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originally posted by: ImaFungi
Why dont you guys want to slow down our rate of pollution?
originally posted by: LittleGreenAlien
a reply to: cuckooold
The problem I see is that weather records only go so far back in history. The Earth is billions of years old and has fluctuated with weather and life for the most part. So how is it that scientists and meteorologists feel that they have all the answers and are quite happy to force those answers on a populace that really has no understanding of how the world functions?
It may very well be a terrible occurrence that the globe is heating on average or it may just be a normal fluctuation. Honestly who can say with any real conviction that it's a bad thing or a normal one.
originally posted by: ImaFungi
Why dont you guys want to slow down our rate of pollution?
Round Two: Carbon Derivatives
Now, Bloomberg notes that the carbon trading scheme will be largely centered around derivatives:
The banks are preparing to do with carbon what they’ve done before: design and market derivatives contracts that will help client companies hedge their price risk over the long term. They’re also ready to sell carbon-related financial products to outside investors.
[Blythe] Masters says banks must be allowed to lead the way if a mandatory carbon-trading system is going to help save the planet at the lowest possible cost. And derivatives related to carbon must be part of the mix, she says. Derivatives are securities whose value is derived from the value of an underlying commodity — in this case, CO2 and other greenhouse gases…
Who is Blythe Masters?
She is the JP Morgan employee who invented credit default swaps, and is now heading JPM’s carbon trading efforts. As Bloomberg notes (this and all remaining quotes are from the above-linked Bloomberg article):
Masters, 40, oversees the New York bank’s environmental businesses as the firm’s global head of commodities…
As a young London banker in the early 1990s, Masters was part of JPMorgan’s team developing ideas for transferring risk to third parties. She went on to manage credit risk for JPMorgan’s investment bank.
Among the credit derivatives that grew from the bank’s early efforts was the credit-default swap.
Some in congress are fighting against carbon derivatives:
“People are going to be cutting up carbon futures, and we’ll be in trouble,” says Maria Cantwell, a Democratic senator from Washington state. “You can’t stay ahead of the next tool they’re going to create.”
Cantwell, 51, proposed in November that U.S. state governments be given the right to ban unregulated financial products. “The derivatives market has done so much damage to our economy and is nothing more than a very-high-stakes casino — except that casinos have to abide by regulations,” she wrote in a press release…
However, Congress may cave in to industry pressure to let carbon derivatives trade over-the-counter:
The House cap-and-trade bill bans OTC derivatives, requiring that all carbon trading be done on exchanges…The bankers say such a ban would be a mistake…The banks and companies may get their way on carbon derivatives in separate legislation now being worked out in Congress…
Financial experts are also opposed to cap and trade:
Even George Soros, the billionaire hedge fund operator, says money managers would find ways to manipulate cap-and-trade markets. “The system can be gamed,” Soros, 79, remarked at a London School of Economics seminar in July. “That’s why financial types like me like it — because there are financial opportunities”…
Hedge fund manager Michael Masters, founder of Masters Capital Management LLC, based in St. Croix, U.S. Virgin Islands [and unrelated to Blythe Masters] says speculators will end up controlling U.S. carbon prices, and their participation could trigger the same type of boom-and-bust cycles that have buffeted other commodities…
The hedge fund manager says that banks will attempt to inflate the carbon market by recruiting investors from hedge funds and pension funds.
“Wall Street is going to sell it as an investment product to people that have nothing to do with carbon,” he says. “Then suddenly investment managers are dominating the asset class, and nothing is related to actual supply and demand. We have seen this movie before.”
originally posted by: D9Fox
not at all... not if your one of those people who read history books every now and again, its all cyclical, next year might be the coldest on record
Nine of the 10 hottest years in NOAA global records have occurred since 2000. The odds of this happening at random are about 650 million to 1, according to University of South Carolina statistician John Grego. Two other statisticians confirmed his calculations.
Earth broke NOAA records set in 2010 and 2005. The last time the Earth set an annual NOAA cold record was in 1911.
NOAA also said last month was the hottest December on record. Six months last year set marks for heat. The last time Earth set a monthly cold record was in December 1916.
"The globe is warmer now than it has been in the last 100 years and more likely in at least 5,000 years," said climate scientist Jennifer Francis of Rutgers University, who wasn't part of either research team. "Any wisps of doubt that human activities are at fault are now gone with the wind."
The heat was driven by record warmth in the world's oceans that didn't just break old marks: It shattered them. Record warmth spread across far eastern Russia, the western part of the United States, interior South America, much of Europe, northern Africa and parts of Australia. One of the few cooler spots was in the central and eastern United States.
Every year in the 21st century has been in the top 20 warmest years on record, according to NOAA.
Francis said with the margin of error it doesn't matter as much if 2014 was the warmest or second, third or sixth — what matters is that there is a "clear, consistent and incontrovertible" warming of Earth.
originally posted by: Semicollegiate
Data from the same people who said the USSR would last forever and the 2008 housing bubble was a big surprise.
The data is suspect, and their promotions depend on it.
The weather will get warmer, colder or stay the same.
33% chance to get it "honestly"
It turns out that a 200-year-old publication for farmers beats climate-change scientists in predicting this year's harsh winter as the lowly caterpillar beats supercomputers that can't even predict the past. Last fall, the National Oceanic and Atmospheric Administration's Climate Prediction Center (CPC) predicted above-normal temperatures from November through January across much of the continental U.S. The Farmers' Almanac, first published in 1818, predicted a bitterly cold, snowy winter. The Maine-based Farmers' Almanac's still-secret methodology includes variables such as planetary positions, sunspots, lunar cycles and tidal action. It claims an 80% accuracy rate, surely better than those who obsess over fossil fuels and CO2.