Emissions Trading, the new Bubble Economy

Here.

Excerpt:

“The immediate effect of cap and trade legislation is the creation of new electronic assets called “permits to emit” with no reality, no separate existence, no asset backing and no intrinsic value whatsoever. Their value depends solely on a politician’s promise that people holding an emissions permit will have a protected position compared to those without a permit from the Carbon Czar. It is a principle Al Capone would have understood and welcomed.

“Immediately the government creates these securities with no substance and the Carbon Bank which stores no carbon, a huge new artificial industry will be created. There will be administrators and auditors, bankers and brokers, barristers and bureaucrats, carbon credit farmers and foresters, lawyers and lobbyists, traders and tax advisers, and all the high paid never ending research jobs in Zero-Gen and Zero emissions.