"Carbon (Dioxide) trading is now the fastest growing commodities market on earth.....And here’s the great thing about it. Unlike traditional commodities markets, which will eventually involve delivery to someone in physical form, the carbon (dioxide) market is based on lack of delivery of an invisible substance to no-one. Since the market revolves around creating carbon (dioxide) credits, or finding carbon (dioxide) reduction projects whose benefits can then be sold to those with a surplus of emissions, it is entirely intangible." (Telegraph)
This blog has been tracking the 'Global Warming Scam' for over five years now. There are a very large number of articles being published in blogs and more in the MSM who are waking up to the fact the public refuse to be conned any more and are objecting to the 'green madness' of governments and the artificially high price of energy. This blog will now be concentrating on the major stories as we move to the pragmatic view of 'not if, but when' and how the situation is managed back to reality. To quote Professor Lindzen, "a lot of people are going to look pretty silly"
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Friday, 23 August 2013
MIT paper finds Obama's 'social cost of carbon' models are bogus & based on fabricated numbers
"In my previous post, I summarized Robert S. Pindyck’s scathing paper on the computer models used by the Obama Administration for its estimates of the “social cost of carbon.” Pindyck’s critique is all the more compelling because he is a professor of economics and finance at MIT, with several decades’ experience publishing articles and books dealing with energy, and he is actually a proponent of a carbon tax. In the present article, I will explore a particular aspect of Pindyck’s critique that I skipped in the original post. Believe it or not, Pindyck explains that the allegedly state-of-the-art computer models that are now determining federal policy have damage functions that are literally made up. As I have been telling my economist colleagues for years, if they actually understood how these computer models were designed, they would have far less confidence in the “optimal carbon tax” numbers shooting out of the other end."