October 18, 2009
In The Guardian, Nicholas Stern argues for poverty, misery, and the latest bankster scam. He says the “rich countries” not only have to reduce emissions significantly but also tax their not-so rich populations and give the money to developing countries. Current efforts to reduce carbon emissions are not enough, according to Stern. “By 2050, the global population is projected to rise to 9 billion, so average per head emissions will have to be lower than 2 tonnes per year on average. For rich countries, this will require a cut in annual emissions by at least 80% by 2050,” he writes.
Lord Stern, who is chair of the Grantham Research Institute on Climate Change and the Environment, says a reduction in carbon emissions can be realized through the operation of carbon markets. In other words, between now and 2050, the “rich countries” (or their populations anyway) will have their standards of living reduced significantly. They will be forced under international treaty to fork over $100 billion a year to developing nations.
Stern suggests “high-ambition” commitments, including a rollback of international shipping and aviation. He says a the transition to a low-carbon economy will “create a new era of prosperity and growth.”
Lord Stern, who is chair of the Grantham Research Institute on Climate Change and the Environment, says a reduction in carbon emissions can be realized through the operation of carbon markets.
Carbon markets and trading are another bankster bubble scheme. “This system would create whole new classes of financial assets, which financial firms could securitize, derivatize, and speculate on,” writes Eoin O’Carroll for The Christian Science Monitor. “Many critics are pointing out that this new market for carbon derivatives could, without effective oversight, usher in another Wall Street free-for-all just like the one that precipitated the implosion of the global economy.”
Wall Street is already on the move. The Center for Public Integrity noted in February that banks have been sending climate change lobbyists to Washington in earnest and are attempting to get the American Clean Energy and Security Act rammed through Congress. It passed the House of Representatives by a vote of 219-212 in June. It now moves to the Senate.
The American Clean Energy and Security Act “is about profits, not environmental remediation,” writes Stephen Lendman. “Its emissions reduction targets are so weak, they effectively license pollution by creating a new profit center to do it.”
“Wall Street banks like Goldman Sachs and JP Morgan Chase, insurance companies like AIG and private equity firms had virtually no reps on Capitol Hill working on global warming policy in 2003; by last year, they had about 130 climate lobbyists, the Center for Public Integrity’s analysis of Senate lobbying disclosure forms shows. About 20 additional lobbyists worked for firms and organizations wholly dedicated to carbon marketing last year,” writes Marianne Lavelle.
It is estimated that the “carbon market” and its securitized, derivatized, and speculated financial assets will ultimately be worth trillions a year to Wall Street and the bankers. It will inflate a massive bubble designed to burst like all the bubbles that came before it. “If you think the housing and credit bubble diminished your financial security and your community, or the bailouts, or the rising gas prices did as well, hold on to your hat for what’s coming. Carbon trading is gearing up to make the housing and derivative bubbles look like target practice,” warns Catherine Austin Fitts.
“Carbon markets can and will be manipulated using the same Wall Street sleights of hand that brought us the financial crisis,” notes Rep. James Sensenbrenner. Dennis Kuchinich cited Matt Taibbi’s Rolling Stone article on the Goldman Sach’s bubble machine. “Goldman Sachs has engineered every major market manipulation since the Great Depression — and they are about to do it again.”
Goldman Sachs is confident Obama and Congress will pass cap and trade legislation. On October 12, The New York Times reported that Goldman Sachs has completed a $12 million carbon offsets transaction, described as “the largest deal of its kind in the United States.” The “transaction reflects growing confidence in a regulated carbon market in the United States, even though the concept is still the subject of much debate in Congress,” according to the newspaper.
Finally, Lord Stern is hardly a neutral observer merely concerned with climate change and the fate of the planet. On June 16, 2008, Dow Jones Financial News Online announced that Stern “is set to launch a rating service for carbon credits in an attempt to boost investment in the nascent market.”
In the following video, Stern explains the carbon market scheme: