What good is Carbon Trading w/o derivatives? Bubbles?

[WhiskeyGirl]

On June 26, 2009, HR 2454: American Clean Energy and Security Act of 2009 (ACESA) passed, purportedly "To create clean energy jobs, achieve energy independence, reduce global warming pollution and transition to a clean energy economy."

In fact, it lets energy polluters raise prices for huge windfall profits and gives Wall Street a bonanza through carbon trading derivatives speculation. Catherine Austin Fitts' Solari.com blog explained it last July in her article titled, "The Next Really Scary Bubble" is coming, saying:

"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" for what's ahead. "Carbon trading is gearing up to make the housing and derivative bubbles look like target practice," or in other words, be the mother of all scams, courtesy of administration, House and Senate collaboration with Wall Street and the energy giants.

Doesn't Fannie have a piece of that cap & trade market?

Utilities, not consumers, will benefit from free 2013 - 2029 allowances, "exclusively" for ratepayers purportedly. But instead of remitting directly to them, the Senate bill lets state utility commissions decide. They, in turn, can be more or less consumer friendly, but as their past history shows, ratepayers will end up losers.

As for Wall Street, the Senate bill is marginally less accommodative than the House version, but not enough to matter. For example, a new Commodities Futures Trading Commission (CFTC) Office of Carbon Market Oversight is created, letting the corporate-run agency regulate spot and futures emission markets.

It would require emissions traders to register, be approved, and have their transactions cleared through a CFTC-run Carbon Clearing Organization. It'll work the same way the Federal Reserve regulates banks - by letting the giants that own it make the rules.

Further, carbon trading lets Wall Street "control our climate future" by "mak(ing) the housing and derivatives bubbles look like target practice," as Catherine Austin Fitts explained.

If cap and trade is enacted, polluters will win. Consumers will lose, and Wall Street will get the mother of all speculative bonanzas. No wonder, they and the energy giants are lobbying ferociously for passage.

more here - http://www.countercurrents.org/lendman220510B.htm

Where's that comprehensive robust audit of the Federal Reserve?