Posted on 05/10/2007 12:40:54 PM PDT by Shermy
NEW YORK - The New York Mercantile Exchange plans to offer contracts for trading carbon dioxide, the main greenhouse gas blamed for global warming, and other heat-trapping emissions.
The entry by Nymex Holdings Inc. into the sector may herald the start of fierce competition among energy exchanges to serve a multibillion-dollar trading market for carbon emission allowances.
The Chicago Climate Exchange has been the first in the United States to create an exchange for trading carbon credits, but Nymex hopes to use its relationships with energy companies and traders to snatch business from the Chicago exchange.
"The interplay between the existing energy marketplace and the environmental one is very strong," said Bob Levin, senior vice president at Nymex. "It's a very natural place for us to be and much of the industry sees it that way."
...
The United States, unlike the European Union, has yet to establish a mandatory nationwide cap on greenhouse gases. But many expect that by 2010 Congress will impose a cap and allow individual companies to comply by purchasing allowances in place of cutting actual emissions.
Even without a mandatory cap, U.S. companies have been trading "voluntary" allowances. A growing number of companies in the United States are buying these allowances to offset their own global warming emissions, either to promote a "green" public image or to gain experience in allowance trading before they must operate under a mandatory cap.
Levin said that Nymex will offer trading of both kinds of credits.
"I don't think we really distinguish," he said.
...
(Excerpt) Read more at msnbc.msn.com ...
Boy are people that have been duped by this scam going to be mad when they learn that they have been conned.
Behold,
the upward curve of the bubble,
the early chapter in the 2012 book, “The Greatest Financial Scandal of All Time”
My only question is,
The financial firms are confident Obama, McCain and Clinton are in their pockets
But are they more confident,
And do they have Bush in their pocket too?
Money from nothing. Better than alchemy. There must be flocks of lawyers circling overhead already.
Oh, boy, indulgence-buying is back!
LOL!!
LOL!!
Puhleeze, anyone stupid enough for this crap, send me a check for 1/2 of what these clowns (incl. Gore) want. I will plant a tree, wiz on the ground and only use one sheet of toilet paper to boot. I promise. My cousin is named Lucy, so you can believe it. C’mon Charlie, I surely will move the ball - kick away, bro.
Although what they are trading is nothing, there is money to be made by trading nothing. Is this American ingenuity or what?
There was a FReeper in Fort Collins, CO a few weeks ago who was offering climate change hysteria offset credits at 10 for a dollar. Maybe he was on to something!
My wife is planting shrubs as we speak.... Can’t wait to start getting those fat checks!
Click on POGW graphic for full GW rundown
New!!: Dr. John Ray's
GREENIE WATCH
Ping me if you find one I've missed.
...and who’s underwriting this?........
Well sure, why wouldn’t they. There’s billions in easy cash with this scam. Maybe I’ll try to find a way to play. Might as well cash in on the gullibility of the masses.
The auto companies are coming around...
They finally realize...
They can be paid, in carbon credits...
for shutting factories down...
Subsidizing failure and deindustrialization...
all based on a convenient myth.
The mother of all Ponzi schemes ....
Instead of little old ladies buying into the scam the Gorebullites have major corporations and world governments believing in Gorebull Warming and buying and trading some fictitious commodity like "Carbon Credits".
I am going to bag every leaf and pine needle that falls off my trees this fall and turn them in for credit. Haven't they been absorbing carbon during the growing season? So money does grow on trees after all! Well at least carbon credits do!
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