Mark Cuban sees the best of capitalism emerging following the Coronavirus ‘recession’ is a contrarian view in a time of doom and gloom personified in the worried faces of lock-down peoples and dire economic data.
Mark Cuban is a self-made billionaire, from humble working-class origins, he is an investor, author TV personality with a net worth 2.6 billion USD and he is No. 211 on Forbes’ list of “World’s Richest People”
“Mark Cuban is a self-made billionaire, from humble working-class origins, he is an investor, author TV personality with a net worth 2.6 billion USD”
THE WEALTH TRAINING COMPANY
Despite the economic fundamentals pointing to the worse than the Great Depression Mark Cuban sees the best of capitalism emerging
Mark Cuban upbeat forecasting is not being made from a floating gin palace, nor through a pink champagne glass, the serial entrepreneur son of an automotive upholsterer understands the struggle of regular folks, the challenges of businesses small and large.
With the economy in lockdown businesses are “terrified” said Mark Cuban.
“Business has dried up from doing great last month or two months ago to almost nothing. And that’s terrifying to anybody who’s ever started a business” added Mark Cuban.
Mark Cuban’s supply the market what it needs philosophy has made him a fortune as an entrepreneur and an investor. He started his company MicroSolutions in 1990, which he then sold to CompuServe making approximately $2 million after taxes on the deal. Mark Cuban continues to direct and invest in 2929 Entertainment, which provides vertically integrated production and distribution of films and videos.
“Business has dried up from doing great last month or two months ago to almost nothing. And that’s terrifying to anybody who’s ever started a business”
Speaking about the difficulties that businesses face in the wake of the pandemic hysteria lockdowns Mark Cuban said, “I’ve been in that circumstance before … but there are things that you can do to try to turn a huge negative into a positive.”
Mark Cuban sees the best of capitalism emerging is based on American exceptionalism, stars, and stripes waving ideology giving the US ideas and principles a unique place of moral leadership
Those adhering to the ideology want the US to “retake its natural position as leader of the free world”. It is an America-centric view that believes the US is as an Empire of liberty, a shining city on a hill, the last best hope for Earth, an indispensable nation and I can almost hear some of you laughing. But what is the alternative, a China-centric totalitarian communist party within a capitalist system that shoots down their youth when they don’t toe the line?
“I truly believe in American exceptionalism” – Mark Cuban
Remember Tiananmen Square?
“I truly believe in American exceptionalism” said Mark Cuban.
“There’s no other country in the world that’s going to be able to figure out as we can, we’ll use this opportunity, we’ll use the situation” he added.
The US had the second-largest number of patents granted in 2018 with 307,759, which is less than China with 432,147 granted the same year.
China’s one-party two systems are challenging the US in several fields. As I wrote in a piece entitled, Ray Dalio seeks Alpha in China. The evolution of China has been amazing. Per capita income since then (1984) increased by 26 times. The share of world GDP went from 2% to 22% which is comparable power to the US.
China is now number one in fintech, number 3 in AI and machine learning, number 2 in wearables, number 2 in virtual reality, number 2 in educational technology, number 2 in autonomous driving. Moreover, they are running fast to be number one in those industries, according to Ray Dalio.
Mark Cuban sees the best of capitalism based on American exceptionalism but that view locks swords with China, a strategic rival with Imperial ambitions too
What’s more, the two economic powerhouses are already engaged in a trade war, some argue that an asymmetric was has already started with each side questioning the origins of COVID-19, which has been described as an invisible enemy and a war with no borders.
But threatened Empires have itchy fingers and if the US can link the pandemic with CCP (China) then the trade war could escalate into a kinetic war.
Will American exceptionalism meet China’s exceptionalism gun barrel to gun barrel as both sides battle for global domination?
“I think we are truly going to see the best of capitalism when we come out of the other side because this is where people are going to be entrepreneurial” – Mark Cuban
Mark Cuban sees the best of capitalism based on American exceptionalism, which focuses on a US-centric world with US dollar hegemony sitting on the throne
But that too is at odds with those advocating a multicentric world.
Striking a rare political tone, Mark Cuban said the outbreak will serve as an example to those who supported socialism and predicted a newfound entrepreneurial spirit that will “bring out the best of capitalism”.
We’ve had a taste of socialism right now … giving money and redistributing wealth … that’s okay,” he said. “But, I think we are truly going to see the best of capitalism when we come out of the other side because this is where people are going to be entrepreneurial”.
Mark Cuban sees the best of capitalism where American goods are consumed by Americans
But that also means paying more for those goods.
“They’re going to be OK with paying a little bit more for made in America because they know what it means to their future” said Mark Cuban.
Mark Cuban doesn’t believe that the economic slowdown caused by COVID-19 will result in the country being in a recession because “we’re already in a recession,” said Mark Cuban. But Mark Cuban reiterated his confidence in the American people to bounce back.
So Mark Cuban sees the best of capitalism emerging based on American exceptionalism and if you think he is engaging in serious flag waving you are not wrong.
Mark Cuban could be angling to take on US President Trump in this year’s presidential elections scheduled for November. See the full Fox interview.
A Trump, Cuban battle of the billionaires for US presidency could play out.