategy is you're supposed to spend money on your own people."

Business Insider misquotes Ma. He said $14.2 trillion dollars .. not $2 trillion dollars ..

Listen for yourself:
Switzerland: Alibaba founder Jack Ma slams the US' economic policies


#17

The two trillion must be a typo a that has not been corrected. Further on 14.2 is mentioned

""In the past 30 years, America had 13 wars spending $14.2 trillion...no matter how good your strategy is you're supposed to spend money on your own people.""


#18

How did Trump reply to Jack Ma during the meeting?

Hermann Goering – The People Can Always Be Brought to the Bidding of the Leaders

“Why, of course, the people don’t want war. Why would some poor slob on a farm want to risk his life in a war when the best that he can get out of it is to come back to his farm in one piece. Naturally, the common people don’t want war; neither in Russia nor in England nor in America, nor for that matter in Germany. That is understood. But, after all, it is the leaders of the country who determine the policy and it is always a simple matter to drag the people along, whether it is a democracy or a fascist dictatorship or a Parliament or a Communist dictatorship…
Voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked and denounce the pacifists for lack of patriotism and exposing the country to danger. It works the same way in any country.”
– Hermann Goering (as told to Gustav Gilbert during the Nuremberg trials)


#19

Jack Ma for adviser to the people's councils and participatory economy. He gets it, it's not a guarantee they will.


#20

china is NOT communist. it is state capitalist