Manchester Calling, by Chris Horner
Tuesday, February 24, 2009
Here's Julian Glover in yesterday's Guardian on cap-and-trade:
The market must be unashamedly rigged to force supply below demand. The obvious way would be to cut the number of permits in circulation, but in a recession no government will be brave enough to do that. . . .
Like medieval pardoners handing out unlimited indulgences, governments have created a glut. Reformation must follow. Wanted — a modern Martin Luther to nail a shaming truth to industry's door: Europe's whizz-bang carbon market is turning sub-prime.
Tuesday, February 24, 2009
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