Saturday, November 28, 2009

Al Gore on Capitalism, Disclosure, Incentives, Regulation and Responsibility

Former Vice President, and carbon-trading mogul, Al Gore, has an article in Financial Times advocating a new kind of capitalism which he terms "sustainable capitalism." To bring this about, he says, there is a need to reconsider the basic building blocks of commerce and markets: accounting, disclosure, incentives, regulation and responsibility - and he completely ignores the news of the Hadley Institute's hacked emails and manipulated data. See a terrific video below.

Al Gore

If that isn't a hoot to hear Al Gore talk about disclosure, incentives, regulation and responsibility, I don't know what is. Gore says?
The longer we defer the proper accounting for externalities such as global warming pollution, the greater the strain we place on our already fragile economies. For example, by ignoring the real risk-profile of high-carbon businesses, we are both allocating capital poorly and creating trillions of dollars of “subprime carbon assets”.

Just as widespread assumptions about the value of bundled and securitised subprime mortgages collapsed when tested by reality (thereby detonating the first stage of the financial crisis), the current widespread assumption in markets that it is perfectly fine to dump 90m tons of global warming pollution into the thin shell of atmosphere surrounding our planet every 24 hours – as if it is an open sewer – is also now colliding with reality.
The only collision with reality is that Gore's climate data was cooked and the world knows it, and can prove it:
It was announced Thursday afternoon that computer hackers had obtained 160 megabytes of e-mails from the Climate Research Unit (CRU) at the University of East Anglia (UEA) in England. Those e-mails involved communication among many scientific researchers and policy advocates with similar ideological positions all across the world. Those purported authorities were brazenly discussing the destruction and hiding of data that did not support global-warming claims.

Professor Phil Jones, the head of the Climate Research Unit, and professor Michael E. Mann at Pennsylvania State University, who has been an important scientist in the climate debate, have come under particular scrutiny. Among his e-mails, Mr. Jones talked to Mr. Mann about the "trick of adding in the real temps to each series ... to hide the decline [in temperature]."
There is no accounting, disclosure or responsibility on the part of Al Gore's carbon credit business, and his efforts to reduce your tiny little carbon footprint, and mine, while expanding his own.

It is shocking to hear a Liberal hint that the housing meltdown was the beginning of the financial crisis, and I give him credit for his understated nugget of truth, but to the contrary, there was no widespread assumption agreeing to the "value" of subprime mortgages. There was only a Democrat scam to get constitutient voters into homes the buyer could not afford, with no credit check and no money down, resulting in a vote to return Maxine Waters and Barney Franks to the U.S. House and Chris Dodd to the U.S. Senate. The "scam" is known as the Community Reinvestment Act (CRA). It was the single cause of the financial meltdown. Lenders were forced to grant these completely irresponsible loans, and this country is still paying dearly for the criminal and unconstitutional legislation - and it all began under the Clinton-Gore administration.

Gore and/or his co-author David Blood are cheeky enough to say "disclosure and transparency are critical to the optimal allocation of capital," and those words are even used in the same paragraph with endorsing the warped UN Global Compact. Undoubtedly, in Gore's world, "optimal allocation of capital," reduces to using capital first and foremost for "green" endeavors - even though there is no global warming and certainly no world-wide climate warming.

Gore invokes White House Chief of Staff, Rahm Emanuel's infamous comment that a "crisis is a terrible thing to waste." That quote from Stanford economist,Paul Romer, didn't mean creating a crisis to bring about a desired Liberal result.

The Apostle of Climate Change, Al Gore has all the momentum on his side though, as few are reporting on the recent discoveries of ClimateGate. When I search for certain words related to ClimateGate, I find none of the major newspapers reporting the story: The New York Times, the New York Post, USA Today, the Los Angeles Times, the Houston Chronicle, the Denver Post or the Chicago Tribune. My apologies if my pertinent search words haven't I forced an existing article to pop-up. There is nothing about the story they want to profile. Isn't it noteworthy that the chief science center for climate change data, the Hadley Climate Research Centre and the University of East Anglia Climate Research Unit, are  manipulating data to fit a need? Of course it is, but this Liberal cause, embraced and driven by Al Gore, will be championed, no matter the truth - and a publication such as Financial Times will deem this irresponsible article from this dangerously irresponsible politician fit to print. Read the background and the ongoing story of ClimateGate at ClimateDepot, and beware Al Gore's methods to revise capitalism.

Al Gore - Hide the Decline

Related: Hadley Hacked: Hadley Science Bogus: East Anglia Climate Research Hoax

©2007-2012copyrightMaggie M. Thornton