Carbon Cap Tax & Scam Ping ~ (POGW)
Posted on 12/09/2009 11:02:23 AM PST by Ernest_at_the_Beach
If one wants to see why carbon-trading schemes retain so much popularity among the political class, this Times of London exposé explains it well. Britain’s richest man, Lakshmi Mittal, stands to get even richer over the next few years, thanks to the efforts of politicians in handing Mittal’s companies a raft of carbon credits. Mittal’s companies can’t possibly use them all for several years, and so Mittal’s production firms can continue their emissions levels while making a fortune on the futures markets:
LAKSHMI MITTAL, Britain’s richest man, stands to benefit from a £1 billion windfall from a European scheme to curb global warming. His company ArcelorMittal, the steel business where he is chairman and chief executive, will make the gain on “carbon credits” given to it under the European emissions trading scheme (ETS).
The scheme grants companies permits to emit CO2 up to a specified “cap”. Beyond this they must buy extra permits. An investigation has revealed that ArcelorMittal has been given far more carbon permits than it needs. It has the largest allocation of any organisation in Europe.
The investigation has also shown that ArcelorMittal and Eurofer, which represents European steel makers at European level, have lobbied intensively in Brussels. This has included threatening to move plants out of Europe at a cost of 90,000 jobs, and asking European commissioners to meet Mittal.
ArcelorMittal is now free to sell its surplus permits on the market or to hoard them for future use. The latter would allow it to avoid cutting greenhouse gas emissions for years, effectively undermining the point of the scheme.
Either way, the company will have gained assets worth around £1 billion by 2012.
(Excerpt) Read more at hotair.com ...
Money ping!
They make more money from the fraud.
Not really hard, just ask Al Gore how.
Carbon Cap Tax & Scam Ping ~ (POGW)
Russian Claim To Carbon Credits May Bedevil Copenhagen Talks
Granny will freeze in the dark because she pays the utility which buys protection from the new carbon oligarchs. I got bounced off a lefty site for calling this scheme evil and saying that the lefties there had a share in this evil travesty in which they are to be held responsible.
Chicago Climate Exchange (CCX) operates North America’s only cap and trade system for all six greenhouse gases, with global affiliates and projects worldwide.
http://www.chicagoclimatex.com/content.jsf?id=821
Now go follow the ownership trail and find out who will profit.
Hint: pick a large, well known investment bank with HQ at 85 Broad Street, NYC, NY.
I just gotta shake my head ... it's like we're living in the age before The Age of Enlightenment.
http://www.rollye.net/BlogArchivesCapTrade709.html
Great research here from listener Keri on the truth behind Cap & Trade
You know it’s junk science. And maybe you’ve wondered if it really isn’t about science at all. This will be a long read but its worth it. Links are embedded throughou, but not on the link page— far too many to list. Infact it’s so long that I moved it here to it’s own page. It’s worth your time to digest. You’ll come away disgusted, but you’ll fully understand what’s happening and it’s beyond anything you’ve imagined. Follow the money and weep.
The EU and crony “capitalist” are literally turning worthless smoke coming out of chimney into a valuable commodity ripe for speculation...and a chain around our necks. If this isn't Ayn Rand's concept of the “pull” personified, I don't know what is.
hehehe...
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