Public carbon trading dead in the USA

Gore’s grand experiment has flatlined.

As we reported almost two weeks ago, the Gore and Pachauri advised Chicago Carbon Exchange (CCX) has closed. Closing price? A nickel per ton of CO2.

Here’s the final day closing page for posterity:

A 16 lb bag of charcoal briquettes is worth more than a ton of CO2. About 220x more.

Here’s more on the story:

Carbon Trade Ends on Quiet Death of Chicago Climate Exchange

By John O’Sullivan

Republican mid-term election joy deals financial uncertainty among green investors as the Chicago Climate Exchange announces the end of U.S. carbon trading.

The Chicago Climate Exchange (CCX) announced on October 21, 2010 that it will cease carbon trading this year. However, Steve Milloy reporting on Pajamasmedia.com (November 6, 2010) finds this huge story strangely unreported by the mainstream media.

To some key analysts the collapse of the CCX appears to show that international carbon trading is “dying a quiet death.” Yet Milloy finds that such a major business failure has drawn no interest at all from the mainstream media. Milloy noted that a “Nexis search conducted a week after CCX’s announcement revealed no news articles published about its demise.”

Not until November 02, 2010 had the story even been picked up briefly and that was by Chicagobusiness.com (Crain’s). Reporter, Paul Merrion appeared to find some comfort that while CCX will cease all trading of new emission allowances at the end of the year, “it will continue trading carbon offsets generated by projects that consume greenhouse gases, such as planting trees.”

Collapse is Personal Setback for U.S. President

Barack Obama was a board member of the Joyce Foundation that funded the fledgling CCX. Professor Richard Sandor, of Northwestern University had started the business with $1.1 million in grants from the Chicago-based left-wing Joyce Foundation enthusiastically endorsed by Obama. When founded in November 2000, CCX’s carbon trading market was predicted to grow anywhere between $500 billion and $10 trillion. Fortunately before its collapse Sandor was able to net $98.5 million for his 16.5% stake when CCX was sold.

Failure of European Climate Market May Follow

Milloy writes, “although the trading in carbon emissions credits was voluntary, the CCX was intended to be the hub of the mandatory carbon trading established by a cap-and-trade law. Trading carbon was, the only purpose for which it was founded.” But with their resurgence after the mid-terms the Republicans have now put a new cohort of global warming skeptics into the corridors of power.

Unlike the American voluntary scheme, the European cousin of the CCX, the European Climate Exchange (ECX), continues to trade due to the mandatory carbon caps of the Kyoto Protocol. But the future of the ECX will be in doubt unless a new climate treaty to replace the Kyoto Protocol is introduced. That treaty expires in 2012. But the ineffectual Copenhagen Climate Conference (2009) exposed an inability among international politicians to agree on climate change. If this stalement persists then the European ECX may likely suffer the same fate as Chicago’s CCX.

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122 thoughts on “Public carbon trading dead in the USA

  1. We will be needing a carbon exchange in California. Correction: Kooky Kalifornia.

    California Cap and Trade is alive and well as part of AB 32, which survived a challenge at the ballot box on November 2. Trading carbon instruments is a key to the program.

  2. Amazing how such a scam could persist for seven plus years and nobody got arrested. In fact, Professor Sandor appears to have made a bundle of money. Bernie Madoff should have taken lessons from these guys.

  3. Didn’t Gore & Co get $600m for this dead donkey earlier in the year from ICE, the sane crowd that run the European equivalent?

  4. I am surprised that certain news organizations are not using this to show just how bad big oil is to have killed carbon trading. I suppose the real problem is that the Earth is the biggest trader of all, but it won’t pony up the cash.

    Mark up one more bad idea that died a miserable death. Looking back, I think every idea Al Gore ever had ended the same way. Hmmm.. Lets start a market for bad ideas from Al Gore. We can raffle the death date of his ideas. :-D

    John Kehr

  5. Yes, but the suicidal Low Carbon Fuel Standards (LCFS) policy in California will contribute to the demise of the State Economy and require fuel import from “states” less friendly than Canada as the supply from alternative sources fail to meet unrealistic expectations.
    The Chinese are already moving in to take up the slack and use the oil from Canada oil sands..

    http://www.hydrocarbonprocessing.com/Article/2701411/LCFS-will-adversely-affect-oil-sands-crude-refiners.html?LS=EMS455705

    “Purvin & Gertz, Inc., has released a report on the effect low-carbon-fuel standards (LCFS) will have on oil sands. The report notes that LCFS programs are being implemented in California, Oregon and British Columbia. They are under consideration in many other states and provinces and are becoming regional in nature. LCFS programs differ by jurisdiction, but have in common mandated reductions in the carbon intensity of transportation fuels. By targeting petroleum-derived gasoline and diesel and promoting low-carbon alternative energy forms such as electricity, hydrogen, natural gas and next generation biofuels, LCFS programs are intended to reduce overall greenhouse gas (GHG) emissions on a “well-to-wheels” basis.”

  6. Strange, I can hear a song by ABBA around here when reading this. Greed does actually work, to a limit. Here in Sweden we don’t have a trading exchange for carbon emissions but we have had a tax on these emissions for some twenty odd years and it doesn’t work at all. We have more emissions today and more money keeps flowing in for our greedy state.

    And the ABBA song? Money, money, money…

    /Carl

  7. Stock prices have always been tenuous entities, reflecting investors’ hopes and fears as much as substantive activities. This CCX demise confirms the utter hopelessness of the concept.

  8. Star Trek – the cultural gift that keeps on giving? Maybe we could add an Away Team crewman (wearing a red shirt) with a name tag labeled “IPCC”? Heh.

  9. And for those who placed their bets (and your tax dollars) on Algae as the replacement liquid alternative fuel:

    http://biofuelsdigest.com/bdigest/2010/11/05/algal-fuels-just-around-the-corner-or-10-years-away/

    Algal Fuels: Just around the Corner or 10 years away?

    “ShareAlgae being cultivated in a small-scale micropond at Sapphire Energy headquarters in La Jolla, California
    In California, a new report from the Energy Biosciences Institute (EBI) in Berkeley projects that development of cost-competitive algae biofuel production will require much more longterm research, development and demonstration.”

    “It is clear,” the EBI scientists conclude, “that algal oil production will be neither quick nor plentiful – 10 years is a reasonable projection for the R, D & D (research, development and demonstration) to allow a conclusion about the ability to achieve, at least for specific locations, relatively low-cost algal biomass and oil production.”

    “The report can be downloaded from the Digest’s Biofuels Information Zone, here.”

    Authors include Nigel Quinn and Tryg Lundquist of Lawrence Berkeley National Laboratory, Ian Woertz of Cal Poly, and John Benemann. Benemann recently made the Digest’s Top 100 People in Bioenergy list.

    “Even with relatively favorable and forward-looking process assumptions (from cultivation to harvesting to processing), algae oil production with microalgae cultures will be expensive and, at least in the near-to-mid-term, will require additional income streams to be economically viable,” the authors noted in a release highlighting their findings.”

    “The “10-years away” theme: a gathering of outlooks”
    “There are a wider assortment of algal fuel commercialization timelines than crayons in a big Crayola box, but there are a couple of studies that have come out from academia of late that focus on the 10 year horizon. Phil Pienkos, Al Darzins and Eric Jarvis at NREL recently wrote in IEEE Spectrum: “our projections suggest that in the next 10 years or so algal biofuels will be able to compete economically with crude oil costing between $75 and $100 per barrel.”

    “That’s also the horizon we see in the work at Sapphire Energy, which is constructing a 1-million gallon demonstration scale facility by 2014, and expects to be at commercial scale production with a 100 million gallons facility by 2018 and at 10 such facilities by 2025. ExxonMobil and Synthetic Genomics, in their communications, emphasize the long-term nature of their R&D work on cyanobacteria-based fuels.”

    Key finding: demonstration-scale plants are “premature”

    “Overall, this report from EBI is the most comprehensive survey to date that we’ve seen on the economics, and technical challenges for algal fuels.”

    “So it is worth taking a long look at the authors’ conclusion that “the building of 100-hectare demonstration plants, with investments of tens to hundreds of millions of dollars, are premature.”

  10. The EU has plans to blackmail the world into carbon trading.
    Every foreign airline with slots on European Airports will have to compensate it’s carbon emissions from 2012.

    I really hope the entire scheme goes down the drain but the EU apparatchniks are determined and operate without any democratic control.

  11. No one is reporting on this. I can’t even find it in business periodicals. This is a huge setback for government and Goldman Sachs.

  12. Both sides of the US media intentionally misunderstand the whole Carbon Cult, to serve their own purposes. The Left side (90%) sees the Cult as Good Government Protecting Holy Planet from Evil Humans. The Right side (10% of media) sees the Cult as Evil Government Ramming Big Taxes Down Our Throats.

    Neither of these government-centered views is correct. The Carbon Cult, at least for the last decade, has been just one more Wall Street bubble, with the potential for vast theft.

    Now that the bubble has turned out to be a money-loser for most of its participants (including the owners of both Right and Left media conglomerates) it will finally begin to fade.

  13. Anthony you need to update that graphic of ‘it’s dead Jim’ with one where the good doctor is giving that famous look up to the camera he gives when he says that… something like…

    (*time spent doing a google image search*)

    ..Well, actually, I can’t find anything good either. That’s a shame. I’ve got a lot of the old stuff at home in HD, I’ll screencap and make a new one to serve this internet need. In the meantime, here’s a modern Trek equivalent:

  14. It was bought for $597 million based on the figures stated in the post. Those that invested may want to know more about AGW after that hit. Who did the due dilligence?

  15. Gone with the wind – and, frankly, I don’t give a damn!

    Is the end of this insane AGW scam with its trillions of dollar taxes now in sight, or is this just the end of the beginning, I wonder?

  16. This is how the market works. And interestingly, the perps acknowledge that this scheme simply would not work without government imposed regulation requiring cap and trade. Social engineering that ignores the natural motivations of the market can’t work unless part of that engineering plan removes all competing alternatives. ObamaCare somes to mind as an equivalent scheme to forced cap and trade. This is the first signature to look for in any regulation that has as its first principle changing how we live; What choices remain after the bill becomes law?

  17. The long con has been busted.

    Don’t expect them to go gentle into that good night, but they may well slink away for a while….

  18. If this stalement persists then the European ECX may likely suffer the same fate as Chicago’s CCX.

    With the Republican House upsurge it looks more likely that the stalemate will persisit as China and India might remain rather frosty in the absence of a US endorsement. If the EU goes it alone then expect a steady trickle of heavy industry to India and China.

  19. So, what next? Water? It is becoming more scarce, as overall we seem to be extracting more from the ground than is being replaced.
    Oops! Shhh!

  20. Far be it from me to tell others what they should or ought to do. If people are stupid enough to gamble with their money on illogical schemes like trading carbon credits that is their business. Just don’t do it with my money and don’t complain when it all goes bust. That said I was wondering is Carbon Credit Trading was like Papal Indulgences, Since both are based on some religious belief?

  21. This is indeed a sad day. NZ still has an ETS scheme which, as a forestry investor, is going to hurt my pocket badly. I was hoping to buy low in Chicago (5c/tonne) and sell high in NZ (shipping costs should have been well covered by the profits) and now this!

    Devestated, truly devastated.

  22. Looks like Intercontinental Exchange (ICE) bought it “Morgan Stanley advised ICE on the transaction and Shearman & Sterling LLP served as ICE’s legal advisor.” Oops!

  23. Killing off the exchanges – and there are more, I believe, such as in Australia – is only the first step.

    To protect the US from State and Regional mandates for Climate nonsense, Congress should pass law forbidding mandates from Federal, State, and Local governments from implementing any form of Carbon limiting law. Then set about de-constructing all the
    laws currently in place – which will surely be done in the courts.

  24. @John Kehr

    ‘Mark up one more bad idea that died a miserable death. Looking back, I think every idea Al Gore ever had ended the same way. Hmmm.. Lets start a market for bad ideas from Al Gore. We can raffle the death date of his ideas.’

    That’s a fabulous idea, and almost identical to the one Goldman Sachs had when they made a killing on selling dodgy investments to their clients whilst simultanously taking on out huge insurance policies (Credit Default Swaps) on their guaranteed failure.

    And the thing is, I’m not kidding.

  25. Just when you thought it was all over!

    Guardian – 7 November 2010
    Chicago Mercantile Exchange starts offering rainfall futures and options
    “As the Chicago Mercantile Exchange offers futures on rainfall, climate prediction is becoming big business worth $15bn”

    What’s wrong with the local weather service? :o(

  26. Note the peak at $7+ per share in late 2008, followed by a free fall to oblivion, with a small ‘hiccup’ on the way down. Are these signatures of some kind of “pump and dump” scheme?

  27. Dennis Nikols, P. Geol. says: “Just don’t do it with my money…”

    I think it’s too late Dennis:

    “Professor Richard Sandor, of Northwestern University had started the business with $1.1 million in grants from the Chicago-based left-wing Joyce Foundation enthusiastically endorsed by Obama….Fortunately(!!!???) before its collapse Sandor was able to net $98.5 million for his 16.5% stake when CCX was sold.”

    Poor guy only made 89.5 times his original investment. Fortunately he did not have to use his own money, he was able to use money from my pocket and yours and a few dozen of the other denizens of this blog, etc., etc.

    Fortunately!!! You gotta love that word choice.

  28. How much will we (taxpayers) have to bail out ICE? Are they “too big to fail”? Perhaps some “stimulus” needed, or a TARP?

    Reagan said the closest thing to eternal life on earth is a government program. Perhaps CCX will become GCX? (worked for GM)

    If Sandor got a grant to start this, doesn’t his profit belong to the grantor?

    Seems like your basic get rich quick scam.

  29. @ John Day….that hiccup on the way down is what’s known as a “dead cat bounce”. Thankfully, the cat does truely appear to be dead. Let’s hope it dies as well for the rest of you folks across the ponds.

  30. Little bit of topic; Al Gore is going to receive an environment award from the University of Tilburg (Netherlands). If you have never heard of this university, you are in good company because most of Dutch people either. It’s a so colled Alpha – university ; a formerly theological insitute – no physics, mathematics or things like that learned there.

  31. It’s not just the CCX that has gone belly up. It seems Ma Nature has got a beef with biofuels and has tossed a wrench into the biofuel industry in the form a virus that impacts the feedstocks – switchgrass in particular. It ain’t nice to fool Mother Nature.

    http://www.dtnprogressivefarmer.com/dtnag/common/link.do;jsessionid=27F946D6ADB5CDBAF48D0AE806507477.agfreejvm2?symbolicName=/ag/blogs/template1&blogHandle=ethanol&blogEntryId=8a82c0bc2a8c8730012c2c8a748713d2&showCommentsOverride=false

  32. Incredible. Working in finance, I have a Bloomberg terminal up and running at all times. This has quotes for everything you could possibly wish to trade, and quite a comprehensive news system. The page for Chicago Climate Exchange is still up and running, as are the quotes for all their ‘financial instruments’ (all of which have a zero value.)
    Is there anything on their news system that says anything about the exchange closing down? No!

  33. I’m not so sure that Elizabeth at 9:22 isn’t right when she says it might come back. It could be a case of “It’s dead, Jim, but not as we know it.”

  34. This is excellent, news. I’m hoping for something from the National Post on it up here. NP/Financial Post has been Canada’s lone voice in the MSM to challenge the media blackout imposed on most real climate stories (except pro-AGW, of course) since Climategate.

    May the collapse continue, eventually the CBC won’t be able to hide that decline either.

  35. The cat obviously has more lives to live and markets to bounce. Richard Sandor, Time Magazine’s 2007 “Hero of the Environment” and “Father of Carbon Trading” has moved on to The Volatility Exchange (http://www.volx.us/) where his skills as “one of the foremost innovators in the derivatives market” will be used to “launch more creative products”.

    Sandor is quoted as saying : “The Volatility Exchange is part of a tradition of invention and creativity in the futures industry. It brings innovative and transparent products that can appeal to a vast section of market participants and their risk-management needs.” Details at (http://ca.news.finance.yahoo.com/s/03112010/31/link-f-prnewswire-industry-icon-richard-sandor-joins-board-volatility-exchange.html)

    Satisfied with your risk management needs? Nothing like publicly stimulated feline creativity. More catnip anyone?

  36. Here in Europe, by good old feudal tradition we are reigned by unelected EU bureaucrats, which see the carbon trading as never ending stream of taxes, control and further expanding of the state regulations. Germans, Danes, Norwegians and Britons invested so much in the green bubble that until new generation of politics comes, they will never admit it was all just costly BS. Be sure we Europeans will claim high moral ground, as soon as US Climategate II investigations will start.
    Please, start.

  37. Can anybody tell me if the U.S. Congress has the mandate to investigate the operations of the CCX just like they did with Enron and Worldcom?

  38. Yet another green initiative failure/myth not reported in the MSM:
    Cellulosic Ethanol fall way short of government mandates yet again.
    5-17 mg/yr instead of 250 mg/yr
    The US taxpayer is on the hook for these failures via loans/subidies:

    ” EIA cuts cellulosic producers from 2011 list
    By Kris Bevill

    Posted Nov. 1, 2010

    The U.S. DOE’s Energy Information Administration has completed its predictions for next year’s cellulosic biofuels production and estimates that actual production levels will be much lower than anticipated. Earlier this year, the U.S. EPA proposed a reduction in the cellulosic biofuels portion of the 2011 renewable fuel standard (RFS) to between 5 and 17.1 million gallons, down drastically from the 250 million gallons initially called for in the 2007 RFS. But according to an Oct. 20 letter sent from EIA Administrator Richard Newell to EPA Administrator Lisa Jackson, the EPA’s reduced target is still too high. The EIA suggests that a more likely 2011 production total for cellulosic biofuels is approximately 3.94 million gallons. Additionally, the EIA said half of the facilities on the EPA’s list won’t produce biofuels next year.

    According to Newell’s letter, the EIA focused its cellulosic biofuels analysis on currently producing facilities and facilities that are expected to be complete by the end of this year. Facilities that are not mechanically complete this year are not expected to produce next year, according to the EIA. For that reason, several companies that appeared on the EPA’s expected producer list were removed by the EIA, including cellulosic ethanol producers AE Biofuels and Agresti Biofuels. The two companies were expected by the EPA to produce a combined 1.5 million gallons of cellulosic ethanol in 2011. Diesel-feedstock producers Bell Bio-Energy, expected by the EPA to produce 11.5 million gallons of fuel, and Cello Energy, expected by the EPA to produce 8.5 million gallons of fuel, were also removed from the EIA’s list. While the agency did not elaborate on its decision to omit Bell Bio-Energy from the list, it voiced skepticism regarding Cello’s operations. “The Cello Energy facility faces important financial, legal and technological issues that have yet to be resolved and that cast significant doubt on its ability to sell or introduce any cellulosic biofuel into commerce in 2011,” Newell stated in his letter. “

  39. Barack Obama was a board member of the Joyce Foundation that funded the fledgling CCX. Professor Richard Sandor, of Northwestern University had started the business with $1.1 million in grants from the Chicago-based left-wing Joyce Foundation enthusiastically endorsed by Obama.

    Obama, the usual deranged Communist Ideologue whose mission is to destroy individual freedom and capitalism, or simply the usual looter of whatever he can get his hands on? But at this point in time, maybe there’s no practical difference anyway.

  40. Hmm – funny but I got an email only 4 days ago (from something called “Carbon Profits”) telling me that, according to Barclay’s Bank, “Carbon will be the world’s biggest market” with potential for 300%+ projected returns from the “Next Trillion Dollar Market”. My system thought it was spam. Seems it was right.

  41. There is another Chicago exchange where carbon (hydrates) trading is flourishing, and it will for many years to come thanks to the CO2, essential element of the grain production.

  42. I’d like to buy a billion tons at $0.00/ton. Make that a trillion.

    In any case, with this, Gore’s quest to become a climate billonaire has certainly taken a hit. Divorce will probably take his wealth down to well below $100 million. His wealth and lifestyle has always rubbed me the wrong way.

  43. @ betapug says:
    November 8, 2010 at 11:03 am

    The cat obviously has more lives to live and markets to bounce. Richard Sandor, Time Magazine’s 2007 “Hero of the Environment” and “Father of Carbon Trading” has moved on to The Volatility Exchange (http://www.volx.us/) where his skills as “one of the foremost innovators in the derivatives market” will be used to “launch more creative products”.

    Translation: “The Godfather of scams has moved on to the Snake Oil Exchange, where his skills as one of the most wanted con artists will be used to hype more imaginary get-rich-quick schemes. “

  44. Roger Sowell says:
    November 8, 2010 at 8:53 am

    California is a dead state walking, is it too late to trade it back to Mexico for a couple of cases of beer?

  45. Jimbo mentioned it above. Now you can bet the market on the weather! Check it out at http://www.cmegroup.com/trading/weather/rainfall.html

    They are using the following weather stations:

    * Chicago O’Hare International Airport (WBAN 94846)
    * Dallas-Fort Worth International Airport (WBAN 03927)
    * Des Moines International Airport (WBAN 14933)
    * Detroit Metro Airport (WBAN 94847)
    * Jacksonville International Airport (WBAN 13889)
    * Los Angeles Downtown USC Campus (WBAN 93134)
    * New York LaGuardia Airport (WBAN 14732)
    * Portland International Airport (WBAN 24229)
    * Raleigh/Durham International Airport (WBAN 13722)

    Maybe someone will have the idea to sprinkle the stations, just to earn some easy money ;-)

    Ecotretas

  46. I started on this crusade for the sole purpose of killing the trillion dollar CO2 carbon trading scam back in June of 2009. The thought of taxing ourselves to death on the pretext that the air that comes out of our mouths is somehow causing the climate of such a huge planet to increase in temperatures inexorably, sounded completely preposterous to me. CO2 is plant food.

    I learned a lot since the early days of my crusade. I found out my initial instincts were right. Promoting the death of the world wide carbon market was the right path to take, and I won everything I set out to achieve. I had a bit of help from old man sun and could not have done it without him.

    “Solar Cycle 24 is anemic at best with some predicting it and solar cycle 25 will be a dud cycles at best. Original projections for solar cycle 24 to reach a sunspot maximum of 160 by 2010/2011 a have now been revised to possibly achieving sunspot maximum of 65 by 2013/2014. When low and elongated sunspot cycles correlate with cooling periods of earth (eg Dalton and Maunder minimum), and volcanic eruptions add another cooling signal then the future is definitely looking very dangerously cold.

    Since Solar Cycle began we have seen a cooling and contracting of the upper atmosphere, cooling oceans and cooling climate. As the oceans absorb the heat from the sun and store it for a period, less heat coming in means a cooler ocean. The longer this period of lower sun heat persists then the more the oceans will cool. As the oceans regulate our climate on earth (keep it warm) a colder ocean means a colder climate.

    Low sunspot cycles also have another effect. Svensmark also talks about how periods of low sunspot activity correlate with periods of high cloudiness. During periods of low sunspots more cosmic rays hit the earth which causes more water molecules to form in the atmosphere, meaning more moisture (or clouds) in the sky. If we have more moisture and colder temperatures then this means more snow. Snow (ice) is one of the deadliest killers of life on the planet.”

    Natural historical climate cycles also interact with our weather. With the climate having entered a cold PDO (pacific decadel oscillation) which means 20 – 40 years of cooler, wetter weather, more prevalent and stronger La Ninas (like we are currently having), and less prevalent and weaker El Ninos. The current LaNina is already the strongest in over 60 years.

    Consistent with all the above we are experiencing cold and record rainfall in many parts of the world. Based on the above this trend is not only likely to continue for decades, but deepen and potentially dangerously so. As it is the cold periods of earths history that reduces biodiversity and decimates humanity then this is what we should be concerned about and preparing for. Yet talk to any Climate Change department of any government and what do they have? Only global warming policies. I’ve said it before and I’ll say it again – the UN is setting the world up for the fall – and by that I mean decimation – ensuring all our resources are put into preparing for the non existent, beneficial warming when it is the cold that kills. What better way to get the worlds population down to the 500 million.”

    http://www.twawki.com/?p=9623

  47. Who sold out at the peak ($7.50-ish)?

    Did Al sell at the top or bail out somewhere in the $4-$5.00 range?

    ‘Twould be interesting to hear a little about any winners and losers.

  48. I’d love to see the finances to see who made the most out of thin air.

    I knew the world had gone mad when this happened, it would of made a great Sci-Fi story in the 60’s, a planet where you have to pay to breath or be blown up, run by the great and pwoerful Creature of Gore.

  49. Did you mean JIM, the one of those nice trains…..which will take us all to re educational camps or …(my hunch) to improved kilns….
    Wrongly educated kids become conceited kids, that when grown up, they psychologically, rather emotionally, remain being kids; so they usually join well protected social organizations that care after them and protect them from harmful environment and evil kids, like skeptics or like the WUWT’s ugly posters, the same Daddy and Mommy cared after them. That is why they like to be safely protected by Daddy State and Mommy society….

  50. @H.R.
    > Who sold out at the peak ($7.50-ish)?

    The price fell like a rock on that day, so if find the folks who got $7+ you will have also identified the “pump and dump” artists, who should be in jail for this fraud.

  51. Polistra:

    I cannot agree with your assessment of what is significant about the “carbon cult”.

    I am far more concerned about the rise of tyranny (in the form of endless environmental regulation and confiscatory taxation) amongst “western” governments (particularly the USA) than about some Wall Street vultures looking to make a buck off the scam.

  52. “One day, two swindlers, La and Omaba, claiming to be weavers entered the Taxpayer’s city and proclaimed they were capable of making the finest, lightest, most magnificent cloth the world has ever seen, calling the new product with a fancy name “Air Chaud” . So extraordinary was this cloth, it was invisible to anyone who was incompetent or stupid. Hearing of the weaver’s amazing “talent”, the foolish Taxpayer thought he could use such cloth to weed out undesirable weather events in his city. He paid the swindlers an enormous sum and they set out to “create” the clothes. The Taxpayer sent several advisors called the IPCC to guage their progress and all the advisors reported the cloth magnificent, not wanting to appear unworthy for seeing nothing at all. Finally the clothes were “finished”, the swindlers already having counted the gold and jewels they had received…”

    ad lib
    VS

  53. R. de Haan says:
    November 8, 2010 at 9:25 am

    “The EU has plans to blackmail the world into carbon trading.”

    Jimmy says:
    November 8, 2010 at 8:57 am

    “Didn’t Gore & Co get $600m for this dead donkey earlier in the year from ICE, the sane crowd that run the European equivalent?”
    —————————————————-
    Sounds to me like we ‘Europeans’ (I use the phrase through gritted teeth, since none of us – in the UK anyway – voted for this situation, but I digress), we Europeans will absorb the losses of the CCX by increased carbon ‘levies’ to the undemocratic EU authority. What’s 600 mil between global hucksters anyway. That’s the beauty of the scheme – the losses get passed on to the sucker tax-payer and the corporations get to keep all the profits which come mostly from subsidies. Great!

    Anyway, all is not lost for ICE. The failure of CCX was because it was voluntary. Clearly what seems necessary is compulsion, as Europe has demonstrated. That makes it work. Goverments must be stronger and more forceful on the climate issue.

    That time will come and the CCX may well be resurrected. Doesn’t matter who owns it anyway – whether European or US – they’re all in the same club. It’s a global club which sees nation states as significant obstacles to their ambition, but not permanent impediments.

  54. People once paid $7.00 for this?!? They’re buying shares in nothing.

    CCX was never a stock exchange, it was a gambling scheme where people were betting on the eventual passage of cap and trade. A few years ago, people were willing to bet $7.00 that it would pass. But it never did and never will.

    This is gambling and, since gambling is illegal, I’m sure the government will take the appropriate actions against the operators.

  55. Roger Sowell says:
    November 8, 2010 at 8:53 am
    “We will be needing a carbon exchange in California. Correction: Kooky Kalifornia.

    California Cap and Trade is alive and well as part of AB 32, which survived a challenge at the ballot box on November 2. Trading carbon instruments is a key to the program.”

    And so does New Mexico.

    But do me a favor, don’t remind them.

  56. A little early to celebrate, fixing the EPA and CARB are next, but its good to see they failed to pull off the Carbon Exchange scam in the US.

  57. Is anyone surprised that the MSM have not covered this?

    Panic sells, that is why AGW has been a darling for so long.

  58. “If you don’t do anything on carbon and you don’t have renewable energy standards or investment tax credit, every utility company would go out tomorrow and build coal,”
    Eric Spiegel, the new CEO of Siemens USA, which is one of the country’s top companies for engineering and producing machinery for the new green economy.
    As reported here: http://finance.yahoo.com/news/Who-Killing-Green-Energy-The-atlantic-3664165699.html;_ylt=AnzJ8_vsZ8WZByPO1EjehE67YWsA;_ylu=X3oDMTFhbnRudGpoBHBvcwMxMQRzZWMDdG9wU3Rvcmllc0Nva2UEc2xrA3dob3NraWxsaW5nZw–?x=0&sec=topStories&pos=8&asset=778fec34ac71ca9234e5283437ec1e10&ccode=

  59. R. de Haan says:
    November 8, 2010 at 1:36 pm
    They are working on the rest of the world countries to give them Carbon Credits for a few cents to carbon absorbers (as to the natives of the amazon jungle)and a little more to politicians who make this possible, which they will, after giving a fee, again, to 1st. world politicians, in order to obligatorily sell Carbon Shares to first world “polluters”. In the end, nothing will change but they would have made money, again, from pouring the empty into the void. So, everybody will be happy, except skeptics and tax payers.

  60. There was actually an interesting news story about this in the Financial Times last week. So it hasn’t been a total media blackout since FT has a large readership and competes with the WSJ. It’s a fairly mainstream newspaper. The site requires that you register (for free) in order to read articles, but here’s an excerpt:

    End of US carbon trading looms
    By Hal Weitzman in Chicago
    Published: November 1 2010 22:34 | Last updated: November 1 2010 22:34

    The owner of the US’s only nationwide cap-and-trade market has signalled the death of the seven-year-old industry, saying companies were no longer interested in trading carbon emissions credits in the absence of government legislation.

    IntercontinentalExchange, the US futures exchange group, in July bought UK-listed Climate Exchange, operator of the European Climate Exchange – which trades CO2 allowances as part of the mandatory European Union Emissions Trading Scheme – as well as the Chicago Climate Exchange and the Chicago Climate Futures Exchange.

    Although CCX’s market is voluntary, since launching in 2003 it attracted large US companies such as Ford, Bank of America, Cargill, IBM and Intel. Members made a voluntary but legally binding commitment to meet greenhouse gas emission reduction targets either by cutting emissions or by buying emissions permits sold by members.

    The business depended on the notion that the US would impose carbon emissions caps on companies and give its blessing to a market for trading credits, turning CCX’s voluntary trading into a mandatory market…

    You can read the rest here:

    http://www.ft.com/cms/s/0/3fe91576-e5de-11df-af15-00144feabdc0.html

  61. Elizabeth says:
    November 8, 2010 at 9:22 am

    Great!

    But I have a sinking feeling they’ll be back…

    ———————–

    Elizabeth,

    John

  62. I find it interesting our Media always rips those evil capitalist CEOs and their massive golden parachutes. Yet not a peep about a Professor that rakes in 98 million bucks for a failed idea.

  63. The price on carbon is alive and well in NZ. Why? It was introduced by a centre-right Government mainly because of fears that the Country could face a trade blockade from Europe if NZ failed to match or exceed the European trading scheme. Not much to do with climate but everything to do with image and posturing.

  64. Then Seven of Nine says “Let’s get to work.”

    As we learned from the classic Night of the Living Dead, cremation is the best way to keep monsters from rising anew. Time for a bonfire, and tossing in all of these “carbon trading” schemes.

    Kill it. Kill it with fire.

  65. It had to die in the business sense, but the heart the matter is still alive and kickin in the world. To many greedy people out there to just let it go that easy. It’ll be back someway, somehow in the US.

  66. Dr A Burns says: November 8, 2010 at 2:40 pm
    “Carbon trading is alive and kicking down under. The half witted Australian greens want a price of $20 per tonne ! They have a summit planned next week.”

    A typical 1000 MW coal burning power plant (and you have lots of them in AU) blows about 20,000 tons/day CO2. $400,000. per day per plant is quite a tax windfall for your government. Of course that will show up as higher electricity rates, or if subsidized, as a tax increase.

  67. Roger Sowell says:
    November 8, 2010 at 8:53 am

    Trading carbon instruments is a key to the program.

    Might I suggest carbon steel in the form of swords?

    DaveE.

  68. Don’t go popping the champagne corks just yet.

    The big money behind the Green movement trying to get this shifted over to the UN.

    Global taxes anyone?

  69. This is not a war between socialism and freedom it is a war between totalitarians (from the [fake] left AND from the [fake] right {control both sides of the argument}) and the honest citizens of the world. Those at the top, be they pretending to be from the left or right, (wink, wink, nod, nodding all the way to the bank) have the common goal of total control. End the war between the left and right; it is as fake as carbon credits. It is nothing other than a new divide and conquer. A strategy that works because we are so easily led by our false leaders on “both” sides. Get out of their box.

  70. ZT says:
    November 8, 2010 at 10:51 am

    Whose $98.5 million was it that Prof. Sandor trousered?

    Yours of course, in that increase in your utility bills among many other things as food, even water that usually takes power to pump. You will be paying for his $98.5 million and a lot of other’s pocketed millions for a long, long time if not for the rest of your life. Just send him a big thank you.

  71. Is there a final ritual… do we have to drive a stake through the CCX heart or something? Last thing I want to see is some sort of cheesy sequel.

  72. R. de Haan says:
    November 8, 2010 at 9:25 am
    The EU has plans to blackmail the world into carbon trading.
    Every foreign airline with slots on European Airports will have to compensate it’s carbon emissions from 2012.

    If the airlines refused to fly into the EU for two weeks, how long do you think that little scheme would work? For starters, how would the watermelons get to their conferences in Bali?

  73. It’s a shame there is no English equivalent, but for the Dutch speakers out there the following expression perfectly describes the dull/apathetic decline of the CCX. The expression in Dutch is “doffe berusting” and it fits perfectly.

    This is a cynical expression used to describe projects that should never have been and die a very quiet death often required to save face for those that were involved in the first place. An apathetic or lethargic demise into obscurity. It has a cynical melancholy which seems appropriate in this case.

  74. “R. Shearer says:
    November 8, 2010 at 11:48 am”

    His (Family) wealth was, largely, derived from…..oil (Oxy).

    “Dan in California says:
    November 8, 2010 at 4:37 pm”

    This is already happening in Australia. Last quater my power bill was about AU$180. This quater it went up to AU$199 with less power consumption.

  75. Scipio says:
    November 8, 2010 at 10:37 pm
    “So, how much did Al Gore make before his ponzie scheme collapsed?”

    I asked that same question above and later on had a little google time to look into it. I couldn’t find a hard number for Al’s take but it seems it was in the millions and it seems it wasn’t just one or two million. I’m strictly guessing here but I’d say in the $10-20 million range.

  76. The king of Karbon still going strong:

    http://www.bloomberg.com/news/2010-11-04/sandor-bullish-on-market-response-to-china-india-environment-challenges.html

    A cap-and-trade market in China may be in place by 2020 and could be functioning by 2013 to 2015, Sandor said at a climate change forum in Hong Kong today. He helped found London-based Climate Exchange Plc in 2003, agreeing to sell his stake in the company in April to Intercontinental Exchange Inc.

    “Irony of ironies, there’s a better understanding of cap and trade in Beijing than in Washington,” Sandor said. “In a Communist economy, the need to do it is very, very high.”

    Not really ironic. 1 party state does state control. Not really communist either fyi.


    [Next time please trim all of the extra header, ads, etc from a quote. I did it this time. Thanks.... bl57~mod]

  77. Jimbo says:
    November 8, 2010 at 9:46 am

    If the EU goes it alone then expect a steady trickle of heavy industry to India and China.

    =============================================================

    If the EU goes it alone then expect the steady trickle of heavy industry to India and China to become a raging torrent.

    There, fixed it for you.

  78. Anthony, thanks for providing this news! I haven’t heard PEEP about this in the local Chicago media news outlets, although they have fawned over CCX in the past.

    I passed this along to Ron May and his “May Report” newsletter, he’ll make sure the story gets circulated.

    Alas, CCX, I barely knew ye….

  79. Not much of the Dutch (I can’t speak for other members ) support the ever growing interference of Brussels. More and more are becoming aware that the EU is becoming a political monster which costs more and more and interferes with our local legislation more and more.
    To implement cap & trade now could lead to a point where the underbelly of the people could start to speak out more loudly.
    The Dutch people voted against the , formerly know as , European bill of rights before but got it pushed true anyway by the former government.
    Glad fully the current government isn’t too keen on Europe either. Minister Leers got his share today for signing the Brussels treaty on allowing Albanians and Bosnians to travel without visa and the recent government isn’t keen on climate regulations either.

    Elections next year could be key to what happens.

  80. Well, the California economy is not going to withstand our own version of cap and tax.

    On a drive to Florida I watched the price of Gasoline drop from about $3.75 to $2.89 with the typical “mark up” for California being about 1/2 buck a gallon. Now make that more like a buck, or $2 … and watch all the north / south traffic shift over to Nevada…

    As it is, I held off buying gas to the station located just feet over the line in Arizona. And I fill up there on the way back. If I did this with any frequency, I’d get a second tank added…

    Next time I do this drive, I intend to just shoot up 80 to Nevada and take it from there ( I usually go down to I-10 in L.A. then turn left…) and if I do it right, I can limit it to one tank of gas in California.

    And per the folks saying the California economy is doing OK, we’ve got an official unemployment rate near 14% , and actual rate closer to 20%, and unemployment rates among the young and unskilled running closer to 50%. That is not healthy.

    Further, I’m in Florida in part to investigate costs of land, housing and the availability of work. It’s a lot cheaper, a lot more comfortable, and a lot more “active” than California. So as more folks start doing that, California will continue to have “issues”.

    Now, just to put a bit more salt on that wound… Last time we had Governor Moonbeam in charge, he stopped building most anything but especially stopped building freeways. Think he’s going to be investing a lot in “shovel ready projects”?

    The process is a long and slow one, and folks are holding their breath and hoping that the economy picks up. But “Hope is not a strategy”, and certainly not a strategy “we can believe in”…

    California has always survived by moving to the next great bubble. From the gold rush to the silicon rush. But this time there isn’t much of a new “rush” to work with… and the green jobs myth is not going to cut it. Government make work programs have never found the next leap forward…

    At best, I think we can get a “Dead Cat Bounce” out of it. Think of it as a good time to bail…

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