FT.com | Willem Buiter's Maverecon | The con is on: how carbon credits neuter Cap & Trade

In fact, the scheme is a total con. It permits the US to increase CO2E emissions until 2020. The escape mechanism used - carbon offsets or carbon credits - suggests that for the period 2020 - 2050 also, the supposed intent of the Act - to reduce CO2E emissions in the US - will be neutered.