Quote of the Week

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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50 thoughts on “Quote of the Week

  1. “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

  2. 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.

  3. 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!!

  4. 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.

  5. 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.”

  6. 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. :-)

  7. 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..??

  8. 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.

  9. 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.

  10. 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?

  11. At 9:42 AM on 30 January, James Barker had written:

    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.

    …to which the only proper reply is the translation of a remark made by economist Frédéric Bastiat:

    “Government is the great fiction through which everybody endeavors to live at the expense of everybody else.”

  12. At 9:58 AM on 30 January, wsbriggs writing of:

    Having lived almost a year in Marin County…

    …necessarily evokes the lyrics of fannish filker Leslie Fish in her song “The Coven,” as follows:

    The earth’s fire-breathing daughter,
    Came up from Oakland town.
    With her high priest and her coven,
    Who had good jobs all around.

    Now where to find a stretch of land,
    And a good big house therein?
    Enough to hold them every one,
    Where else but Marin?

    The day that they were moving in,
    The welcome wagon came.
    Twas a guru in a nightshirt,
    And a wealthy local dame.

    They murmured “Groovy, what’s your sign?”
    “Not now,” the priestess said.
    “Will you help me haul this freezer in?”
    The couple turned and fled.

    Next week the priest went shopping,
    And he came back with a steer.
    Alive and well and mooing,
    The neighbors said “My dear!”

    “Is this organic lawn control?”
    “Hell no,” the priest did say.
    “It’s our summer solstice sacrifice.”
    The neighbors ran away.

    The summer solstice ox rose,
    With a blast you couldn’t beat.
    The coven ate and drank and danced,
    ‘Til they passed out on their feet.

    The neighbors peeping through the fence,
    Yelled “Where do you think you are?”
    “The nudity and grass are fine,”
    “But the dancing goes too far!”

    The neighbors got together,
    They said “These freaks must go.
    They must be smoking mary-jane,
    We’ll tell the sheriff so!”

    “We’ll hide our coke and call the law,
    But first we’ll warn them fair.
    Let’s burn a hot tub on their lawn,
    Then chase them outta there.”

    The earth’s fire-breathing daughter,
    Sent a message to the town.
    “If you don’t leave me and mine alone,
    I’ll shake your playhouse down.”

    The neighbors sneered “Oh, how uptight,
    How superstitious too.”
    Then they hollered for the law,
    As lib’rals always do.

    The sheriff of laid-back county,
    And all his laid-back men,
    Went rolling up the coven’s hill,
    But they never came back again.

    For the hill did shake and the earth did quake,
    And a mudslide thundered down.
    A police car model stereo set,
    Was all that anyone found.

    There is a house in north Marin,
    The locals all ignore.
    For since the earthquake hit,
    It has no neighbors any more.
    But late at night when the moon is bright,
    There’s a fire on the hill,
    And the sound of pipes and laughter,
    Where the coven dances still.

  13. 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.

  14. 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”.

  15. 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.

  16. Grumpy Old Man

    Your examples of oxymorons have made this other grumpy old man considerably less grumpy- many thanks.

  17. 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?

  18. 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.

  19. 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)

  20. “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.

  21. You have to admire the way these international crooks blamed hackers for their own theft of $trillions. If it was $trillions — I haven’t seen any reputable audit. Suffice it to say, they made Madoff look like small potatoes.

  22. WTF?

    “Extra climate summit to focus on Kyoto successor

    UN confirms Bangkok talks in April…

    28 Jan 2011

    Climate negotiators will stage an extra round of talks this year as they attempt to thrash out a deal to replace the expiring Kyoto Protocol.

    UN officials said a five-day session will be held in Bangkok in April on top of planned meetings in Bonn in June and ahead of the annual summit of environment ministers in Durban at the end of the year…

    Even though the Bangkok talks will gather senior negotiators from almost 200 countries, a further session is likely to be held between Bonn and Durban, officials said, after the false start of Copenhagen and incremental progress last month in Cancun.”

    http://www.businessgreen.com/bg/news/1940380/extra-climate-summit-focus-kyoto-successor

    Looks like the gang is going to squeeze another vacation out of things before the gravy train slows down too much.

  23. M.A.DeLuca says:
    January 3 2011 at 12:04 pm
    No, an oxymoron is when two opposite words come together to describe something. The common examples are ‘jumbo shrimp’ and ‘military intelligence’ …
    Examples of a tautology include “fruity banana”, “software program”, and “fair-haired blonde”.

    True enough. I have always been curious as to the classification of phrases like, “true facts”, 0r “true freshman”, and “live nudes”. Interesting w0rld out there.

  24. “…until countries can prove their systems are protected from further fraud.”

    should read:

    “…until countries can prove their systems are protected from further unauthorized fraud.”

    “Rich millionaire” and its like are also known as pleonasms.

  25. David says
    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..??
    Guess who the Indian owners were? TATA Steel who sponsor the Tata Research Institute who is headed by none other than Pachauri

  26. Re the UN ‘summit’ in Bangkok – when are people going to realise the UN is just a corrupt organization of corrupt people, and stop funding it?

    The USA should have pulled the pin years ago. Why keep funding an organisation that treats the US with contempt?

  27. Wilky. January 30, 2011 at 9:11 am:

    “What do you call taking the keys away from a Prius driver? Smug control”

    Where I come from, the ‘r’ in Prius is silent…

  28. Very weird wording in that EU carbon market paragraph; almost seems like the problem was too much ‘visible’ fraud going on. Now without an official market, will all this carbon trading go underground in some form of ‘carbon black market’..

    Psst! Anyone one want a slightly used carbon credit??

  29. ‘Examples of a tautology include “fruity banana”, “software program”, and “fair-haired blonde”.’

    How about: The department of redundancy department.

  30. Mike D. says:
    “January 30, 2011 at 11:15 am
    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?”

    The largest people sold out before the place shut down and before the axe fell, so they made a nice profit on it, but it was mostly owned by banks at the end. (IE: Goldman, etc. if my memory serves me correctly) who still claim ownership to it. The idea is to claim a loss on the investment over the next few years before they trash it…so that they pay less taxes and end up not losing very much at all. Government bails out banks, the banks screw the Government twice….But shrug, not sure what you can do when banks are “too big to fail..”

    So individual people did not get duped, but the Government did and our taxpayer monies will over the next few years. And the people who got out mostly made nice money…its been awhile since I finished the research on that, so the details are really fuzzy and what not, but that was the general idea at the end. All of it is of course legal with our current system…but shrug, what can individuals do who do not have political connections nowadays?

  31. “Grumpy Old Man says:
    January 30, 2011 at 10:43 am

    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”.”

    Tautology is meant.

  32. What I find rather objectionable, and that you have not picked up on / pointed out, is that the market is closed due to “hackers”. As though this is the fault of some bunch of evil pen-clicking Boris’s (See James Bond, Goldeneye).

    What’s actually going on is that a bunch of criminals and clever conniving theives have figured out that this is a silly market ripe for scamming. Strange that, seeing as verification is kinda hard.

    It’s not shut down because of hackers, its shut down because of fraud.

    The EU should stop trying to muddy the water. But then, ClimageGate was due to “hackers” too.

  33. Gore’s (hundreds of) millions: Whose were they when they were at home? Someone paid for something they didn’t get. I wonder if Big Al offered refunds. No? Surely an ethical politician would …

    Oh.

  34. Cultures that don’t learn their own history keep making the same mistakes. Does the term ‘South Sea Bubble’ ring any bells?
    The South Sea Company was a British joint stock company founded in 1711 to take over three-fifths of the British national debt financed from the profits of future trading with South Sea Islands and Spanish South America. In 1720 the company proposed that it should assume ALL of the British national debt, most of which had been incurred in the war against Spain. Th3ew company offered its own stock in exchange for government bonds and expected to make huge profits on these transactions, which epitomise the worst of insider trading. The publicity led to the trading frenzy being termed the ‘South Sea Bubble’, which burst in Sept. 1720. A similar ‘bubble’, John Law’s Mississippi Scheme, failed in France at the same time. As a consequence of these and other ‘bubbles’ bursting, all joint-stock arrangements, banks failed, thousands were ruined, fraud was exposed in the South Sea Company and corruption exposed in the British parliamentary cabinet. Joint-stock companies, which allowed buyers to purchase stock on credit then sell again for cash when prices rose, were made illegal by an act of parliament.. The South Sea Comwpany’s directors had their estates confiscated and sold, the proceeds used to relieve the suffering creditors, among them Sir Isaac Newton, understandably annoyed at his own foolishness in losing twenty thousand pounds, the current equivalent of about 3 million pounds.
    The Company was restructured, it’s stock divided between the Bank of England and the East India Company and acts of parliament to stabilise the British economy were driven through under the guidance of newly-appointed First Lord of the Treasury Robert Walpole. The company continued to trade for more than a century, involving itself in the slave trade, whaling in Greenland waters and other activities, but not with much success.
    This inglorious epidode in history has been termed ‘the 18th Century Enron’.
    Why do governments and citizens never learn from history that there is no such thing as a free lunch?

  35. re: “CA will have to learn the hard way” – I live in a socialist country – Canada. CA will not learn the hard way – CA will be rewarded for their liberal nonsense and bailed out by the rest of the U.S. taxpayers – who will have no input or choice in the matter – the socialist way.

  36. Mike Restin wants to know “Where do I go to buy my carbon credits?.

    Fear not. The exchanges in Chicago and in the European Union may have shut down, but there’s a guy I know in Brooklyn who can sell you carbon credits and ownership shares in one of the classic pieces of suspension bridge architecture presently extant.

    Florida real estate, too.

  37. From Mike Restin on January 31, 2011 at 1:52 pm:

    Where do I go to buy my carbon credits?

    Go here. Leave money. Amounts in multiples of US$10. are preferable.

    Go here. Fill out the info, receive your certificate. 1000 offsets per $10, unless you feel you deserve more as a conscientious person who voluntarily decided to buy offsets without being forced to do so. In that case you qualify for a 1% bonus.

    And be assured you have done far more than most to combat the causes of (C)AGW!

    Right now, as part of this special internet offer, you can double your offsets for the same money. Just complete the first transaction within 27 minutes of reading this important message, and you will receive 2000 offsets per $10, not to be combined with other offers. Just pay separate shipping and handling.

    But hurry! This is a limited time offer!
    Act now!

  38. I b’lieve a recent study of bubbles and markets concluded that they are intrinsic, part of the way people do business. Enthusiasms and greed create bubbles, little and large, and no regulations or controls can stop that without actually eliminating the markets.

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