Cap and Trade Thin Air

Via a Mark Steyn comment at The Corner, under the heading Too Non-Existent to Fail, we are pointed to an analysis of carbon trading written by Jeremy Warner of The Telegraph titled Here comes the next bubble – carbon trading.  From Warner’s piece.

And here’s the great thing about it. Unlike traditional commodities markets, which will eventually involve delivery to someone in physical form, the carbon market is based on lack of delivery of an invisible substance to no-one.

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