Subprime Carbon?
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Uploaded by FriendsoftheEarthUS on Mar 26, 2009
Michelle Chan of Friends of the Earth explains carbon trading and the need for strong regulation of carbon markets.
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Claiming Green, yes, Money Green that is. Disgusting website.
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Claiming Green, yes, Money Green that is. Disgusting website.
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There have already been a number of CO2 scams in Europe, everything from fake certificate sales to absolute fraud RE carbon emissions.
Let us not forget that it was Bush who put carbon trading on the agenda and the only reason anyone went along with it was to get the USA republican corps lobby on board.
We should set caps, no trading. debate and agreements between people should manage problems for developing nations.
C&T is a cheat's charter.
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newyorkcat, you're wrong. Without the derivatives products no one would have ever thought the loans safe enough to make - the banks psyched themselves out. The CDS shorting was integral to that possibility -a game of seeing what stupid things people might go along with.
With carbon trading the issue is just the same - except the risk is climate risk. We're psyching ourselves into thinking we can fix the problem with just a few tweeks.
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whatever happens in derivatives trading doesnt impact the underlying asset class it's tied to -- it's the other way around.
subprime mortgages didnt collapse because of securitizations or credit default swaps. They collapsed because they were stupid loans to begin with, but had value on the securitization market, esp for people betting against via CDSs (did anyone else get rich in 2009?)
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That's why we need to go global with this idea > cue Copenhagen
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Horse Feathers. Bullshit.
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Oddly, I share her doubt about carbon trading, but for quite different reasons.
Free markets, including speculation, will actually stabilize prices. The problem is the contrivance of the market to begin with. It is purely a creation of government intrusion.
And therein lies the problem. All market intervention by government tends to be political, thus parochial, in nature, and therefore corrupting.
Witness subprime mortgages-- and Barney Frank and Chris Dodd.
RogerOnTheRight 2 years ago 3
Cap and Trade is the most rediculous idea I have ever heard. Instead of paying for "carbon credits" to manufacture in the US, it would be cheaper to move productions facilities to China or Mexico.
Caryson122 2 years ago