To the Editor:
Cumberland Times-News
—
Between 1911 and 1931, 47 of the 48 states adopted state securities, or “blue sky” laws, so-named after a statement rendered by U.S. Supreme Court Justice Joseph McKenna in Hall v. Geiger-Jones Co.
These laws were enacted to provide some protection to consumers from the sale of worthless or dubious investments, not unlike today’s derivative markets.
McKenna described suspect investments as “speculative schemes which have no more basis than so many feet of ‘blue sky’ ... .” Little did he realize that 80 years later, selling pieces of the sky would be just fine and even advocated by the Congress of the United States.
That is precisely what Cap and Trade is really about; a $1 trillion global business. Chicago Climate Exchange (CCX) operates North America’s only cap and trade system for all six greenhouse gases, with global affiliates worldwide.
It needs customers. No problem, we can create customers by enacting laws! It’s just a coincidence that it is headquartered in Mr. Obama’s home town.
It is ironic and hypocritical that Congress is offering financial regulatory reform while attempting to use climate change fears to create a whole new group of derivatives “which have no more basis than so many feet of “blue sky.” Selling blue sky once was the “height” of chicanery. Now, we are saving the planet by doing so.
In reality, this is Andrew Carnegie’s famous “second reason,” in other words, the real reason for global warming. Money, money, money. It is making money “out of thin air.” A corrupt government is facilitating a whole new class of fraud at the taxpayer’s expense.
Goldman Sachs has long lobbied for climate legislation because it stands to reap huge fees in brokering the trade of energy rationing coupons (a.k.a.carbon credits) under a cap-and-trade scheme.
By 2020, the global carbon market could be worth $3 trillion, according to London-based New Energy Finance. General Electric helped write portions of the bill to tilt the market in its favor.
If Congress puts a price on carbon, coal will lose market share to nuclear power and natural gas. GE is a global leader in these two industries. This is par for the course for GE. In 2007, it spent millions lobbying for an energy bill that bans incandescent light bulbs. The company just happens to be a world leader in the production of compact fluorescent bulbs.
Exelon, America’s most valuable utility, estimates that climate legislation would add $700 to $750 million to the company’s annual revenues for every $10 per metric ton increase in the price of C02 allowances. You will pay these giants!
Who owns and benefits from the climate exchange? “Government” Sachs owns 10 per cent of the business. How about former vice president At Gore, AKA Generation Investment Management LLP? Maurice Strong, a former Secretary General of the 1992 United Nations Conference on Environment and Development. Wonder why the UN numbers get skewed? That’s why!
Ice, snow, and temperature have little to do with it. Folks, the reason it doesn’t make sense is ... that it doesn’t yet make cents! (For the right people)
Justice McKenna now needs Ambien to stay dead. Goldman Sachs has been Congress’ point men all the way on this project. You can trust them. They are responsible for $900,000 in campaign contributions to President Obama, and, in part the sub prime mortgage crash.
How far out can you get than putting a price on “thin air” The next financial disaster could be our last. Chicken Little could be right this time! The sky is falling!
Col. Charles Kerning, Ret.
Springfield, W.Va.
