The English government is spending approximately $92 million dollars to purchase carbon credits as a consequence of surpassing their CO2 emissions cap. The Certified Emissions Reduction (CER) credits will be brokered by Barclays, JP Morgan and company who will earn about $13 million in fee for the transaction.1 The CER program is run by the United Nations Framework Convention on Climate Change, and England is forced to pay this emissions fine because they are a signatory to the Kyoto climate treaty. In addition to making bankers richer, the millions of taxpayer dollars go from the pockets of England’s taxpayers to the pockets of corporations in China and India. What England gets in return for all that money is nothing, unless you count the feeling some global warming theorists get for believing they are saving the planet from anthropogenic global warming; which, as Climategate has revealed, is still nothing. America would suffer nearly the same fate as England if we let cap-and-trade legislation pass into law. Eventually, every economy tied to the UN style scam will collapse. Even if Englishmen came to their senses tomorrow and somehow bailed out of the UN’s global warming hoax, they will have as much luck getting their money back as they would chasing a postage stamp in a hurricane.
1. Christopher Booker, “L60 bill for the CO2 of our political class,” Telegraph.co.uk, February 20, 2010. http://www.telegraph.co.uk/comment/columnists/christopherbooker/7280348/60m-bill-for-the-CO2-of-our-political-class.html
