Bonanza, not: With govt manipulation carbon credits rise back to 2008 levels

It’s being hailed as a “soaring investment” but it’s just the fake fiat carbon scheme that has been fiddled back to life. The EU ETS market had too many credits and crashed down to 5 Euro or less by 2013. On deaths door, the EU decided to cull a quarter of the credits for the EU ETS every year starting in 2019 and the price predictably went back up. The big success of this unnecessary unfree market is that it has added a tariff to cheap coal to make it just as expensive as gas, and pushed up electricity prices in the EU.

Any illusion of generating economic wealth, or energy efficiency is purely coincidental. There’s no supply and no demand, no extra products or productivity — and without government force, no market at all for imaginary carbon penances. It draws money from every consumer and hands it to gas, and renewables giants, as well as bankers, crooks and VAT Tax cheats. And if this market goes global it’s potentially a $7 Trillion dollar money-making racket for bankers. No wonder HSBC, Deutche Bank, Goldman Sachs, BBVA and Citigroup want to “save the world”.

Back to 2008:

Government decisions largely […]