What a Scam

We've all been duped and scammed.

I can't decide whether to start at the end result or the beginning way back in the sixties. The greenhouse effect was recognised as a threat 40-50 years ago. Its existence was debated in academic circles, even though its existence is proven by some very simple chemistry and physics (so why the need for all this debate?). Whether there was a need or not, or whatever, these events occured in this sequence, the end result being that it was belatedly realised that us humans had to reduce our emissions of carbon dioxide equivalent gases or face ecological armageddon.

Methods of achieving this result were debated and the neoliberal free-market ideologues prevailed. Under their preferred method the behaviour of fossil-fuel consumers should be modified by market forces and there invisible hands. If we set up a market for carbon emissions a sustainable economy would result through the action of the invisible hand.

A carbon market was duly set up in the European Union; the first test of the above hypothesis. Australia's carbon trading system is linked to the EU carbon market.

Last week the price on carbon emissions in the EU carbon market fell to $4 per tonne of carbon dioxide equivalent emissions. The proposed starting price for such emissions in the Australian Carbon market is $23. I hope no one who reads this needs to have the consequences of such a price differential explained to them.

So. We were informed and persuaded, wined and dined, bedded and screwed, into believing in the power of an unfettered market to deliver our needs through the machinations of the invisible hand.

This is what the free marketeers delivered after, if you will recall, a sustainable economy.