The Chicago Climate Exchange

Glenn Beck says that the Chicago Climate Exchange, a clearinghouse for CO2 credits, was given seed money through the insistence of a board member of the Joyce Foundation, one Barack Obama. Later, a 20% stake was bought by Generation Investment Management, informally known as "Blood and Gore" because two of its members are David Blood, an alumnus of Goldman Sachs, and Al Gore. The other two partners are also ex-Goldman Sachs but their names are not descriptive. Later, Goldman Sachs bought a 10% share. At about the same time Franklin Raines, disgraced former CEO of FANNIE MAE insisted the GSE buy a company trying to secure a patent for monitoring credit swaps despite the fact the patent had not yet been issued. On the day after the general election in 2006 when the democrats took back control of the House and Senate, the patent was issued. Raines, you may recall, invented the discredited product known as "derivatives", a bundling of sub-prime mortgages for private investors. He may prove handy in inventing new ways of bundling CO2 credits.

The CCX CEO, one Richard Sandor, claims that the total value of the energy credit swaps will be in excess of ten trillion dollars per year. If Cap and Trade is enacted, CCX begins trading credits at once. John Amos power plant will buy credits from power suppliers in, say, Nepal where pollution is slight thus beginning the global redistribution of wealth envisioned by most frequent White House visitor Andy Stern and others.

Is this plausible? Prove it wrong.

You don't need to convince me.....

I have a one acre yard. Instead of keeping my grass mowed, what if I let my grass grow to a foot high--thus increasing the CO2 scrubbing effect of my yard by 12 times, can I sell the excess CO2 scrubbing on this exchange? (Those who produce more windmill or photovoltaic electricity than they can use can sell that energy back to the power company through their electric meter. Can't they?)

German Scientists Endorse a Global Carbon Bank

Sept 11, 2009 - The European Union unveiled a plan this week that would provide financing on the scale suggested by Brown. The EU member states would provide 30 percent of the funding, the United States would be responsible for 24 percent, and the private sector would supply the remaining resources, according to the proposal.

"The international carbon market, if designed properly, will create an increasing financial flow to developing countries and could potentially deliver as much as 38 billion euro (US $55 billion) per year in 2020," the proposal said.

http://www.worldwatch.org/node/6253

Oh wow, the private sector will have to fess up 46%.

Hey Steph, who's the long hair in the Avatar?

I'm not the least bit surprised to hear of the Chicago climate exchange (although this is the first time I've heard of it). Several of my friends have found good paying jobs doing something of little or no value, propped up by corporations actually doing something of value (at least to somebody).

The trick is to make lame jobs unfinanced by people against their will. The world does not need more federally subsidized community organizers.

That is my first-born! When I was reading through old posts I saw I had once told Ziggy I'd post his picture as my avatar. I thought I'd keep it up for a while. His hair's a little shorter now, but in something he calls a "metal mohawk", I think. Or maybe it's a "metal mullet". I forget which. It's shaved on the sides but long everywhere else. lol