What Newspapers Does Obama Read? Not the WSJ, Obviously….

because instead of putting forward his destroy-the-American-economy ideas at Copenhagen (see below), he would know that his grandiose cap-and-tax-cap-and-trade-carbon-tax ideas would result in this: 

…Corus, Europe’s second-largest steel producer, is shuttering a giant U.K. steelmaking plant at Redcar, cutting 1,700 jobs. Corus blames the recession that has cut steel demand and says the British government hasn’t done enough to help it.
Whatever the truth of that, there’s little doubt that cap and trade made the closure much easier. The decline in steel production means European steelmakers have surplus carbon allowances. According to Carbon Market Data, a European research firm, in 2008 Corus had the second largest surplus of EU carbon allowances—7.5 million.
Corus will also profit if it moves the production to India.
Corus was bought in 2007 by Tata, India’s largest steel company. The Indian steel industry is set to more than double production to some 124 million tons a year by 2011-2012. Were Corus to move production to a “clean” Indian factory, it could receive hundreds of millions of dollars annually from the Clean Development Fund. The kicker is that none of this results in fewer carbon emissions. 
We should add that all of this is precisely what Kyoto envisioned. The idea is to tax Western industry and then send the proceeds to developing countries as an incentive to join the anticarbon crusade.

To summarize: Cap and trade is a scheme that would impose heavy carbon taxes and allowances on U.S. industries, which would then have an incentive to move overseas themselves, or to sell those allowances to overseas companies that could use them to become more competitive against U.S. companies. Like the 1,700 Brits at Redcar, American workers would be the big losers.

Tell ’em where you saw it. Http://www.victoriataft.com

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