Saturday, January 22, 2011

Want To Stop Cap-And-Trade? Steal $40 Million Worth Of Carbon Emission Permits, As Has Happened In Europe

That's what a group of cyberthieves did over in Europe, and National Public Radio reports that trading in carbon allowances has been temporarily suspended for at least a week.

During the past few months, but especially in the last week, cyberthieves have been able to break into one of the registries where carbon allowances were recorded and change the ownership records of carbon emission permits issued to various enterprises. The way the theft scheme would work is that the thieves would transfer the credits to another account, then quickly sell them to someone else who might not be inclined to enquire too closely into their origin.

Another scheme used by online fraudsters in February 2010 targeted national registries through a "phishing" scam. The criminals first sent official-looking emails to market participants requesting their login details, which they then used to steal emissions allowances and sell them on illegally.

The carbon emission permits are issued in Europe to try to fight global warming. Authorities allocate a quantity of permits to each country, and those levels can't be exceeded. Each country's government then issues those permits to companies that produce carbon — power plants or paper mills, for example. Companies that produce less carbon than they're permitted can sell what's left of their allowance to companies that produce more than they should. There's actually a market where these allowances are traded electronically.

And it's that electronic market that was targeted.

After snooping around, I also found a story on the Telegraph (U.K.). It appears the Czech carbon register was a primary target. The carbon allowances were bounced between eastern European countries before disappearing without a trace. The Telegraph further reports that the carbon emissions market has been plagued by fraud, with Europol estimating that carbon trading criminals trying to play the system may have accounted for up to 90 percent of all market activity in some European countries during 2009. Fraudulent traders mainly from Britain, France, Spain, Denmark and Holland pocketed an estimated €5 billion (in euros). The European Union estimates that at least half the 27 countries trading carbon are poorly protected against fraud.

Aside from the fact that a crime was committed, the beauty of this scheme is that it could undermine the whole cap-and-trade lollapalooza. If companies start worrying that their carbon allowances could get stolen, the whole system could collapse through lack of confidence. Goodbye, cap-and-trade. This is why trading was immediately halted.

Cap-and-trade is a monumental scam designed to create another bubble for predatory speculators to mine and collapse. So why should I be upset when scammers get ripped off by other scammers?

9 comments:

  1. Sound like the jew mafia in iseahell/jew york to me....

    ReplyDelete
  2. Boobus Americanus, a/k/a GOP 'Conned-Servant-ive', they (the jew) are chiseling out your tombstone epitaph right now. It reads 'died of apathy, amnesia, abulia, cowardice, weakness and stupidity.'

    ReplyDelete
  3. "Hey pop, what shall I do with all of those surplus bombs and missiles we have?"
    "Do what I did, Dubya, bomb something. Trowel and Chinny will help you as they did me. They always got their rocks off at a good demolition and slaughter -- providing they were at a safe distance, of course."
    "Great idea pop, but who shall we bomb?"
    "Try Iraq. That'll keep our body count very low ... like shooting pigs in a barrel, he, he. Besides, those bastards have the audacity to want to put millions of barrels of oil on the open market. That would drive prices down and with it, profits. Anyone who f--ks with our profits is a criminal and we'll be rendering a service by blasting them back into the stone age."

    ReplyDelete
  4. Again -- bullshit baffles brains.

    ReplyDelete
  5. Science department: The quantum physics uncertainty principle -- We can be certain that certain things are uncertain and also uncertain that uncertain things are certain.
    --------------------------------------------------------------------------------
    Psychology department: The sum of an infinite number of morons does not equal one average person.
    --------------------------------------------------------------------------------
    Grammar department: A homophobe is a person who fears groups of words which sound the same such as flu, flue and flew, and new, knew and gnu.
    --------------------------------------------------------------------------------
    Math department: Abe Pilebaum was not the first person to circumcise a circle about a triangle.
    --------------------------------------------------------------------------------
    Home economics department: Always use synonym when making apple sauce.
    --------------------------------------------------------------------------------
    Quiz department: (1) Would it be a compliment to say that someone has a complement?
    (2) Is a brassiere made out of brass? (3) Are brassieres required in brasseries? (4) Is a pineapple a fruit resulting from a cross between an apple tree and a pine tree? (5) How do you spell the letter "g"?
    If you get 6 of the above correct, you will pass the course.

    ReplyDelete
  6. Shabbez goy Lush Rimblow

    ReplyDelete
  7. "If the American People ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks, and corporations that grow up around them, will deprive the people of all property until the children wake up homeless on the continent their fathers conquered. I sincerely believe the banking institutions, having the issuance power of money, are more dangerous to liberty than standing armies! Already they have set up a money aristocracy that has the government at defiance. The issuing power [of currency] should be taken from the banks and restored to Congress and to the People, to whom it belongs! "
    "If our Nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good also makes the bill good. The difference between the bond and the bill lets money brokers [bankers] collect twice the amount of the bond plus interest. Whereas the bill [currency] pays nobody but those who contribute directly in some useful way. The People are the basis for government credit. Why then cannot the People have the benefit of their own credit by receiving non-interest bearing currency, instead of bankers receiving the People's credit in interest bearing bonds? It is absurd to say that our country can issue 30 million dollars in bonds and not 30 billion dollars in currency! Both are promises to pay; but one promise fattens the usurers and the other helps the People!" --- Thomas Jefferson

    The sequence Thomas Jefferson predicted of "first by inflation and then by deflation" is precisely what transpired in the decade of the 1920s. The privately owned Federal Reserve Corporations first expanded (inflation) the money supply in excess of their legal debt backing and then arbitrarily collapsed it (deflation). The banksters sealed their theft in 1933 by outlawing public money, criminalizing the possession of gold and then substituting their own debt-backed private currency as the only "legal tender".

    ReplyDelete
  8. "And furthermore, the Republican Party must be destroyed." Cato.

    ReplyDelete
  9. "Crap and Trade"

    ReplyDelete