YouTube Davos Debate Entry by Chris Coles
YouTube and The World Economic Forum have created a competition in
which anyone may present a 3 minute video. The winner gets a platform at the
Davos conference. This is my entry.
Chris gives a brief explanation of his long term commitment to the
need to find a better way to fund the process of job creation and the rules he
believes will work to permit many new jobs to be created from the reinvestment
of local savings, as equity capital, on strictly free enterprise terms, back
into the local economy. The full text of his video is set out below:
My name is Chris Coles. I am going to show you all how to create a
lot of new jobs in your local communities.
A lifetime as an inventor has taught me that trying to create new
jobs using venture capital, bank loans or government grants, simply does not
work well enough.
We do not have anything like enough jobs; particularly interesting
and adventurous or other industrial and high technology manufacturing jobs,
which will stretch the imaginations of our young people coming out of
education; and provide everyone with permanent and of equal importance,
prosperous employment.
My involvement started in 1978 when Investors Chronicle featured
me on their business page. In 1992 I presented very detailed evidence to the
European Patent Office.
During 1994 I delivered a major report to both the UK Government
and the Bank of England, which debated that we need a free enterprise capital
marketplace and simple rules, for funding new job creation, via what I call a
Capital Spillway Trust.
I showed how local communities can create new jobs by founding
their own local Capital Spillway Trust fund, which in turn will place
sufficient equity capital for each new job created, into the hands of the job
creator.
In return for which, the job creator can only pay themselves a
nominal wage until profitable. Inventors to automatically get sufficient
funding to file for a patent, more again if they pass an agreed test and then
enough funding, and time, to take the idea to full production and profitable
exploitation.
I particularly argue that government must take full responsibility
to create free marketplaces for all finance and to support the job creator with
matching 25 year loans for use as working capital.
Job creation is not about immediate profit, but the expectation of
being able to create a profit in the future. Thus the capital investment has to
pay to support job creation until the job creator reaches that future profit.
However, you will discover that if the investment is always made
as local savings reinvested back into the local community, it is never lost.
Even if the business fails; the money invested continues to circulate within
the local community.
More local investment means greater prosperity for everyone.
Creating new jobs in this way is by far the most effective way to
increase prosperity in any local community anywhere on the planet.
My Davos presentation will set out how my new thinking will bring
increased prosperity and financial stability, to everyone who invests their
savings back into their local community, to create new jobs.
Thank you."
Julia Lalla-Maharajh who is campaigning on the subject of Female
Genital Mutilation is the very worthy winner. I wish her every success in her
efforts to put an end to such a barbarac practice.
Davos 2010
an appeal to end FGM now
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