+JMJ+
Isaiah 41:15 Behold, I will make of you a threshing sledge, new, sharp, and having teeth; you shall thresh the mountains and crush them, and you shall make the hills like chaff;
Matthew 3:12
Whose fan is in his hand, and he will thoroughly cleanse his floor and gather his wheat into the barn; but the chaff he will burn with unquenchable fire.
"Let the TRUTH be your delight.... proclaim IT..., but with a certain congeniality."
St. Catherine of Siena
The slogan for the Green Party meeting is "Another US is possible, another party is necessary" -- similar to the Social Forum motto, "Another world is possible."
Chicago Climate Exchange Founder - Richard Sandor on Emory Univ. Campus - April 2010.
You need to watch the entire thing --it is FULL of info. (I have paraphrased and done my best to gather the highlights of the video.) Video Synopsis-(*these times are not exact) 9:13 mins. - Opening of his speech on bank debt and on 'Value' - "Wealth & Value Creation" - created in manufacturing. Value --Commodities...Interest rates, liabilities, risk, mortgages, - Fannie Mae etc.
***10:00 - 11:50 mins. - [LISTEN TO THIS PART CLOSELY!!] Listen-- to his Commoditization of data -the internet -" What's next?" "Next Value Proposition" - "Commoditization of Air and Water" - "We live in Public environment...."..."So many people on the planet...."..."Some Financial engineering"..."need to invent"..."some way to get the air in the room"...."when it's FREE you over eat and there's no rationing..."...."Need to invent some surrogate for trading"....goes to Ronald Coase.12:33 -13:41 mins. - Ronald Coase - 1960's Article - "Theory of Social Costs" -(*See quote below) 'Bargaining' - trade---'Managing AIR & WATER'---[GOD'S CREATION!] [Quota of air and water?!] GOTTA FIGURE OUT HOW TO CHARGE FOR AIR & WATER?!
21:53 mins. - Cap-n-Trade is a Financial Invention- Prof. Coase is the architect of Cap-n-trade.
22:46- 23:46 mins. - Coase's -idea get a cap on the carbons....reduce emissions...not drive unemployment...provide a low cost transition to low carbon use....low pollution free world- air & water.
24:20 mins. - Commoditized interest rates and now will attempt to do Air Commoditization.
27:00-32:20 mins - Listen to this part carefully -32:08 mins.- Chicago Accord (16 pgs)
32:38 - 33:51 mins. - After they got the money....'every thing' went wrong.....no Kyoto agreement, no legislation/imperative....9/11...war in Iraq, etc. Went through $1.2 mil and then they were able to get more $ - $1.6 mil (1st outside investor) Jesuit community in Santa Clara University -[????] ('Associate Members' of CCX too )- (He didn't want Fr. to disappoint 'his client'?....huh???....hmmmm....so 'they' got the money from someone else?)
41:52 mins.- TX can't export or import power... Electricity grid closed - "alot of things to overcome"-
44:36 mins. - Need to have uniform belief in this system to make it work --paraphrase
45:41 mins. - (Took a question from aud.) If Copenhagen doesn't work....'using this like the cotton trade' as an example....."6 markets to 'trade in'".....linked by offsets - trees, etc.
50:00 mins.- listen to 'the pitch'...'CCX - 'currency' - in Kerala Province India - "blank slate and open mind" - trying to get 'young people' involved
51:00+ mins. - UN doesn't really like this because they use measurement....will work with socially conscience businesses.
@ 12:33 mins.-(***update-sorry for the broken link-it's fixed now)Ronald Coase - "but the rights to perform certain actions, and the rights which individuals possess are established by the legal system.While we can imagine in the hypothetical world of zero transaction costs that the parties to an exchange would negotiate to change any provision of the law which prevents them from taking whatever steps are required to increase the value of production, in the real world of positive transaction costs, such a procedure would be extremely costly and would make unprofitable, even where it was allowed, a great deal of such contracting around the law. Because of this, the rights which individuals possess, with their duties and privileges, will be, to a large extent, what the law determines. As a result, the legal system will have a profound effect on the working of the economic system and may in certain respects be said to control it.
It is obviously desirable that these rights should be assigned to those who can use them most productively and with incentives that lead them to do so and that, to discover (and maintain) such a distribution of rights, the costs of their transference should be low, through clarity in the law and by making the legal requirements for such transfers less onerous. Since this can come about only if there is an appropriate system of property rights (and they are enforced), it is easy to understand why so many academic lawyers (at least in the United States) have found so attractive the task of uncovering the character of such a property-rights system and why the subject of "law and economics" has flourished in American law schools. Indeed, work is going forward at such a pace that I do not consider it overoptimistic to believe that the main outlines of the subject will be drawn within five or ten years."
