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 bank loans or government grants, simply does not work.

We do not have anything like enough jobs; particularly good jobs.

My interest in this debate started in May 1978 with a full Business Page feature in Investors Chronicle, followed by very detailed evidence to the European Patent Office in 1992.

During 1994 I delivered a report to both the UK Government and the Bank of England which debated that we need a free enterprise marketplace and simple rules, for funding new job creation, through what I call a Capital Spillway Trust.

That 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 job created, into the hands of the job creator.

In return, the job creator can only pay themselves a nominal wage until profitable, or if not profitable, have repaid the capital back to the Capital Spillway Trust on agreed terms.

And government must take the full responsibility to create free marketplaces for such equity capital and to make available matching 25 year 4% loan stock for use as working capital.

Inventors to get a man years funding to start a patent process, ten man years funding if they pass first base and one hundred man years funding, and up to ten years, to take the idea to full production and profitable exploitation.

You will discover that if the investment is made as local savings reinvested as equity capital back into the local community, it is never lost. Even if the business fails; the money continues to circulate within the community.

What has been completely forgotten is that creating new jobs in this way is by far the most effective way to increase prosperity; in any local community, anywhere on the planet.

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 the entire job creation support costs, of the surrounding community, for between several years and a decade.

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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