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Hopenhagen: Church Services for the Whiteysphere or Just Another Wall Street Scam?

by: donkeytale

Wed Dec 09, 2009 at 11:54:51 AM EST


Both, actually.

http://www.atimes.com/atimes/C...

So who will win in the end? Who else but Wall Street, if a mandatory carbon-trading system designed to "save the planet" ever sees the light of day. Goldman Sachs, JP Morgan and Morgan Stanley would make an absolute killing on a carbon trading market revolving around derivatives.

Be ready for a deluge of derivatives contracts and carbon-related financial products. Wall Street will attract key investors from hedge funds and pension funds - as it has already spent a fortune hiring lobbyists and making deals with companies that can supply "carbon offsets" to be sold to clients. Speculators will have a ball. Wall Street banks are bound to turn climate change into a new commodities market - and sell it as an investment product. Everyone has seen this movie before, but what the hell; welcome to the new trillion-dollar bubble - the still virtual carbon "cap and trade" market.

 
donkeytale :: Hopenhagen: Church Services for the Whiteysphere or Just Another Wall Street Scam?
The scientific consensus is that global warming is taking place and its aided and abetted by greenhouse gases.

Fine. OTOH, the predicted calamities to result from global warming and their probabilities are pure conjecture at this stage. Maybe mankind will be destroyed by global warming and maybe it won't.

I'll play the "under" on that one, if you are the sort who believes making simplistic predictions = wisdom and credibility.

Conjectural problems of this type are not going to be solved anytime soon, especially when they require worldwide political consensus, and especially when trillions of dollars of private investment are going to reap the reward of whatever nonsense is promulgated in the short-term under the rubric of "mankinds salvation."

Yes, Ms. and Mrs. True Believer, Wall Street is lining up to make hay off the "scientific consensus".

http://www.nytimes.com/2009/12...

"This is the question that is being posed in Copenhagen," said Robert N. Stavins, director of the environmental economics program at Harvard University. "How much money do the developed countries have to put on the table to bring developing countries into the conversation?"
Mr. Stavins said that the bulk of the money would have to come from private investment because, he said, it was "inconceivable" that the governments of the wealthy countries would come up with adequate financing and also because private entities spent money much more efficiently.

Why trust any of them, the bankers, the scientists, the politicians is my take. Thats not enigmatic. I wrote it clearly. Maybe your thinking is so inside the box that you cant decipher the message. Its called skepticism, one of the supposed virtues of the scientific method.

I'm always skeptical when science, finance and politics converge and invent stuff like "green industries" out of self-justifying profit motives.

"People often ask about the costs," said Kevin Parker, the global head of Deutsche Bank Asset Management, who tracks climate policy for the bank. "But the figures people tend to cite don't take into account conservation and efficiency measures that are easily available. And they don't look at the cost of inaction, which is the extinction of the human race. Period."

You don't suppose Deutsch Bank Asset Management is so concerned about global warming while sounding more shrill even than the fat, happy and oh so wealthy off of global warming fear mongering Al Gore because they are simply concerned corporate citizens do you?

Climate science politics = organized religion.

Both are based on expoiting the fears of the many for the profiting by the priesthood.  

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