Sunday, 28 December 2008

The madness of markets

As I reflect on the year nearly passed and ponder the one about to begin I am left with the frightful thought that we are about to recreate in trying to deal with climate change all the artificial absurdities that led to the international financial crisis.
In the financial system people have lost faith in the ability of markets to deliver the best of all possible solutions. Greed combined with clever minds adept at devising wonderful ways of clipping the tickets to earn a dollar have brought the world to its most parlous state in generations. Yet the very same smart minds have been given the go ahead to devise so-called market solutions to the creation of the gases which the scientists tell us are the cause of global warming.
With the game of financial derivatives now at an end, get ready to play the new one with carbon and a host of intricate schemes to create tickets to be clipped by merchant bankers and other traders.
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