There are people out there who manufacture money from nothing – literally. Tradable carbon credits are the next fiat currency, reports a new paper by the Science and Public Policy Institute [SPPI], a Washington, DC-based NGO.
In Manufacturing Money, and Global Warming, author David Evans recounts a short history of fiat currencies and financial bubbles, their causes and outcomes. He then shows that the newest fiat creation is carbon emissions trading. Says Evans, “The plan is to manufacture emission credit certificates out of thin air, trade them between big financial companies, and compel the rest of us to pay for them. It’s the new financial slavery.”
Adds Evans, “Carbon emission permits are the latest paper currency, brought to you by the same crowd who profited from the world’s largest financial bubble. Same structure, same modus operandi, same beneficiaries, same exaggerations, half-truths, and tricky government statistics.”
He means financial institutions like President Obama’s friends at Goldman Sachs, who want the congress to legislate a system of carbon trading. They do not want a carbon tax, which would be fairer and simpler, simply because there would be no obscene profits.
Asks, SPPI president, Robert Ferguson, “Ever wonder why in 2006 the Goldman Sachs Center for Environmental Markets (CEM) gave Obama science adviser, John Holdren, 1-million dollars to promote the global warming scare, and invites him to speak at their seminars?” Could it be because one of CEM’s stated two “primary goals” is “Market-making in carbon emissions and other climate related commodity markets.”? In other words, creating money out of hot air.
Evans lays out how fiat currencies and the resulting financial bubbles are taken advantage of by the likes of Al Gore and Wall Street institutions who know how to manipulate the transactions. Writes Evans, “Ultimately those who wield the power to manufacture paper money have great financial and political influence.”
Writes one reviewer, “The vested interests are already massive. Last year alone $126 billion dollars was traded in carbon markets according to the World Bank. Projections are in the trillions. Literally. It will be the largest commodity market in the world–which is all the more ironic given that there is no commodity to back it.”
Manufacturing Money, and Global Warming exposes the paper aristocracy, “those who manufacture money and work the system, have easy jobs and far more stuff than the rest of us.”
A related SPPI paper is Carbon Credits, Another Corrupt Currency?