Behind the scenes, large financial houses are moving in stealthily. In 2008, carbon trading worldwide reached $126 billion and is projected to grow to become a $2-$10 trillion dollar market, or “The largest commodity traded world wide”. The largest. That’s bigger than oil, coal, gas, or iron.
Banks want us to trade carbon
JP Morgan, Morgan Stanley, Citigroup, BNP Paribas, Barclays, Deutsche Bank, Citigroup, Credit Suisse are just a few financial houses calling for emissions trading schemes. (None of them seem to be calling for a tax?) Those who broker the trades are guaranteed to make money.
Journalists who repeat IPCC press releases without investigation are unwittingly acting as unpaid agents for large financial players.
This “free market” is not free, and is not based on a commodity, but on unverifiable, unauditable permits for actions that depend on “motivations”. They are issued to companies to build clean factories they would otherwise not have built (who can tell?). The top two auditors in Europe have both been suspended in the last 12 months. Carbon permits have no value other than by government decree. It’s another fiat currency to be exploited by financial institutions.
Bankers benefit — you pay
The potential for fraud and corruption is limited only by what the voting public will put up with (and what they are aware of). Once this legislation is in place it will be impossible to unwind without major compensation claims. Big bankers win either way.
It sucks wealth from those who produce real goods.
* Gun? What gun? Try not paying your carbon taxes and say “hello” to four grey walls.
Sources: Carbon Trading, World Bank Report.
Predictions: Commodities and Futures Trading Commission (CFTC) USA.
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This is page 5 of The Skeptics Handbook II, a 20 page PDF.
This is the html version of The Skeptics Handbook II. Posted here for discussion, feedback and for wider reading. With the links, sources and a few extra graphs and notes not available in the PDF.