The proposed $700 billion bailout of Wall Street failed to pass the US Congress last night. Across the world disappointed investors are now fleeing stock markets as the global economy teeters on ruin.
With the likely arrival of more austere times it is unlikely national governments will have a lot of time or interest in environmental issues, including global warming.
The belief that Australia may be somehow immune from hardship because of our mineral wealth and proximity to China is likely to be challenged, along with the idea that we can forge ahead with an Emissions Trading Scheme. Indeed it is resource shares that have been most affected this morning.
During this period of intense market instability, it is likely to be increasingly difficult to justify any additional stresses to the economy particularly one based on the idea of trading a commodity, carbon, for which there is no real market.
The methane clathrates in the arctic have started to melt, which is a purely natural phenomenon and beyond the power of any government to control. Yippee! I don't have care anymore about whether human activity is changing the composition of the atmosphere 🙂
I'm hitching the ski boat onto the Prado this weekend 🙂 Don't have to worry no more. Think I'll airfreight in a few whale steaks for the barbie. Where can I get some DDT to keep the mossies at bay?
Louis Hissink and his mates fiddle while Rome burns .
Jennifer still seems to be a climate change skeptic trying to wring more blood out of an overstressed natural environment ,
as shown by her attitude to the creation of National parks along the Murray River .
Are she and Louis going to issue us all with free museum passes?