A house of cards collapses 0

The tumult and the shouting about global warming dies. Captains and kings of the great scam quietly depart. The Chicago Climate Exchange is giving up carbon trading, as Investor’s Business Daily is happy to report:

Climate Fraud: As the case for global warming and cap-and-trade has collapsed, so too has the market that was to exploit this manufactured crisis for fun and profit. The climate-change bubble has burst.

The collapse of the Chicago Climate Exchange (CCX) … [has]  implications for the future of the American economy and the business climate [that] are staggering: It is an acknowledgment that both the case for climate trade and cap-and-tax legislation has also collapsed.

On Oct. 21 the exchange announced it was ending carbon trading … Launched as a “voluntary” method of trading “carbon credits,” CCX rested on the hope that cap-and-tax legislation would make such trading mandatory — and profitable. …

The hope of the scammers was that Obama would succeed in forcing through such legislation. He certainly wanted to. He was involved in the hustling from the start:

Barack Obama served on the board of the Joyce Foundation from 1994 to 2002, when it issued CCX start-up grants. Presidential adviser Valerie Jarrett also once sat on the Joyce board. As president, cap-and-trade is one of Obama’s highest priorities.

The exchange’s founder, Richard Sandor … [had] estimated that climate trading could be “a $10 trillion market,” … But now, in the wake of Climate-gate and other scandals, as well as recent election results, that’s an unlikely event.

Can we be so ungenerous as to exult over the scammers’ staggering losses? Yes we can.

The biggest losers are CCX’s two biggest investors, Al Gore’s Generation Investment Management and Goldman Sachs …

CCX’s collapse was inevitable as both the enthusiasm for cap-and-trade — and the world itself — cooled. After the e-mail exchanges from the Climate Research Unit at the University of East Anglia reveled the extent to which global climate data were being manipulated to “hide the decline” in global temperatures, hopes for profiting off the scam with another scam evaporated. …

Carbon trading at CCX all but dried up as prices plunged from over $7 a ton in 2008 to just 10 cents as of August [2010]. …

CCX’s carbon-trading demise is reassuring evidence that eventually all houses of cards will collapse.

A scam built upon a scam 1

Great news!

Traders in air are being arrested on the charge of fraud. Not (yet?) for their big hoax about man-made global warming, but for dishonesty anyway.

The carbon trading system being pushed here has spawned crime and fraud across the pond. Cap-and-trade is not about saving the planet. It’s about money and power, and absolute power corrupting absolutely.

All across Europe authorities have been conducting raids, rounding up individuals involved in a new version of Climate-gate. This time the data aren’t corrupted. Europe’s Emissions Trading System is. The system is so sick, it’s turned out to be a scam built upon a scam.

Twenty-five people have been arrested in raids by British and German authorities as part of a pan-European crackdown on carbon credit VAT [value added tax] tax fraud.

U.K. officials announced raids on 81 offices and homes, nabbing 13 people in England and eight in Scotland. The operation involved 450 investigators from Her Majesty’s Revenue and Customs office.

German authorities raided 230 locations, including the headquarters of Deutsche Bank in Frankfurt and the offices of RWE, one of the largest energy firms in Europe. The German operation involved 1,000 investigators targeting 50 companies and 150 suspects.

The amount of money involved in carbon trading is huge and the temptations vast. While our Congress demagogues about banks and their “complex financial instruments,” they are simple compared to cap-and-trade, which as we have noted involves essentially the buying and selling of air. Throw in an oppressive value-added tax and you have a recipe for corruption and fraud.

Last December, Europol, the European criminal intelligence agency, announced that Emissions Trading System fraud had resulted in about 5 billion euros in lost revenues as Europe’s carbon traders schemed to avoid paying Europe’s VAT and pocket the difference. In announcing the raids, the agency said that as much as 90% of Europe’s carbon trades were the result of fraudulent activity.

“Carbon markets are highly susceptible to fraud, given their complexity and the fact that it’s not always clear what is being traded,” says Oscar Reyes of Carbon Trade Watch.

Climate change has been found to be a fraud. Now the system to fight it has been. Yet it’s that system the administration and others want to establish here through cap-and-trade legislation such as Waxman-Markey and Kerry-Boxer.

As we also have noted, the mechanism for such phantom carbon trading here has already been established in the form of the Chicago Climate Exchange. The Joyce Foundation in 2000 and 2001 provided the seed money to start CCX when Barack Obama sat on its board.

CCX founder Richard Sandor estimates the climate trading market could be “a $10 trillion dollar market.” It is an invitation to fraud that would make Europe’s ETS scandal seem like petty theft.

In 2000, according to Joyce Foundation records, $347,600 was allocated to Northwestern University’s Kellogg Graduate School of Management, where Sandor was a research professor, “to design a Midwestern pilot program for the voluntary trading of carbon dioxide and other emissions that cause climate change.”

Now President Obama would make such carbon trading mandatory, limit total emissions and make carbon as valuable a commodity as booze during Prohibition.

The Joyce Foundation’s two grants totaled just over $1 million. CCX has proved very lucrative for Sandor, whose 8 million shares in the exchange has grown to more than $260 million even before a national cap-and-trade system like Europe’s is established.

Al Gore … is co-founder of Generation Investment Management LLP, the fifth largest shareholder in CCX.

The largest shareholder is, uh, Goldman Sachs. …

What has happened in Europe is going to happen here and may already have begun. We, too, can save the earth for fun and profit.

Al Gore and the sale of indulgences 3

In the dark ages, when Papacy held control of men’s consciences and few dared to think, one method which she practiced to supply herself with money was the sale of indulgences. The indulgence was a permission to sin and yet be free from its consequences. … Succeeding Popes and councils … argued that if they had a right to remit sins for service to the church, they had also the right to remit them for money for the church … and concluded that if they had a right to remit past sins for money, they had the same right to remit, or excuse, or grant indulgence for sins of the future. … It was the sale of these future indulgences for money which … gave rise to the Reformation movement, called Protestant, because of their protests and objections to this and other evils recognized in Papacy.

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We do not believe that CO2 is a pollutant; that the earth is warming to any degree that should trouble us; that the planet is warmed by human activity; that a despotic world authority is needed to regulate human activity on the pretext of saving the planet from warming; that the wealth of the First World should be redistributed to the Third World; or that anybody’s wealth should be redistributed to Al Gore.

In the name of Climate Change, the new mysticism, Al Gore and his conspirators are selling indulgences. You pay them so you can carry on with living, manufacturing, traveling and so on, all the normal activities which they say is threatening Planet Earth. Ostensibly you are buying a certain amount of some Third Worlder’s CO2 ration, as determined by Al Gore and his conspirators, because you are exceeding your own ration, as determined by them. Some of what you pay will go to a Third Worlder, they say. Most of what you pay will go to Al Gore and his conspirators.

From Investor’s Business Daily:

While senators froth over Goldman Sachs and derivatives, a climate trading scheme being run out of the Chicago Climate Exchange would make Bernie Madoff blush. Its trail leads to the White House.

Lost in the recent headlines was Al Gore‘s appearance Monday in Denver at the annual meeting of the Council of Foundations, an association of the nation’s philanthropic leaders.

“Time’s running out (on climate change),” Gore told them. “We have to get our act together. You have a unique role in getting our act together.”

Gore was right that foundations will play a key role in keeping the climate scam alive as evidence of outright climate fraud grows, just as they were critical in the beginning when the Joyce Foundation in 2000 and 2001 provided the seed money to start the Chicago Climate Exchange. It started trading in 2003, and what it trades is, essentially, air. More specifically perhaps, hot air.

The Chicago Climate Exchange (CCX) advertises itself as “North America’s only cap-and-trade system for all six greenhouse gases, with global affiliates and projects worldwide.” Barack Obama served on the board of the Joyce Foundation from 1994 to 2002 when the CCX startup grants were issued. As president, pushing cap-and-trade is one of his highest priorities. Now isn’t that special? …

The CCX provides the mechanism in trading the very pollution permits and carbon offsets the administration’s cap-and-trade proposals would impose by government mandate.

Thanks to Fox News’ Glenn Beck, we have learned a lot about CCX, not the least of which is that its founder, Richard Sandor, says he knew Obama well back in the day when the Joyce Foundation awarded money to the Kellogg Graduate School of Management at Northwestern University, where Sandor was a research professor.

Sandor estimates that climate trading could be “a $10 trillion dollar market.” It could very well be, if cap-and-trade measures like Waxman-Markey and Kerry-Boxer are signed into law, making energy prices skyrocket, and as companies buy and sell permits to emit those six “greenhouse” gases.

So lucrative does this market appear, it attracted the attention of London-based Generation Investment Management, which purchased a stake in CCX and is now the fifth-largest shareholder.

As we noted last year, Gore is co-founder of Generation Investment Management, which sells carbon offsets of dubious value that let rich polluters continue to pollute with a clear conscience.

Other founders include former Goldman Sachs partner David Blood, as well as Mark Ferguson and Peter Harris, also of Goldman Sachs. In 2006, CCX received a big boost when another investor bought a 10% stake on the prospect of making a great deal of money for itself. That investor was Goldman Sachs, now under the gun for selling financial instruments it knew were doomed to fail.

The actual mechanism for trading on the exchange was purchased and patented by none other than Franklin Raines, who was CEO of Fannie Mae at the time.

Raines profited handsomely to the tune of some $90 million by buying and bundling bad mortgages that led to the collapse of the American economy. …

The climate trading scheme being stitched together here will do more damage than Goldman Sachs, AIG and Fannie Mae combined. But it will bring power and money to its architects.