Saturday, February 6, 2010

Elite depressed

I read the following article with some amusement. The people who brought us the GFC  and multimillion dollar national debts  are concerned because us dumb voters  don't like cap and trade:

THE ruins of global financial capitalism on display at the World Economic Forum included . . . the dashing of hopes for a deal to save the planet from global warming. Just as the world's top bankers will have to play by different rules after the crisis, global climate action requires a political rethink.

"The real difficulty is that for some reason, we have trouble grappling with what are really serious trade-offs to be made with economic impacts in the short term," Canadian Prime Minister Stephen Harper told the world's political, business and financial elite gathered at the Swiss alpine resort in Davos...

Of course bankers and the like love the idea:
Global banks, insurance companies, finance houses and management consultants led the business charge on combating climate change.

After all, they were clean carbon service providers themselves. And their service included a financial trading system which, for the appropriate fee, would provide the self-interested price incentives for technological entrepreneurs to take the carbon, and hence climate risk, out of global economic growth.

Why would the ordinary person, who has seen jobs destroyed, people thrown out of their homes have ant trust in these people?

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