If you think the housing and credit bubble diminished your financial security and your community, or the bailouts, or the rising gas prices did as well, hold on to your hat. The worst may be yet to come. Carbon trading is gearing up to make the housing and derivatives bubbles look like target practice.
Here are some comments on H.R. 2454, the American Clean Energy and Security Act of 2009:
“economic colonization of the heartland”
-Rep. Geoff Davis (R-Kentucky)
“a scam”
-Rep. Devin Nunes (R-California)
“massive transfer of wealth”
-Rep. James Sensenbrenner (R-Wisconsin)
“Carbon markets can and will be manipulated using the same Wall Street sleights of hand that brought us the financial crisis.”
-Rep. Dennis Kucinich (D-Ohio)
And from Elizabeth Kolbert’s New Yorker interview with James Hansen, NASA’s climate expert:”Hansen pointed out that the bill explicity allows for the construction of new coal plants and predicted that it would, if passed, prove close to meaningless. He said that he thought it would probably be best if the bill failed…”
The best description to date can be found in Matt Taibbi’s wonderful article, “The Great American Bubble Machine: From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression – and they are about to do it again.”
Taibbi describes recent bubbles including “The Housing Craze,” “$4 a Gallon,” and “Rigging the Bailout.” He goes on to predict that Goldman’s extraordinary investments in lobbying to create a new carbon-credit market which will be rewarded with the biggest bubble so far.
Given Goldman’s historical dependency on their lead counsel, Sullivan & Cromwell, and their ties to the intelligence community, whatever Goldman is engineering, there is a deeper story worth contemplating. The de-industrialization of the United States is well underway and a reorganization of North American society is beginning.
Will thousands of people committed to relocalization jump into the carbon credit bubble and increased depedency on corporate profits and Wall Street-Washington rigged schemes? Indeed, it is possible.
Meantime, Al Gore is apparently denying Goldman’s leadership in the newest bubble. Given Gore’s historical ties to Goldman and what is emerging here in Al Gore’s home base here in Tennessee, I’m a sceptic.
Catherine, I’m curious about your thoughts on the Feinstein/Snow amendment recently introduced to the Senate. Folks like Andy Stevenson over at the NRDC are raving about it, and I personally see it as a good step in the right direction, and am glad that at least a few regulators/congresspeople are doing more than complain or murmur apocalyptic predictions.
With that said, it’ll probably get gutted in committee if anything – my greatest hope is that it at least manages to alter the framing of the senate climate bill (if one can trust John Kerry, it already has).
Does it go far enough? Will it survive intact enough to prevent an unsustainable bubble?
I’d love to see what you think.
-Noah Wilson
Brock:
This fall we will see a rapid acceleration in the reengineering of the legal and governance structure in place in North America.
Brad:
Pretty funny. As Bert said in another post, we are being pushed into a tight box.
Bert:
Question is how to act in concert. For many years, I have found that when I act, it simply creates an opportunity for others to sell out to the NWO for a bit more money, leaving me high and dry. I am happy to keep doing what I am doing — I don’t do it for money or because people do or do not follow me. However, the dynamic is the same for others as it is for me.
How do we organize to ensure our gains are real gains, not just opportunities for free riding?
Catherine
Second thoughts – maybe “Pop and Raid.”
Best Regards, Brad
Catherine,
I just want to mention a couple of things here. I listened to the interview with you on Veritas and I must say it was the best interview I’ve heard as it touched on so many subjects. Your way of communicating your experience and thoughts really helped me understand the system and what one can do to combat the harsh realities one faces.
I recently read the Rolling Stone article and I’ve come up with an alternative to Goldman Sachs and Al Gores interest in “Cap and Trade.” How about “Tap and Raid” as their M.O. – I think this works from what I’m reading and seeing. God help us all.
BGBurch
“a reorganization of North American society is beginning”
Could you please elaborate on this?
Catherine,
I would appreciate your insight as to what the stock market is likely to do with cap and trade and the healthcare fiasco. I own a very stable stock that has performed well even with all the instability. It is a well managed company. However, it has seen fluctuation in stock value due to the trends in the overall market. Are stocks likely to rally upward as the cap and trade crowd investments (G.E., etc.) and the healthcare overhaul crowd play on investment opportunities these events may stimulate? I am asking because even though the stock I hold is an excellent one, I am planning to sell and pay down debt in preparation for the very rocky road I see again, and timing in life is everything. I don’t want to sell too soon and miss any rally, however, I don’t want to get caught and lose either. Your thoughts please. Thank you.
Note to Catherine Austine Fitts- apologies for typos and your name error…
Please fix your name where I put “S” or “Solari”. Change “ocirred” and “perssonel” if you wish or leave as is to give me proper embarrassment! Thank you. I have talked with Lisa Caruso at “National Journal”; they may do a piece on the railway discussion.
Gunnar Henrioulle; gunnarh@cwo.com (530-346-6060)
In previous message exchange with Catherine/Solari, rehab of the local railway matrix was discussed: “Guarantor Of Societal & Commercial Cohesion”. Guarding against another instance of unintended consequences, it is important to look carefully at the sort of framework the railway network would build on. Model the rail capacity and local reach US rail systems had in the Twentieth Century, ending circa Vietnam, about 1972. coincidental with OPEC taking the spotlight…
Mains linked all major towns & cities, with branchlines and Interurban Electric systems shadowed the big carriers, with some feeders to nearby towns and suburbs. Mainline rails have merged to a skeleton rail industry, very efficient, less than 1/2 previous mileage. We lost the local connection, and are now 100% dependent on long-haul trucking and imported fuel that highway transport forces. How can we get back to a balance of modes that allows renewable generation to move the most strategic cargo and passenger traffic? Suggested reading is found in Christopher C. Swan’s “ELECTRIC WATER” (New Society, 2007), a compendium of local methodologies that defeat attempts to centralize power generation & transportation. Swan’s book also includes suggested solutions for water supply, not dependent on monopolies.
It is worth remembering a useful bit of history regarding government involvement in the railway lexicon. Not the ICC, or the disatrous World War One takeover. Something that worked very well, the US Army/National Guard Railroad Operationd & Maintenance Battalions, strategically located around America until circa 1960. These were like an independent shortline rr co. with equipment, repair facilities, and flow of manpower coming in from operating rr’s; new recruits getting rr savvy alongside the experienced personnel. Usual duty was working the the logistics and supply details, but when a disaster like Katrina occurred, the rr battsalions helped with repairs and loaned crews & facilities for the local rr companies. It pained this writer to see dormant branch rr track not being used for the massive cleanup effort, still not complete. Formerly, rail gondolas and National guard people would have expedited salvage & recovery, but not in these modern times!
Recommission the military Railroad Batallions. They are under the command of the respective state governors. Several other state level decisions for the railway rehab are repeal of inventory tax on goods already shelved on premises of stores and shops. This would allow ending need for massive truck mileage for delivery in “just-in-time” practice. Inventory the dormant railway corridor -see US Rail Map Atlas Sets- from spv.co.uk. and be sure local planning responsibles have the maps for region in their respective purview. This info should be in hands of all the National Guard office adjutants.
As previously related to Catherine, the hometown railroading approach is a better hedge against James Howard Kunstler’s “Long Emergency” than either guns or gold. The feds most likely will call in the gold coins & bullion to shore up the dollar (to enable continued oil import). Better to maintain transport of provisions and necessities of life & commercial freight with a comprehensive railway matrix, than have to sink to the level of preparing to shoot each other, being unable to help through the emergency. Agricultural branchlines rehab would be uppermost in “railway triage”. Another early detail, emplacing container handling apparatus along rail mains at towns enroute that used to have spurs & warehousing. A passing track would suffice in many cases.
Swan’s ELECTRIC WATER” will help orient thinking for local initiatives. The American Short Line Railroad Association can assist with contacts and/or actual company set-ups. See also (peakoil.net) articles 374 & 1037. Lacking up to the present time, expect to see more on local railway link initiatives on the energy & preparedness websites. We have time to do this with due diligence, but not time to waste.
I couldn’t help noting that Matt Taibbi has finally repeated the notion you’ve been stating for years (about American being one giant “pump-and-dump scheme”). After seeing him floundering about, I’m glad he’s finally nailed it!
In studying the derivatives market that’s been designed with regard to cap-and-trade (carbon dioxide allowances and carbon offsets), it’s truly obvious how Goldman Sachs and the rest of the bankster and oil cartels have so stringently gamed the system. Working through ICE, ICE Trust, DTCC, the Chicago Climate Exchange and the Euro exchanges, they appear to have everthing completely sewed up, with both a derivatives markets’ expansion with even more control over oil/energy (and other) speculation possibilities.
Nothing more can really be said.
David:
Good question.
For the reasons you suggest, there are times that I would go with a bubble if it is based in real, tangible operations and assets.
When you invest in something in which the price is determined 100% by politics and the system is very fraudulent, stay away. You are not investing in assets. You are investing in temporary rules controlled by a game you can not see or understand. Everyone but insiders will get burnt ultimately.
MORE IMPORTANT, however, in an environment like this, never shift time out of building networks and knowledge and participation in things that have real economic value and will last to do something political as an outsider controlled by people who do not respect you.
The opportunity cost is too great. You are learning and networking in the wrong direction. If you are going to succeed you need all your focus, time and effort for the long term trends. Moreover, if you are a bubble player, the folks who are focused will not take you seriously. You will be out.
These are dangerous times. Use your time to build on things that last.
My 2 cents,
Catherine
So, perhaps this is a bit uncooth, but how would one go about getting into this bubble and making a profit? Is there a “Ground Floor” opportunity here?
I’m not meaning to sound smarmy, because I really enjoy reading this web site and pondering the social questions/repercussions of responsible capitalism. I guess my question is where you (Catherine, or the other readers) stand on profiting from something (a bubble, for example) which then turns out to have massive repercussions on the economy and the world in general? Those who got in early in the last real estate bubble, sold, made a nice profit – are they culpable, in any way, or merely participating responsible in their own financial amelioration?
Do we sit on the sidelines or try to get in, make our quid, and use the profits responsibly?
wow. dirty hands all over everything.
here is an article of how carbon forest trading effects small scale indigenous and peasant farmers in poorer countries. their livelihoods are displaced so that mega-polluters in the rich countries can get “carbon credits” by growing forests in areas which have been correctly stewarded and sustainably farmed for generations. this is ass backwards, paternalistic and racist.
http://www.viacampesina.org/main_en/index.php?option=com_content&task=view&id=654&Itemid=37
Worse than Enron. Enron only killed you on the way down.