Wednesday, December 14, 2011

Zeitgeist: "EU, U.N. carbon prices tumble to new record lows"

Yeah, I got your "Market-based" policy:
...Proponents repeat the mantra that cap-and-trade is a "market based 'solution'". This is, of course, nonsense.

Just as an economist using the tools of science (mathematics) doesn't make economics a science, carbon traders using the tools of markets doesn't make carbon trading market based.

The carbon markets are an entirely artificial construct, beholden to political paymasters for their very existence. Which may be why so many political types are planning to profit from them....
-Climateer Investing on Carbon Trading and Traders
 June 16, 2009

From Reuters:
European Union and U.N.-backed carbon prices plunged to new record lows on Wednesday, beset by worries about Europe's economic turmoil and uncertainty about a future global climate pact.

Carbon prices have shed more than 60 percent since June, as Europe's worsening debt crisis dented demand at a time when the EU emissions trading scheme, the world's biggest carbon market, is oversupplied with hundreds of millions of permits.

Benchmark EU carbon permits tumbled more than 8 percent on Wednesday to a fresh record low of 6.43 euros ($8.41)a tonne. They were at 6.51 euros at 1305 GMT.

Front-year U.N.-issued carbon credits, so-called certified emission reductions, fell 11 percent to a new record low of 3.92 euros a tonne....MORE

There was a reason for the choice of our first recipient of the Climateer "Our Hero" award back in 2007.

The 26th Secretary of War, the Democrat and Republican (!) Senator from Pennsylvania, Simon Cameron:

Our Hero
Simon Cameron
"The honest politician is one who 
when he is bought, will stay bought."