Leading Global Warming Crusader: Cap and Trade May INCREASE CO2 Emissions

Washington’s Blog
Friday, Jan 1st, 2010

James Hansen – the world’s leading climate scientist fighting against global warming – told Amy Goodman this morning that cap and trade not only won’t reduce emissions, it may actually increase them:

The problem is that the emissions just go someplace else. That’s what happened after Kyoto, and that’s what would happen again, if–as long as fossil fuels are the cheapest energy, they will be burned someplace. You know, the Europeans thought they actually reduced their emissions after Kyoto, but what happened was the products that had been made in their countries began to be made in other countries, which were burning the cheapest form of fossil fuel, so the total emissions actually increased…

See also this and this.

Environmental groups such as Friends of the Earth and Greenpeace are also against cap and trade (and see this and this), as is the head of California’s cap and trade program for the EPA.

Hansen also told Goodman that (notwithstanding Paul Krugman’s assertions) most economists say that cap and trade won’t work:

I’ve talked with many economists, and the majority of them agree that the cap and trade with offsets is not the way to address the problem.

As I have previously pointed out:

• The economists who invented cap-and-trade say that it won’t work for global warming

• European criminal investigators have determined that there is a tremendous amount of fraud occurring in the carbon trading market. Indeed, organized crime has largely taken over the European cap and trade market.

• Former U.S. Undersecretary of Commerce for Economic Affairs Robert Shapiro says that the proposed cap and trade law “has no provisions to prevent insider trading by utilities and energy companies or a financial meltdown from speculators trading frantically in the permits and their derivatives.”

• Our bailout buddies over at Goldman Sachs, JP Morgan, Morgan Stanley, Citigroup and the other Wall Street behemoths are buying heavily into carbon trading (see this, this, this, this, this and this). As University of Maryland professor economics professor and former Chief Economist at the U.S. International Trade Commission Peter Morici writes:

• Obama must ensure that the banks use the trillions of dollars in federal bailout assistance to renegotiate mortgages and make new loans to worthy homebuyers and businesses. Obama must make certain that banks do not continue to squander federal largess by padding executive bonuses, acquiring other banks and pursuing new high-return, high-risk lines of businesses in merger activity, carbon trading and complex derivatives. Industry leaders like Citigroup have announced plans to move in those directions. Many of these bankers enjoyed influence in and contributed generously to the Obama campaign. Now it remains to be seen if a President Obama can stand up to these same bankers and persuade or compel them to act responsibly.

  In other words, the same companies that made billions off of derivatives and other scams and are now getting bailed out on your dime are going to make billions from carbon trading.

• One the largest boosters for cap and trade invented credit default swaps – which were supposed to increase financial stability, but instead were a large part of the reason that the world economy crashed last year

Carbon Trading Scam In Big Trouble After Copenhagen Failure

Green billionaires take a hit as markets nosedive

Paul Joseph Watson
Prison Planet.com
Monday, December 21, 2009

Global warming con men hoping to bag windfall profits from the climate change scam are wincing today after carbon trading markets nose dived following the failure at Copenhagen to secure legally binding targets on restricting CO2 emissions.

Barclays Capital director Trevor Sikorski labeled the Copenhagen result “very disappointing” and said that the outlook for the global carbon market was bearish.

European Union carbon markets dropped by nearly 9 percent this morning before stabilizing.

One dealer described the market as like “a falling knife,” reports the Financial Times.

“UN-backed certified emissions reductions for December 2010 delivery fell 6.6 per cent to €11.05 a tonne, their lowest level since June 23.”

With carbon prices set to drop as low as 10 euros a tonne in the first quarter of 2010, analysts are saying that only a Senate approval of the U.S. cap and trade bill will rescue the market.

As we have documented, Maurice Strong, who is regularly credited as founding father of the modern environmental movement, serves on the board of directors of The Chicago Climate Exchange (CCX). Strong was a leading initiate of the Earth Summit in the early 90s, where the theory of global warming caused by CO2 generated by human activity was most notably advanced.

By using his considerable wealth and influence to lobby for cap and trade and a tax on CO2 emissions, Strong stood to enrich his company’s coffers to the tune of trillions if a binding agreement on carbon dioxide had been formulated in Copenhagen.

Strong and his close ally Al Gore come from a stable of elite groups that have long sought touse the environmental movement to advance their financial agenda.

Strong, who was groomed by David Rockefeller to eventually serve as Director of the Rockefeller Foundation, is also a member of the Bilderberg Group, the Trilateral Commission, the Council on Foreign Relations and the Club of Rome, the organization who infamously proposed in their 1991 report, The First Global Revolution, that fears about the environment should be exploited in order to usher in a global government.