It is no secret that we don’t think much of carbon trading here in the USA. Witness the fact that the much ballyhooed Chicago Climate Exchange has closed up trading for good after the spot price for carbon fell to a nickel per ton. They couldn’t give it away. At that price, had they issued them, the fancy carbon credit certificate paper would be worth more than the carbon itself. I’d actually like to get my hands on those, because they’d sell better on Ebay as novelties and earn a better price.
So, when I read this sentence about the EU carbon market, I couldn’t help but chuckle and think it makes a good QOTW:
The European commission’s emergency suspension last week of trading in carbon allowances to put a halt to rampant theft of credits by hackers has been extended indefinitely until countries can prove their systems are protected from further fraud.
Hmmm…”further fraud”… isn’t that an oxymoron when it comes to describing carbon trading?
Story at The Guardian
This shows what can happen when emissions trading doesn’t have proper checks and balances – Carbon trading tempts firms to make greenhouse gas
If you want carbon certificates that aren’t a fraud risk, try these, which are worth exactly what you pay for them:
Get yours here: freecarbonoffsets.com
Now if somebody can just talk some sense into California.
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What do you call taking the keys away from a Prius driver?
Smug control
“Talking sense” to California is to assume something the majority of the people there don’t have: commone sense. (If any of you live there or have lived there, you know exactly what I’m talking about.)
“I can never fear that things will go far wrong where common sense has fair play.”
Thomas Jefferson
Maybe the correct phrase would be “further further fraud.”
Now if we could only stop and prosecute the massive fraud that has and is being perpetrated in our shadow banking system, we might really be making progress.
Re: Wilky….”smug control”…
See South Park episode #141 Smug Alert
Funny thing, little over a year ago I asked my stockbroker about buying some carbon credits on the CCX, because I figured A. they might possibly go up (I know, I know) and B. the certificates would make great gag gifts. He just looked at me like I was crazy.
Now I really wish I had!!
The product being exchanged is non-existent. Basically a purchase of privileges to produce balanced against a promise not to. One could hardly imagine a more ridiculous market. It could never occur in the real world. Tulips and credit swaps seem a safer and saner bet. This is government idiocy at its very best. Supported by all those brilliant folks that brought about the financial market collapse.
Dunno about California, but I’ve sure as hell given up on New Jersey. Despite having recently siphoned about $65 million as general-purpose revenues from the funds set aside under participation in the Regional Greenhouse Gas Initiative (RGGI), our professional “pay-to-play” parasites in Trenton refuse to withdraw from this predatory scheme of carbon-trading fraudulence.
So much for kicking a National Socialist ex-Goldman Sachs senior partner out of Drumthwacket to replace him with a Red Party supposed “fiscal conservative.”
Not sure how to talk sense to a group that seems to strongly believe that there is a free lunch and wants everyone to share it. 🙂
CA will have to learn the hard way I fear.
Here in the UK, in the dying days of the Labour administation, the Indian owners of Redcar steelworks closed it (‘mothballed’ it, according to the government’s slippery Business Minister, Lord Mandleson) – so that they could move production to IUndia.
Result – mass unemployment in that area – and bucketloads of carbon credits for closing down a plant in the ‘polluting’ west, and moving it to an area where the pollution ‘base’ is much lower.
Smart, isn’t it..??
Having lived almost a year in Marin County, and three years in Orange County CA, I’d like to beg to differ regarding the generalized statement about CA. Marin County was filled with of the most sanctimonious, self-righteous people it’s ever been my displeasure to meet. Orange County was libertarian, thoughtful and, yes, very laid-back. One wouldn’t know they were in the same state.
Guess where the most skepticism regarding “Global Warming” exists.
Tourists in Florida can buy novelty cans of “Florida Sunshine” and at Niagara Falls you can buy empty bottles of “dehydrated Niagara Falls Water” so it seems to make sense that we can buy pieces of paper that are credits for breathing.
The wonderful, wonderful, ongoing opportunities that false markets present!
Carbon trading has been an absolute boon to the profit takers, be they legal or illegal, and they cannot wait for the first piece of “rationing” legislation! It will be their nirvana. Never mind CRC!
When will we ever learn?
of course, if you have a fraudulent idea, then the financial aspects are going to be replicated as such
At 9:42 AM on 30 January, James Barker had written:
…to which the only proper reply is the translation of a remark made by economist Frédéric Bastiat:
Moves are afoot to squelch the California cap & trade before it begins in 2012.
At 9:58 AM on 30 January, wsbriggs writing of:
When soppy, gauche liberals – (who ‘want to save the planet’ any price including going back to the Stone Age) – construct a global warming scenario with carbon trading and philanthropy at its centre, wouldn’t you just know that they and we would be just robbed blind.
Ref: oxymoron. an oxymoron is a figure of speech that contains apparently contradictory terms in conjunction, eg, “left-wing intellectual” or ,”socialist democracy”. “Further fraud”, doesn’t seem to meet the criteria, as “further”, is complementary to,” fraud”, and is not contradicting the meaning of,”fraud”.
[snip – video is so far off topic, it is in another universe – Anthony]
David says:
January 30, 2011 at 9:47 am
Here in the UK, in the dying days of the Labour administation, the Indian owners of Redcar steelworks closed it (‘mothballed’ it, according to the government’s slippery Business Minister, Lord Mandleson) – so that they could move production to IUndia.
This was scandalous and made possible by a gullible government. I worked in ‘pollution free India’ who demanded from my company a smelter with ultra low emissions. Within five years of commissioning a state of the industry plant the Indians had turned it into the most polluting plant on earth.
Grumpy Old Man
Your examples of oxymorons have made this other grumpy old man considerably less grumpy- many thanks.
The question I have, and maybe you all can help to answer it, is how much money did the CCX bilk out of “investors” before they shut the doors? The same question could be asked about the EU Carbon fraudsters. How much was the haul?
New Jersey joined a handful of other corrupt NE States in the carbon scheme several years ago when we had a socialist Governor that virtually bankrupt and ruined the state. Our new governor is taking extreme measures to address our budget shortfall, end the excessive wasteful spending of a welfare state, and get us out from under 8 years of irresponsible spending.
I wonder if the NJ Governor can legally get out of the carbon purchase mechanism without refunding all the “loot” extorted” from business over the last several years. Looks like a catch 22 since the money has already been squandered on generous subsidies for solar panels, etc. I think he has already curtailed the generous subsidies for solar panels.
More proof (if we needed it) that P.T.Barnum Lives!
How could there be problem with Carbon Trading when it will Save the Planet?
Unthinkable! (which describes the folks who came up with it)
(/sarc if anyone needed it)
“Hmmm…`further fraud’… isn’t that an oxymoron when it comes to describing carbon trading?”
No, an oxymoron is when two opposite words come together to describe something. The common examples are ‘jumbo shrimp’ and ‘military intelligence’. In this particular case, you have a tautology where the words used are needlessly repetitive. Examples of a tautology include “fruity banana”, “software program”, and “fair-haired blonde”. Once the EU decided to launch a carbon trading program, it became unnecessary to further describe it as a fraud.