... claims Mr. Gardner, their proposals to deal with the problem by regulation represent a level of economic ignorance unseen outside the University of Havana!
... Mr. Gardner claims that “pricing” carbon via cap-and-trade is “efficient because it isn’t some bureaucrat in Ottawa who decides who will reduce emissions and how they will do it.”
Has he been vacationing off the planet?
... I had never come across anybody before Mr. Gardner who dared to suggest that it was a “free market” solution. In fact, cap and trade is to free markets what Sophie’s Choice was to free choice. It corresponds to the Stalinist definition of initiative: finding the best way to carry out an order.
... Cap and trade’s “market” is entirely artificial, based on government-created scarcity. It isn’t a market in freely traded goods, but in bureaucratically regulated “bads.” ... At whatever level of regulation, however, cap and trade promotes the sleaziest of mixed-economic concoctions, supported by officials who would do the capping, and the private-sector operatives who would do the trading, and/or reap the benefits of a system that is doomed to be rigged.
... Meanwhile, the main issue remains whether there is a climate crisis in the first place. Mr. Gardner devoutly believes so, but one can’t help wondering if his grasp of science is as dodgy as his grasp of economics.Classic Foster.
Update: Joanne at BLY caught Gardner's Tweet which promises a reply to Foster. Heh, can't wait.