As I have previously shown, speculative derivatives (especially credit default swaps) are a primary cause of the economic crisis.
And I have pointed out that (1) the giant banks will make a killing on carbon trading, (2) while the leading scientist crusading against global warming says it won't work, and (3) there is a very high probability of massive fraud and insider trading in the carbon trading markets.
Now, Bloomberg notes that the carbon trading scheme will be centered around derivatives:
The banks are preparing to do with carbon what they’ve done before: design and market derivatives contracts that will help client companies hedge their price risk over the long term. They’re also ready to sell carbon-related financial products to outside investors.
[Blythe] Masters says banks must be allowed to lead the way if a mandatory carbon-trading system is going to help save the planet at the lowest possible cost. And derivatives related to carbon must be part of the mix, she says. Derivatives are securities whose value is derived from the value of an underlying commodity -- in this case, CO2 and other greenhouse gases...
Who is Blythe Masters?
Read more...
Goldman Sachs stands to make hundreds of billions of dollars and is behind the entire scheme. They are GUARANTEED an increasing income, each year, as the squeeze is put on carbon usage. This is a bubble, like the dot com, the peak oil and subprime - all instigated by Goldman Sachs, all providing it with a tidy fortune, at our expense, with government collusion.
ReplyDeleteIt is a scam.
Also, The Danish Text has been leaked, which has the developing countries up in arms.