Carbon Credits: Another Corrupt Currency? The real hockey-stick graph

Science and Public Policy Institute ^ | 3 Feb 09 | Joanne Nova

[I got the rope]

Summary for Policy Makers

Carbon credits are a form of fiat currency, yet as calls for carbon trading grow, ironically, another fiat currency collapses—destroying life savings, wiping out jobs, and taking down historic institutions overnight. Fiat money has a long history of failure, corruption and fraud. The inevitable booms, busts and inflation act as an invisible tax, transferring wealth from people who work and save to speculators, middle men, and crooks. The US dollar—sovereign issue of a great capitalist, democratic nation—is on life support. So far at least eight hundred billion dollars has been created from thin air to stop the banking system from crashing.

Meanwhile, global warming alarmists are asking us to create another fiat currency, this time based on hot air. Large multinational conglomerates are already pouring billions into exchanges and derivatives in anticipation of carbon trading. There are ‘options’ to buy credits in the future.

There’s no longer any evidence that carbon matters much to our climate; and in the unlikely event that carbon might matter, the benefits of trading carbon don’t add up. If the US adopted Obama’s strict 80% reduction in emissions tomorrow, thus transforming the main energy source used by Americans since Columbus[i], the savings in carbon merely delay the claimed warmer-Armageddon by six years.

Currencies based on nothing are powerful tools that have reshaped civilizations. But they draw out the darkest elements of human nature. We open this Pandora’s Box with trepidation. Is the risk worth the benefit?

[I got the rope]

Some on FreeRepublic were writing about this months ago.

[I got the rope]

http://scienceandpublicpolicy.org/images/stories/papers/originals/corrupt_currency.pdf

[RedMonqey]

Although I have scant evidence, I get the gut feeling that global warming and the carbon credit scam was suppose to be the next big investment vehicle, like derivatives. Only problem Bush got elected and 911 fouled up their timing.

Imagine all the potiential billions, if not trillions banks and invest house would have to pad their yearly quarter reports. Remember Enron heavily relied upon carbon trading coming into flower.

Quite a cushy job with no heavy lifting, just mandate squeezing electric users and taxpayers ”for the good of the environment.

Too bad George and Mother Nature quiffed their plans.

[steelyourfaith]

 

Beam me to Planet Gore !

[SuziQ]

Bump for Wed. reading

[SunkenCiv]

My apologies for duplicate pinging anyone.

[AmericanVictory]

We love the phony claim that it would have “created wealth.”
And all the while real wealth creation was being tanked, and Bush and the Republicans did little to prevent it.

[xcamel]

Carbon Scam/POGW

[palmer]

It's actually the opposite from what the author asserts. Alternative "green" energy will be the best way to destroy inflated dollars. The only way out of the current credit deflation crisis is monetary inflation, but that will need to be nipped at some point. One way to nip it is to decree that everyone must burn money. For you and me it means we send an extra large check to some carbon credit shyster who almost literally buries money (e.g. carbon) for a fee.

The other effect of banning the use of real energy (or requiring the use fake "green" energy) is that it reduces its value and thus deflates any energy price bubble that takes place.

[Rurudyne]

Thanks for the ping!

[SunkenCiv]

My pleasure!

[I got the rope]

I’m not sure I follow everything you are saying. I do understand that at some point we MUST stop printing money to correct the value of the dollar.

[palmer]

There's a point beyond which stopping printing is not good enough, you need to burn money. The electronic commerce simplifies that process. But the need to get rid of money coincides nicely with the left's desire to gut energy consumption. They will force everyone to buy ridiculous "green" carbon offsets, one of which will be to actually pump carbon (useful energy) underground.

So instead of paying $100/month for electricity and spending $400 bidding up prices of other goods, you will send in $500 a month and won't be able to demand other goods, therefore holding inflation in check. The money disappears right into the hole in the ground.

[Fred]

The next wall street ponzi scheme.

[RedMonqey]

Very true. I can think of no better example than the “green” windmills. Without the subsidies, these so called money makers are are actually money pits for a large percentage of investors. That's why T Boone Pickens was lobbying local and state governments to give him easement rights for his power lines and other goodies for his big Green Money machine.(just another pork project to line his pockets)