A global Carbon Currency would be a wonder-tool for Bankers, Bureaucrats and Crooks
Carbon markets, carbon trading, climate money, burning carbon credit image. Jo Nova.The idea that we could make “a carbon credit” work as an international currency and fix our weather at the same time, is the stuff of Econo-alchemy.
It’s where a scientific quagmire marries an economic fairy. Instead of salvation we get the swamp to end all swamps. It doesn’t give power to the people or produce an honest mode of exchange or stop the storms either. A carbon currency just feeds corruption and centralized unaccountable unelected committees who play power-brokers and Kingmakers, deciding what is and what isn’t a real “right” and who or what should pay. It serves global bankers who broker the transactions. It is the paper currency from hell.
Where do we start? A bar of carbon “rights” is not a bar of gold
How do we weigh a “carbon right”? Every nation on Earth knows what a gram of gold is, and with 2,500 years of trading history, everyone knows that come the apocalypse, they can still swap gold for goods.
What sort of security is backed by the right to emit one unit of carbon dioxide, a right that all life on Earth and most of the rocks and water already has? The largest consumer of carbon rights is the Pacific Ocean on a warm day. Should we set up an account for it in Geneva? Do the territorial seas around a nation produce or consume carbon rights? What about the coral reefs, the trees, the bark, the bacteria? Says who? We cannot measure it, so it’s all modeling. May the biggest cheats win and UN Gatekeepers rule the world.
The problem with using a ubiquitous molecule as an exchange of value is manifold — either every molecule is in the market or the new Global Emperor decides what is and what isn’t and everyone bows, grovels or bribes Zir or Zat Ruler to get what they want. There’s no intrinsic way to know if the molecules being counted are “in” the market or out; the biggest players in the market can’t play, and perverse incentives are everywhere like spaghetti.
A global carbon currency would be instantly prone to massive rorting, corruption, and political whimsy.
https://joannenova.com.au/2022/07/shades-of-insane-a-carbon-currency-feeds-corruption-bankers-and-bureaucrats/
