New climate strategy: track the world’s wealthiest. This is the sort of fallacious logic that foments envy, and inevitably class warfare. Yes, Americans do use a disproportionately large portion of the world’s natural resources. But we also create correspondingly more with those resources. The gross domestic product (GDP) of the US is tremendous. Here is an illustration. (California, just by itself is the sixth largest economy in the world.) Consider this: Why does Kenya Airlines have Boeing 747s in their fleet? Because someone in America builds them. Could those planes be made in Kenya? No, because they have neither the expertise nor the manufacturing infrastructure. Is this situation somehow “exploitive”? No! As my old friend “Jeff Trasel” says: “Please don’t tell me that I somehow magically ‘owe the world’ more because my ‘carbon footprint’ is larger. Well, so is my productivity!” I agree with Jeff. Carbon footprint calculations and swaps of carbon credits are nothing but voodoo economics and socialist scheming.
Credit delinquencies hit record high. (Thanks to GG for the link.)
Items from The Economatrix:
How Wrong Can You Get? (The Mogambo Guru)
US Stocks Drop, Sending S&P 500 to Lowest Level Since April; Exxon Falls
Morgan Stanley Plans to Turn Downgraded Loan CDO into AAA Rated Securities [JWR Adds: I think that they should dub this new unit their Silk Purse Transformation Division]