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The scale of the rot is something to behold. Something is grossly, wantonly wrong with Western Civilization, and lots of people know it, but they don’t know why (and for the next blind rebellion, see, “Occupy”).
But a head of the hydra popped into view last week. First a high profile whistleblower from Goldman Sachs wrote Why I am leaving in the New York Times. Then today (possibly, it’s unconfirmed), an insider from JP Morgan came forward to reveal something far worse, and dark to the core. It’s posted on the CFTC site (that’s The US Commodity Futures Trading Commission – the market watchdog, or rather watch-puppy). [UPDATE: The CFTC have removed the page after 48 hours, a copy of the text is here, screenshot here.]
A Goldman Sachs Executive Director — Greg Smith — resigned from the 143 year old firm explaining he felt ill with the callous culture where people would boast about how much they had ripped off clients, which they called “hunting elephants”, and calling their clients “muppets” and worse. He said that in 12 years the company had completely lost the culture that made him proud to join it. There was nothing left of integrity […]
Gillard once lauded the genius of the carbon market. That part of the “free” market which is free to move, is moving — and right out. The smart money is saying that carbon trading is a dead dog. It’s a has-been-tulip, a sick puppy, a sinking ship.
The future of global carbon trading is so “certain” that Barclays Bank is not even bothering to leave one part time guy in the US office with a post box, so they can pretend they still have an interest in it. The mood has so changed, they see an advantage in letting the world know they’re not wasting a single cent more on carbon trading in the United States of America. Well that made my day. :-).
“That is not good news for carbon-dioxide trading, especially not in the US,”
Barclays was the first UK bank to set up a carbon trading desk, and fast to move into carbon trading: “Barclays Capital is the most active player in the emissions trading market, having traded some 300 million tonnes as at February 2007″.
Barclays Closes US Carbon Desk In Latest Cap And Trade Setback
8.9 out of 10 based on 94 […]
Two professors of sociology think they can explain why “Climate Deniers” are winning. But Riley E. Dunlap and Aaron M. McCright start from the wrong assumption and miss the bleeding obvious: the theory was wrong, the evidence has changed, and thousands of volunteers have exposed it.
The real question sociologists will be studying for years to come is: how was an exaggerated scare, based on so little evidence, poor reasoning and petty namecalling, kept alive for two whole decades?
Climate Change Scare Machine Cycle: see how your tax dollars are converted into alarming messages
See your tax dollars converted into their scare. Click for a larger image. Reference: Climate Money, Science and Public Policy Institute, 2009.
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The Full PDF version The key points
1. The money and vested interests on the pro-scare side is vastly larger, more influential, and more powerful than that on the skeptical side. Fossil fuel and conservative-think-tanks are competing against most of the world financial houses, the nuclear and renewable energy industry, large well financed green activists (WWF revenue was $700m last year), not to mention whole government departments, major political parties, universities dependent on government funding, the BBC (there is no debate), the […]
This weekend, I’ve got another article in The Weekend Australian. It’s a credit to the Murdoch News team that they are willing to print both points of view. This point is one that resonates with many people — a consensus can be bought with monopolistic science funding. It explains why research could run off the rails. We paid to find a crisis.
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Climate change suspect must be given a fair trial
GOVERNMENTS across the world have paid billions to find links between carbon dioxide and the climate, but very little to find the opposite, and that’s a problem.
Teams of professionals have searched high and low for any possible hint that CO2 poses a threat, and that is all very well, but no one has been paid to find otherwise. CO2 has been convicted without a defence lawyer.
It is self-evident that any expert in a field will reap more rewards, fame and fortune if their field is critically important. Why would anyone expect such experts to go out of their way to hunt down evidence that might suggest their field ought not be the centre of a global […]
Shouldn’t the government know what the benefits and costs of the carbon tax are before they make it into law? This is looking awfully like a case of “policy first, justifications later”.
First they promised they won’t do it. Then they do it, and they ask for even more of our money so they can pay PR hacks (introduced to us as scientists and economists) to tell us how fabulous their unwanted plan is — after all, the Climate Change Commission has no purpose other than to advertise the Carbon Tax. Then there’s a $12 million advertising program. But wait, there’s more…
Amazingly, there are now $250,000 grants (how many?*) from the Department of Climate Change to anyone who can persuade the public to accept the carbon tax!
If the government had thought this through, they’d already know why they wanted to bring in the tax. (Or maybe they did think it through, but are afraid to tell us the real reasons?)
As it is, they’re only bringing in the tax because 12% of the voters voted one green member into the House of Reps, and it was the price paid to keep Gillard in power. But for most Australians […]
Click on the image to go to a fully interactive infographic where you can find out just how much money people have buried, I mean, invested in clean energy in your country. It’s nifty.
Have you ever thought about how lucky we are that only kind-hearted helpful souls are involved in the erstwhile cottage industry known as “renewable energy”?
Imagine if a less-than-scrupulous agent got into these green-fields of money, and frolicked in the vast acreage of subsidies, schemes, and easy loans? Where would we be? The public would think the people and the industry were here to save us, the industry could prod levers of government to encourage more subsidies and pro-renewable energy legislation. The “cottage” industry could also pay for and help write reports that the government then used in order to convince the people to put more of their goods and chattels in the public-trough. In variations on the circular theme, the industry could apply for grants from the government to help pay for the reports it wrote for the government to help it earn even more subsidies, or to cripple it’s competitors. (eg. See here).
Thus deadly positive feedback would spiral out of control.
Then […]
Another leading commentator — this time Michael Stuchbury in The Australian — see the Carbon Tax as a dead dog.
ARE these the signs that Labor’s climate change policy is heading for a second disaster? Big unions and big business are in revolt as the mining boom’s strong dollar squeezes the rest of the trade-exposed economy. Households are up in arms over surging power bills.
And since the shambles of the late 2009 Copenhagen climate summit, Labor hasn’t doused worries that its carbon tax would put Australia in front of the world, a critical risk for a carbon-intensive economy.
This treble of jobs, cost of living and international competitiveness engulfs Julia Gillard and Greg Combet as they attempt to reverse Kevin Rudd’s humiliating 2010 retreat on his emissions trading scheme. It is replete with political and policy failures, some of which are only now becoming evident.
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Facing a revolt among steel industry members, Australian Workers Union secretary Paul Howes last week vowed to oppose Labor’s carbon tax if it cost just “a single job”, even with unemployment below 5 per cent. Remember this is Wayne Swan’s union, which was mostly responsible for replacing Rudd with Gillard.
Tim Blair […]
There is still billions invested in research, billions circling in carbon markets, and billions tossed as government subsidies. But there are a few less billion available now than there was before Christmas. Reality bites and Green Energy is left to face the music.
Austerity pulling plug on Europe’s green subsidies
by ERIC REGULY , Globe and Mail
The Spanish and Germans are doing it. So are the French. The British might have to do it. Austerity-whacked Europe is rolling back subsidies for renewable energy as economic sanity makes a tentative comeback. Green energy is becoming unaffordable and may cost as many jobs as it creates. But the real victims are the investors who bought into the dream of endless, clean energy financed by the taxpayer. They forgot that governments often change their minds.
When the Spanish economy went into the toilet in 2008 and 2009, austerity measures were put into place. At first, it appeared the solar industry would be spared the worst of the cutbacks. That changed a bit, but only a bit, in November, when a royal decree reduced tariffs by up to 45 per cent on new PV plants; existing plants would remain untouched. Then – whammo! […]
Carbon credits: Just another excuse to "print money"
… If this was Exxon pushing a PDF promoting skeptical views, it would be on the front page tomorrow. Where are the front page headlines?
“Bankers feed scare-mongering report”
Instead it’s just Deutsche Bank try to save the world their profit line.
Just in case you are missing your daily dose of being spoon fed propaganda by Bankers who want your money, see Climate Spectator Balancing reason and risk, where Deutsche Bank is helping the skeptics by giving us yet another example of just how desperate they are to get carbon trading running.
Q: When will the bankers worry about whales?
(Ans: When they can trade Humpback Credits.)
The good news is we are getting to them, and we are marking the lines they need to jump over. They now admit it looks bad when they denigrate scientists (they finally “get” that they shouldn’t call scientists deniers):
Although the scientific community has already addressed the sceptic arguments in some detail, there is still a public perception that scientists have been dismissive of the sceptic viewpoint,
Watch how they pretend to care about the science (science-schmaltz), […]
I feel like I keep stating the obvious. A carbon tax is bad because it’s unnecessary and nobody wastes money better than big government, but a carbon trading scheme is worse. The latter is a fake market that feeds corruption and creates it’s own vested industry of financial brokers who profit no matter what the price and no matter who buys or sells (they just need a government mandated scheme that forces businesses to buy and sell), and no matter whether anything useful happens to the environment. Once the financial houses are set (and they are already well advanced) how could this policy ever be unwound?
Carbon Tax = bad
Carbon Trade = sew raw steaks to your shirt and swim with sharks
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So everyone has a handy pocket list as a reference:
Carbon trading is NOT a free market. (In a free market, no one would pay for an atmospheric nullity they can’t use. A carbon trading market is one where the government compels some parties to buy, so it is not free.) It feeds the financial sharks. (Think “ENRON” x 100). Its a magnet […]
Since time immemorial people have been inventing or exaggerating scares to gain power. I used to think carbon dioxide posed a real threat, and I even used to be an active member of the Australian Greens. Then I discovered all the things we weren’t being told (like this and this), and how much money was involved and I was shocked.
There are many good people among the Greens who will be outraged when they realize how they have been used.
The most selfish aims are always cloaked in “good intentions”
Some Greens really believe a market based trading system is the best way to deal with pollution. But this pollution is not a pollutant, and this “free market” is not free. Last year the carbon market reached $130 billion dollars. It’s projected to reach $2 Trillion, and you can be sure that “sub-prime” carbon is coming too. The market depends wholly on government mandate; it’s “fixed” from beginning to end. Who would buy a carbon credit if they weren’t forced to? In a free market, no one.
Worse, funneling money through fake markets is like inviting corruption to a three course meal.
7.3 out […]
Good news… In news just in, there’s another important sign that the momentum is shifting as Money goes in search of better prospects.
ICE cuts 50% of staff at Chicago Climate Exchange
The 1st round of layoffs began July 23, with more to come. U.S. climate inaction is being blamed as main reason for cuts. Things are so bad, that ICE is collecting feedback on what to do with climate bourse
ICE just came in one day and started hacking away … We were told the company was restructuring,” said one source, who declined to be named.
Another said ICE cut around 20 roles at the CCX late last month, and at least another six high-level layoffs would come before next spring.
7 out of 10 based on 3 ratings […]
The Australian Department of Climate Change
People have asked me if the Rudd Government’s postponement of the ETS means we’ve won, as in game over, time for that beach holiday in Broome? But the end of the game is nowhere in sight while our government still has a Department of Climate Change stacked with high paid executives that soak up $90 million a year. The gullible guys who leapt in with both feet are still top-dogs. The end is not even close while two of our largest daily papers don’t realize they are the real Deniers they disparage, or when the second in charge of our opposition still thinks we need to trade carbon. Joe Hockey (our shadow treasurer) said this week that “a carbon price is inevitable”. He used the same old line: “scientists say blah”, as if a consensus of “scientists” is either (a) faultless and incorruptible, or (b) in control of the weather.
Carbon trading, “inevitable“? How about “inane”? Even better: perilous, fraud-prone, and serpentine. It boils down to forced markets trading fake goods that nobody would willingly buy. It’s not a “carbon” market, it’s a Permit Market. And a permit (especially to something unmeasurable) is […]
Thanks to Glenn Beck, we get bit more insight into the tangled web that The House of Global Warming was built on.
Who would have thought? Goldman Sachs has been working hard to save the environment for years.
Generation Investment Management (GIM) was founded by Al Gore, and a few friends, which included David Blood (former Goldman executive), Mark Ferguson (Goldman) and Peter Harris (Goldman). They are the fifth largest shareholder in the Chicago Climate Exchange (CCX). Then in 2006, when the CCX needed some extra funding, who should step up to buy 10% of the company – Goldman Sachs.
CCX is an exchange that won’t be doing a heck of a lot if carbon trading doesn’t become mandatory. All of these players have a vested interest in Cap N Trade legislation.
10 out of 10 based on 2 ratings […]
Richard North has picked up the ABC Drum article “The Money Trail”, and wonders about the total value of financial contributions towards carbon related research or PR from the UK and EU. I’ve wondered the same thing. Indeed, I tried to find answers for other nations and to add to the USA figures I put into Climate Money, but rapidly discovered, as he has, that it’s a hideously complex task. It’s a Ph.D size project, and there are no grants available to fund this kind of Ph.D.
Five times the cost of the Manhattan Project
Spending is hugely fragmented, between several departments of state, including DEFRA and DECC, with contributions from government agencies and quangos, including the Carbon Trust.
Then there are the devolved governments, the regional development agencies and local authorities, plus a very considerable input from the European Union, through the Framework research programme and also via direct contacts issued by the various Commission DGs.
Among the big spenders, though, are the seven UK research councils, which collectively dispense billions into the research community each year. You might think that each of these would be able to pinpoint the amount dispensed on climate research, but that it very […]
This is the copy of the file I sent the ABC Drum Unleashed. I’m grateful they are allowing both sides of the story to get some airtime (though Bob Carter’s , and Marc Hendrickx’s posts were both rejected. Hat-tip to Louis and Marc). Unfortunately the updated version I sent late yesterday which included some empirical references near the end was not posted until 4.30pm EST. (NB: The Australian spelling of skeptic is “sceptic”)
Somehow the tables have turned. For all the smears of big money funding the “deniers”, the numbers reveal that the sceptics are actually the true grassroots campaigners, while Greenpeace defends Wall St. How times have changed. Sceptics are fighting a billion dollar industry aligned with a trillion dollar trading scheme. Big Oil’s supposed evil influence has been vastly outdone by Big Government, and even those taxpayer billions are trumped by Big-Banking.
The big-money side of this debate has fostered a myth that sceptics write what they write because they are funded by oil profits. They say, follow the money? So I did and it’s chilling. Greens and environmentalists need to be aware each time they […]
For the last five years the carbon market has been doubling year after year. But in 2009, the exponential growth trajectory paused. Point Carbon issued a report this week estimating that the world wide market in carbon trading in 2009 totalled around $136 billion dollars, which is not much higher than the 2008 figure. After years of living in a rapacious bubble, prices are about 60% below the peaks of 2008, carbon traders are starting to peel out into other commodities, and the sails are looking decidedly flat on the Maxi Yacht known as Carbon-Credits Inc.
The size of the market in gigatons of carbon grew nearly 70% over 2008, but the falling prices meant the same amount of money churned through the system and the total dollars were very similar year on year.
How times have changed. Back in May 2009, emissions traders were feeling confident that a US market for emissions would be approved. Not surprisingly, the low carbon prices and the non-event of Copenhagen mean that carbon traders are becoming frustrated. Some are even expanding into… markets that are based on real commodities like oil, gas, gold and steel. [Reuters]
10 out […]
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
9.5 out of 10 based on 6 ratings […]
Since 1989 the US government has given nearly $80 billion dollars to the climate change industry. 9.3 out of 10 based on 4 ratings […]
Finally, Part II in the Skeptics Handbook series – the bluster and bluff, the deceit, and the money. Enjoy & Share.
It’s unthinkable. Big Government has spent $79 billion on the climate industry, 3000 times more than Big Oil. Leading climate scientists won’t debate in public and won’t provide their data. What do they hide? When faced with freedom-of-information requests they say they’ve “lost” the original global temperature records. Thousands of scientists are rising in protest against the scare campaign. Meanwhile $126 billion turned over in carbon markets in 2008 and bankers get set to make billions.
7.6 out of 10 based on 8 ratings […]
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JoNova A science presenter, writer, speaker & former TV host; author of The Skeptic's Handbook (over 200,000 copies distributed & available in 15 languages).
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