American Elephants

How They Spend Your Hard-Earned Money: by The Elephant's Child

And was paying your hard-earned money to the IRS painful? $600,000 of taxpayer money is going to the National Science Foundation to study — why people cheat on their taxes.

The National Science Foundation approved the 2015 proposal which set out to “advance basic understanding of how tax compliance behavior emerge”, to determine if there is a link between taxpayers feeling that tax policies are unfair and trying to avoid paying, by cheating. Any several thousand of you willing to write a clear response for, say, half the price? Thought so.

The IRS itself estimates that 83 percent of Americans file and pay on time.

If you are bothered by government waste, which is voluminous,  let your representatives know. They won’t do anything about it unless they know there is some blowback.

The Next Financial Crisis May Be a Carbon Trading Bubble. by The Elephant's Child
February 21, 2010, 8:15 pm
Filed under: Capitalism, Economy, Energy, Taxes | Tags: , ,

Housing bubble, credit bubble?  According to an article in The Telegraph by Jeremy Warner, the newest area of securities trading that is potentially even more lucrative is carbon trading.  According to an article in Harper’s Magazine, carbon trading is now the fastest growing commodities market on earth, damaging economies right and left.

Signatories to the Kyoto Protocol bought into the cap-and-trade concept in 2005,  and since, there have been more than $300 billion carbon transactions, convincing several investment banks to set up their own carbon trading desks.

The promise lies in the fact that if President Obama and his supporters can pass a cap-and-trade system in the United States — a rather large if — demand could explode into a $ 2 trillion to $3 trillion market.

And here is the truly exciting thing about it.  The carbon market is based on a lack of delivery of an invisible substance to no-one.

The market is about creating carbon credits , or finding carbon reduction projects whose benefits can be sold to those who have too much emissions, the whole thing is completely intangible. Can not producing carbon then be described as an asset?  Has everyone gone completely nuts?

This is the most wide-open invitation to fraud and abuse perhaps ever seen.

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