Posts Tagged ‘Regulatory capture’
Carbon capture

Will someone please get on the phone and let the Polish government know that Australia has legislated to introduce a carbon dioxide tax as an intermediary step to a carbon dioxide emissions trading scheme:

Another EU Greenfail As Poland Vetoes Carbon Targets:  The EU’s carbon agenda has launched a trade war that has China blocking purchases of Airbus’s troubled new jumbo jets; now word comes that the EU climate agenda is beginning to fall apart at home.

The European Union’s ambitious low carbon plan collapsed yesterday when Poland vetoed plans to reduce greenhouse gas emissions drastically after 2020

Obviously the Australian Department of Foreign Affairs has been distracted by the activities of its now former Minister. Somehow they have not made Poland aware of our position. This is the only possible explanation for Poland’s bizarre decision.  The Australian government and countless members of the media made it clear that the world was just waiting for Australia’s to take the lead. The world was already moving remorselessly to impose a global carbon dioxide trading scheme. If we did not act now, we would be left behind. We would lose the opportunity to profit from being just ahead of the rest of the world in making our industry pay for their carbon dioxide emissions.

Of course, it is not just Poland and China that give the lie to Australia’s pro-carbon dioxide tax rhetoric. Russia, the US, Japan and many others all form part of a global anti carbon dioxide tax coalition.

Sorry for all the “dioxide“, it’s hard not referring to carbon dioxide by its name, rather than that of something else. But we live in an era of politically correct Orwellian newspeak.  Carbon dioxide is now the gas that dare not speak its name. It’s too obviously inoffensive.

The lies and the pervasiveness of politically correct mouthpieces in advocating for an Australian carbon dioxide tax was amazing. Just because banks will make a fortune trading carbon dioxide in any global scheme does not mean it warrants public support. The push for a carbon dioxide tax shared many similarities with that for desalination plants in Australia.

Australians will have to pay billions to cover the costs of building desalination plants instead of damns. Water will cost more than necessary for the rest of our lives.  We are so much the poorer for this. Many do not yet realize how they have been robbed. The costs are spread over so many and for so many years that the magnitude and extent of the theft is hard to see. The effects are the same as a massive tax paid directly to those who profited from the desalination decision, including all the lobbyists.

By capturing the legitimate policy making process the vested interests have transferred fortunes to themselves, without much risk of being charged. This is despite the costs of their benefiting this way being greater than if they had simply received a bribe. The plant had to be built rather than just having a smaller sum paid to the vested interests and their enablers.

While some enablers were paid, the vast bulk were simply useful tools. Tools of parasites pushing for profit outside a free market. Politicians may once have been the slaves to some long dead economist, but now they tend to dance to a different tune. One played by those interested in private gain rather than the public good. Private gain obtained without the risk and effort required by a free market. It was ever thus, back before we uncovered the keys to unleashing human potential. Back before our culture evolved in such a way as to provide riches beyond the wildest imagination of any in per-capitalist times. Our science is more than magic to them.

Both the carbon dioxide tax and desalination plants enjoyed similar amplification and endorsement. Venom was pored on those who questioned them. Now the perpetual drought has proved to be somewhat less than eternal, the merits of dams over desalination plants is undeniable. 15 years of increased human carbon dioxide emissions without rising temperatures has had a similar effect on peoples views of taxing carbon dioxide.  Reality has defied all the predictions of all the preexisting models. People have concluded the models rather than reality are wrong.

But note how the parasites operate. They have lots of resources and lots of time. They are happy to trample all over our institutions, culture and country for their personal gain. Watch what happens to living standards in the UK. They had Blair while Australia had Howard. They gained a Cameron, while Australia will hopefully have an Abbott. But the ALP succumbing to the siren song of the vested interests has done much damage. Come the collapse we will regret the waste.

The Liberal Party (Australia’s conservative party) will not be immune. There are so many smart sweet talkers out there who want your money and are happy to use the State to get it. Their techniques transfer across borders, where they have the same effects – impoverishment of the populace and destruction of their culture.

Watch their modus operandi. Know thy enemy. The first step toward a cure is to admit the problem.

They will be stopped, the sooner the better.

Free: The New Robber Barons

I’ve not read the book yet, but Janet was all over the issue of MBS related fraud. It is hard to believe it will be anything other than excellent:

Free Kindle Edition of The New Robber Barons By Janet Tavakoli

For today and on Tuesday (not on Monday) the $9.99 Kindle edition of The New Robber Barons by Janet Tavoli is free.

You must own a kindle, or have installed the kindle app for PC or mac, to download it. You can find it at Amazon US here, at Amazon UK here, or Amazon France here.

This e-book is a collection of her writings from various sources.

The NEW ROBBER BARONS continues financial expert Janet Tavakoli’s on-going chronicle of the global financial crisis captured in her articles from the September 2008 meltdown through February 2012. Picking up where her previous book, Dear Mr. Buffett, ended, she exposes the criminogenic environment that enabled international oligarchs to solidify power.

In January 2009, Warren Buffett, CEO of Berkshire Hathaway, told Tom Brokaw: “the idea that people that move money around are some favored class…strikes me as getting pretty far away from where we should be.” Two years later he publicly excused apparent insider trading by one of his successor candidates, David Sokol.

Berkshire Hathaway officer Charlie Munger admonished law students that Americans shouldn’t be “bitching about a little bailout.”

Shortly before Congress confronted him with Goldman Sachs’s profiteering during the financial crisis, Goldman CEO Lloyd Blankfein quipped he was doing “God’s work.”

CEO Jamie Dimon told shareholders that he didn’t think JPMorgan made a mistake when it came to potential foreclosure fraud: “maybe we’ll have to pay penalties eventually to some of the attorneys general but we really think we should just continue.” Meanwhile the bank scoured 115,000 mortgage affidavits and reserved $1.3 billion for legal costs.

After MF Global’s October 31, 2011, bankruptcy a U.S. Congressman told former CEO Jon Corzine: “You’ve got thousands of hard working people around this country that feel cheated.”

Tavakoli serves up example after stunning international example of no-strings-attached socialization of losses and privatization of gains. In the words of Congresswoman Marcy Kaptur: “I believe most of us would call that theft.”

Jesse’s Café Américain has long been one of my favorite sights. But in bringing this to my attention it has excelled itself.

The timing of the book is so apt given I am currently concocting a post on massive market manipulation.