Wednesday, December 16, 2009
"Carbon Credit Gum: World's Biggest Bubble"
Caption on gum packages reads: "Carbon Credit Gum: World's Biggest Bubble"
The National Center for Public Policy Research is warning of the dangers of creating a new "carbon bubble" based on an artificial market in carbon credits by distributing bubble gum balls bearing the warning: "Carbon Credit Gum: World's Biggest Bubble."
The Bubble gum is being distributed at the COP-15 climate meeting in Copenhagen by Project 21 Fellow Deneen Borelli (seen in video, above), National Center Vice President David Ridenour, and National Center Free Enterprise Project Director Tom Borelli.
Distributing candy is a light approach to a serious policy question, but bubbles are bubbles. If our government creates an allegedly-tradable product in carbon allowances, it will be creating an artificial market that eventually will burst. Seasoned policy pros such as Al Gore presumably will leave the market long before that, their money made, but what will be the impact on regular folks? As we saw with the mortgage bubble, regular folks get hurt -- including very many who never profited from the original bubble.
We already know an artificial carbon market won't make a measurable difference in the planet's temperature -- even if all the dire but often contradictory warnings by global warming theory believers somehow turned out to be true. It very likely would not make even an unmeasurable difference. All a carbon market would do is move money around. I understand why designated recipients and profiteers are in favor of this, but that doesn't make it a good idea.
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Posted by Amy Ridenour at 12:59 PM