Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of one quarter of America's presidencies and edited alternative journals since 1964. The Review has been on the web since 1995. See main page for full contents

July 3, 2009


James Corbett, Global Research - The sweeping new bill which just passed the House last Friday, the Clean Energy and Security Act of 2009, is ostensibly about climate change, but it is in fact a bill of staggering economic ramifications that is going to accelerate the takeover of the economy by the well-placed financiers who have already plundered the Treasury and the Fed of $12+ trillion and counting.

The first thing that needs to be understood about the brand new trillion dollar carbon-trading commodities market that will be brought into existence if this bill passes the Senate is that it is a ripoff designed by and for the very corporate interests the environmentalists claim to be fighting. For an historical precedent of what is being proposed under this cap-and-trade scam one can look to Enron, which immediately found ways to plunder billions of dollars from new energy market legislation passed by the Clinton Administration in 2000. They gave schemes for manipulating billions of dollars out of Californians funny little names like Death Star and even went so far as to rig up a completely fake trading floor in their offices in order to bamboozle investors who were interested in the company's remarkable success. They got away with it because they were The Smartest Guys in the Room, much brighter than the government bureaucrats who were supposed to stop them from committing such blatant fraud (assuming the regulators weren't simply paid to look the other way). And now supporters of this new bill are putting their blind faith in these same bureaucrats to regulate a scheme to create a vastly more complex market with hundreds of times as much money at stake. Is it any wonder Enron was a booster for cap-and-trade?

That the new carbon trading market can and will be manipulated by the very same financial oligarchs and government bureaucrats who have brought the world to the brink of economic Armageddon is laid bare in a must-read article by Matt Taibi in the latest issue of Rolling Stone. In "The Great Bubble Machine" Taibi meticulously documents how the amazingly well-connected Goldman Sachs has managed to manipulate and profit from every financial bubble since the Roaring Twenties and how they're getting set to do it all over again with the creation of a carbon trading bubble:

"The bank owns a 10 percent stake in the Chicago Climate Exchange, where the carbon credits will be traded. Moreover, Goldman owns a minority stake in Blue Source LLC, a Utah-based firm that sells carbon credits of the type that will be in great demand if the bill passes. Nobel Prize winner Al Gore, who is intimately involved with the planning of cap-and-trade, started up a company called Generation Investment Management with three former bigwigs from Goldman Sachs Asset Management, David Blood, Mark Ferguson and Peter Harris. Their business? Investing in carbon offsets. There's also a $500 million Green Growth Fund set up by a Goldmanite to invest in green-tech ... the list goes on and on. Goldman is ahead of the headlines again, just waiting for someone to make it rain in the right spot."

In effect, this bill creates an entirely new commodity that is guaranteed to generate ever-increasing profit for those who have already spent millions preparing to get in on the ground floor. Here's a hint: that does not include your average mom and pop investor or your dual-income family struggling to make ends meet in a crashing economy. Here's another hint: it does include financial juggernauts like Goldman Sachs who have been investing in solar, wind, and biofuels for years and now just happen to find themselves in the perfect position to start reaping vast profits from their headstart in the new carbon credit economy (and you thought Paulson was into going green for any other reason than making green?). It also includes Obama, who was instrumental in helping set up the Chicago Climate Exchange for his political cronies like Al Gore, who already has a company which he uses to buy carbon credits from himself and who had made multi-million dollar investments in companies developing carbon tracking software that will be essential to the new carbon-swindle economy.


Anonymous MonkeyMuffins said...

The fact that Cap and Trade is contraindicated and counterproductive has been known for quite some time.

Leave it to Sam "I loves me some conspiracy theories" Smith to once again use the sneaky, backdoor approach to plugging his favorite conspiradroid, infotainment, opportunist website: GlobalFiction.ca (home of easily-debunked, John-Birch-Society-style urban legends such as "nine-eleven-was-an-inside-job" and "the-North-American-Union").

As usual, I encourage Mr. Smith to come all the way out of the conspiradroid closet.

Be proud of your inner-moonbat Mr. Smith!

Devote your entire "above-the-fold" section to the nonexistent NWO-ZOG-clade.

And supplement that section with pages about UFOs, abuductions, alien babies in human women, mind control chips, FEMA camps, chem trails and Bigfoot.

You could also do a special monthly tribute to your second favorite profoundly offensive web-of-bullsh*t: PsychoPlanet.com (Alex "I take paranoia and crazy to new levels" Jones).

Be true to yourself Mr. Smith.

Don't hide behind weekly bylines from your favorite fictional-and-wacky sites.

Embrace your inner-moonbat and share it openly with the world!

You'll be glad you did.

July 3, 2009 9:34 PM  
Anonymous monkey muffins the hunanitarian said...

Monkeyshit is trying to tell us that if we believe the evidence of our own eyes instead of what the corporately controlled umpires tell us we're crazy or stupid. I'm sure he has nothing to gain from preserving the status quo.

July 3, 2009 10:08 PM  
Anonymous monkey muffin's mom said...

To regular readers, monkey muffins makes no sense at all. His rant is all unsupported accusations, a total misrepresentation of the information and people at Global Research site - and of Sam's work, too.

Did he consult a single fact before he posted his nonsense?

July 3, 2009 11:09 PM  
Blogger Saoirse said...

I recently came accross your blog and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.



September 14, 2009 4:09 AM  

Post a Comment

<< Home