Saul Eslake & Bill Evans call for "independent" (unelected, unaccountable) authority for pricing CO2
Oops. Sorry.
#JAFA‘s and morons.
Bit of a tautology there.
Anyhow, from the Guardian UK newspaper, 1 June 2011:
World Bank warns of ‘failing’ international carbon market
The international market in carbon credits has suffered an almost total collapse, with only $1.5bn (£916m) of credits traded last year – the lowest since the market opened in 2005, according to a report from the World Bank.
A fledgling market in greenhouse gas emissions in the US also declined, and only the European Union’s internal market in carbon remained healthy, worth $120bn. However, leaked documents seen by the Guardian appear to show that even the EU’s emissions trading system is in danger.
And yet, only yesterday we saw 13 “eminent”, “high profile” Australian economists – 10/13 with connections to the banking sector – publish an Open Letter to our government, advocating for an emissions trading scheme here in our pissant little (but great) nation.
Indeed, we even witnessed the telling spectacle of the most prominent of these “eminent” economists retaliating to criticism of these #JAFA‘s position, right here on this pissant little blog.
It is abundantly clear that these very “economists” are – unsurprisingly – still as contemptibly useless a bunch of ivory-towered, commonsense-bereft tea-leaf readers as when they all utterly failed to foresee and forewarn of the onrushing GFC. Only the biggest, most catastrophic financial disaster in almost a century.
These “experts” are either ignorant, or simply dismissive of, the parlous state of carbon dioxide “schemes” around the world.
These “experts” are also either ignorant, or simply dismissive of, the parlous state of Australia’s taxpayer-propped banking sector, as has been amply demonstrated both on this blog and in other, rather more “recognised” commentary.
These “experts'” advocacy for an “independent” authority to administer a carbon “pricing” scheme, represents a blatant attack on the democratic (and Constitutional?) rights of the citizens of this country, to elect those who will be afforded the power to determine and impose taxes and levies by popular ballot.
These “experts'” advocacy for an “independent” Carbon Bank with the power to borrow against future government (ie, taxpayer) revenues, represents a wilful moral and intellectual dereliction of responsibility, one that is especially repugnant given their “eminent” positions of “authority” on matters concerning finance and banking.
It’s long past time that the Australian public clearly recognised these shills for Big Corporate interests for what they actually are.
Useless, parasitical rent-seekers.
Otherwise known as …
#JAFA‘s.
Barnaby Is Right 
I issue a challenge to the carbon creditors.
Issue your own carbon credit, WITHOUT government backing, let’s see who hits your offer, let’s see just how marketable your carbon paper is without the guarantee of government bond equivalence.
Let’s see just how ‘money good’ your carbon credit is.
Nail.
Meet hammer.
Saul,
You missed all the important issues on the economy when they arrived. You are only now getting around to read an important empirical study of the last 800 years of financial statistics.
When will you get ahead of the curve and try understanding what is happening currently and what will happen in the future?
Hint think classical economic theory.