US Carbon trading – not worth a plug nickel

Watts Up With That? ^ | October 26, 2010 | Anthony Watts

[Need4Truth]

I wrote a few weeks ago that The only lower price than today’s closing price on a ton of carbon is ZERO. That’s true now more than ever. See the chart below from yesterday’s close of the Chicago Climate Exchange: [snip] And it’s still crashing. Last week the Chicago Climate Exchange (CCX) announced that they were scrapping the existing carbon trading program, and focusing on a new one that deals with directly sold carbon offsets rather than open trading.

[Need4Truth]

The globull warming scam is crashing...

[cripplecreek]

Its all about making money out of thin air. The modern philosophers' stone.

“Once you price CO2 and put a price on it, you find, as you would with any other product, it tends to be rationed. We as a people on this planet have lived under the false concept that air and water were free. And we’ve learned with a planet of 7 billion people, that we have to ration these precious goods. And the good old price system is the best way to do it.”

Richard Sandor

[givemELL]

Also, US carbon credits run out in 6 years once we sign up, EU’s last 12 years, and China’s last 24 years. Alotted national carbon credits save citizens and corps from paying international fees for energy use. US will be bankrupted by this in six years, but there are so many other ways we are being bankrupted already.

[UCANSEE2]

Someone should tell the author that the phrase is “a PLUGGED nickel”.

[goldendays]

ShoreBank and the ‘Weatherization Underground’

http://biggovernment.com/jpollak/2010/05/28/shorebank-and-the-weatherization-underground/

[Bean Counter]

Sounds like an investment opportunity for the Federal Reserve...someone get Ben Bernacke on the phone.....

[RJL]

It was a great plan.

In my opinion, the Dem big money guys saw all the money made at the stock exchange on Wall Street and tried to duplicate that for themselves.

So they created the Carbon exchange in Chicago and the Health exchange in Wash DC. Even better, for them, is using the power of government to force every American to buy their carbon credits and health care through these two exchanges. They would quietly get a small piece of every dollar going through these exchanges.

They were going to be instantly among the wealthiest people on the Earth and many will still profit handsomely from ObamaCare’s Health exchange if we don't repeal it.

[steelyourfaith]

 

Beam me to Planet Gore !

[givemELL]

About those carbon credits:

CARBON TAX WILL KILL US IN 6 YEARS!!

“Now when the one company increases their advertising dollars and realized a 20% yearly increase the government penalizes them for going over their carbon allotment.”

Note the “carbon allotment”. Pay attention to what the carbon allotment IS!

Under current rules, the US will completely deplete its initial carbon allotments good through 2050 in only...6 years, EU in 12 years and China in 24 years!!!!

This would happen before the US could even “recover” from the debt and entitlements, mortgage and GDP debacle unfolding now:

http://www.newscientist.com/article/mg20327266.500-fair-carbon-means-no-carbon-for-rich-countries.html

[CutePuppy]

In my opinion, the Dem big money guys saw all the money made at the stock exchange on Wall Street and tried to duplicate that for themselves.

These schemes work much better if there is a force of government behind them. Government doesn't really need to sell you a product or a service, they can just take the money, even if it's just for "clean air" or any other gas.

As Willie Sutton reportedly explained when asked why he was robbing banks, "Because that's where the money is". Democrats (and other socialists) figured out long ago that government is where the big, easy and legal money is.

Excerpt from RIP: Carbon trading - Green Hell Blog, October 26, 2010

In a little reported move, the Chicago Climate Exchange (CCX) is ending carbon trading this year — the very purpose for which it was founded. CCX will remain open for business, however, as it transitions into the murky world of dealing in carbon offsets.

Outside of a report in Crain’s Chicago Business and a soft-pedalled article in the certain-that-cap-and-trade-will-happen trade publication Carbon Control News, the media has ignored the demise of the only voluntary U.S. effort at carbon trading.

CCX was sold earlier this year for $600 million to the New York Stock Exchange-listed IntercontinentalExchange (Symbol: ICE), an electronic futures and derivatives platform based in Atlanta and London. ICE also acquired the European Climate Exchange as part of the transaction. The ECX remains open to accomodate the Kyoto Protocol-required carbon trading among EU nations. The sale of CCX to ICE allowed climateers like Al Gore’s Generation Investment Management and Goldman Sachs to cash out of investments in CCX.

At its founding in November 2000, some estimated that the size of CCX’s carbon trading market could reach $500 billion. The CCX was the brainchild of Richard Sandor who used $1.1 million in grants from the Chicago-based Joyce Foundation to launch the CCX. Sandor received $98.5 million for his 16.5% stake in CCX when it was sold. Not bad for an idea that didn’t pan out. ..... < snip >