Monday, November 8, 2010

The Inconvenient Death of the Chicago Climate Exchange

Al Gore, the man who would be king, is losing his empire. It was an empire built on convenient lies, and it is falling due to the relentless assaults of inconvenient truths. More and more rational people seem to be coming around to the idea that Al Gore is - please pardon the pun - full of of hot air. The worldwide "Global Warming" scam (perhaps you call it "Climate Change") has been thoroughly debunked over the past year, what with the "Climategate" scandal blowing up spectacularly. Now, finally, the Chicago Climate Exchange (CCX), one of the pillars of Al Gore's global con game is crumbling, and it's crumbling quickly. My good friend Warner T. Huston writes about it today at Big Journalism: "Al Gore’s much ballyhooed Chicago Climate Exchange (CCX) has recently announced that it will no longer be engaging in carbon trading, an activity that was the sole purpose that it was created. This is an utter failure of purpose in global warming hysteria yet the Old Media is almost completely silent on this colossal failure.... The main reason that the CCX has failed, of course, is because the world has cooled for global warming. With the recent election results in the U.S. cap and trade is as much as a dead issue and even other nations are shying away from Kyoto-styled global warming laws that tend to crush economies while offering little by way of global warming fixes." Full Article... Isn't that delicious? As Warner points out, the old, traditional, Left-leaning news media are doing all they can to avoid reporting this story. No surprise there. According to the Green Street Journal, a major cause of the CCX's failing is a desire by many of its clientele to walk away from it. The Chicago Climate Exchange (CCX) operates what it calls a voluntary but legally binding greenhouse gas emissions trading scheme in which companies have to meet annual reduction targets, or a cap. Those below the targets can sell surplus allowances or bank them. But Jeff Sprecher, chief executive of the InternationalExchange and CCX’s owner, told the Financial Times that participants in the CCX’s cap-and-trade scheme wanted to pull out. “The bulk of the users have said to us that they really don’t want to continue to trade voluntarily in the absence of any credit for their work by the current administration,” the newspaper quoted him as saying. Full Article... Keep in mind that those "users" are people who jumped into their deals with CCX with great enthusiasm. We must assume that they did it for one of two reasons, or a combination of both: To make a profit, and/or to promote an idealistic belief that they could affect climate change. Shattered illusions all around, broken promises for everyone. The whole affair, of course, is a wobbly house of cards. Like any con game, not everyone is fooled. Word gets around the neighborhood to be on the lookout for the con man. Those who bought into the con man's false promises soon realize that they've been taken for fools. American Thinker's Randy Fardal today noted the fraudulent nature of the cap and trade con game: The owner of the US’s only nationwide cap-and-trade market has signaled the death of the seven-year-old industry, saying companies were no longer interested in trading carbon emissions credits in the absence of government legislation. Virtually nothing the eco-capitalists produce creates wealth for society, including their carbon exchanges. They are not participating in free-market capitalism; it’s just parasitic political capitalism. And since most of what they do is based on the AGW scam, one could argue that many of them are guilty of misrepresentation or outright fraud. Full Article... Barbara Hollingsworth also wrote a good piece at the Washington Examiner today, with the clever headline "Like a puff of smoke, Chicago Climate Exchange just fades away." She wrote: In August, The Examiner reported that the Chicago Climate Exchange (CCX) was laying off employees. Two months later, drowned out by the hubbub of the mid-term elections, came an Oct. 21 announcement that CCX would end carbon trading which, as PajamasMedia’s Steve Milloy pointed out, was “the only purpose for which it was founded.” Funded by the left-wing Joyce Foundation, whose former board included none other than future president Barack Obama, Northwestern University professor Richard Sandor set up CCX as a “voluntary” method of trading “carbon credits.” It was envisioned as the main clearinghouse for what would eventually have been a $10 trillion decidedly non-voluntary market had cap-and-trade legislation passed the Senate as it did the House. Full Article... What does all of this mean to you and me? Hollingsworth snarkily notes this at the end of her article: "Now that CCX itsef is disappearing like a puff of smoke, we can all breathe out carbon dioxide a lot easier." Perhaps, but there are still the drunken Global Warming Kool-Aid drinkers among us who will continue to push for cap and trade legislation and related measures in their quest to control your home thermostats and deny you your choice of light bulbs. What's frightening is that the con game almost worked. A few inconvenient and unanticipated twists in the time-space continuum got in the way of CCX's plans to conquer the world. "But a funny thing happened on the way to the CCX’s highly anticipated looting of taxpayers and consumers," wrote Greg Pollowitz today at National Review Online, "cap-and-trade imploded following its high water mark of the House passage of the Waxman-Markey bill. With ongoing economic recession, Climategate, and the tea party movement, what once seemed like a certainty became anything but." RELATED: Chill for Chicago Climate Exchange as carbon trading collapses‎ Crain's Chicago Business Chicago Climate Exchange pares more jobs‎ Crain's Chicago Business