Anti-capitalists always complain that entrepreneurs exploit loopholes in all those nice laws liberals and progressives pass to help the environment, the baby seals, the rain forests, etc.
You can bet that will happen with California’s Cap and Trade program, which launches in January and is preceded by carbon allowance auctions on Nov. 14. Reported Forbes:
“Governor Jerry Brown’s budget plan, released in January, projected auction revenue of $1 billion in 2012-13. When the cap-and-trade program expands to include transportation fuels in 2015, auction revenue will ratchet upwards.”
There’s going to be a lot of Cap and Trade dough swirling around the state like the smoke from an old-fashioned smokestack from the industrial era. But cautionary tales come from the Third World, where many countries, after decades of socialist indolence, have adopted capitalism and are industrializing at a rapid clip. This is especially relevant as California itself slips into Third World status.