Michael Jackson a eu de la chance : sa carrière a coïncidé avec la mondialisation du CD et l'ouverture des frontiéres . Nul n'aurait pu vendre avant lui, autant de disques : le vinyle et les cassettes audio circulaient moins que le CD est la moitié de la planète en était privée.
Révolution en Amérique latine , mais révolution libérale . Le même jour , le couple présidentiel argentin , Nestor et Cristina Kirchner au sud et le Président Hondurien Manuel Zelaya au centre , ont été de fait écartés du pouvoir . Elections en Argentine et coups d'état militaire au Honduras : mais coup d'état "constitutionnel" , soutenu par le Parlement et les institutions judiciaires . Soutenu aussi , semble-t-il , par la population .
President
Obama’s climate-change legislation, the so-called « clean-energy » bill, has
passed the House of Representatives and is currently being debated in the
Senate. The president claims that the bill will « spark a clear energy
transformation that will reduce our dependence on foreign oil and confront the
carbon pollution that threatens our planet. » In reality, the bill will have no
impact whatsoever on global warming.
If global warming is in fact real and man-made,
the bill’s imposition of a « cap-and-trade » permitting system on heavy emitters
and the oil and gas industries will have only one consequence: the creation
of a huge environmental bureaucracy in charge of implementing it. Europe’s
experience with a similar cap-and-trade system since 2005 makes this clear.
In theory, cap and trade appears to be a smart
synthesis between government regulation and free-market principles. On the one
hand, the government grants each factory a specific amount of polluting rights;
on the other, factories that go beyond their allotted cap are allowed to buy
pollution credits from those still below their cap. Cap and trade was
successfully applied in the 1990s in North America and Western Europe to
eliminate sulfur dioxide, which provoked « acid rain ». Factories shifted to
non- polluting technologies, and acid rain disappeared in ten years.
That success, however, is irrelevant for global
warming. Acid rain was a local phenomenon, caused by a limited number of
polluting industries; an alternative, non- polluting technology happened to be
readily available and cheap. This is not the case with global warming which, as
its name indicates, is worldwide. Therefore, any local effort, whether by
well-meaning individuals or governments, makes no sense. When the U.S. or
Western Europe takes steps to reduce carbon emissions, the impact on the climate
will be negligible unless the whole world follows suit.
The next European or American cap-and-trade
system thus confronts a paradox. If the cap imposed for each factory is low –
meaning a more stringent requirement, as the low threshold will be exceeded
sooner – the factory will have to choose between buying polluting rights,
adopting new technology, or moving its operations out of the country. In most
cases, leaving the country would be the most rational option when alternative
energy still does not exist and buying polluting rights would be too expensive.
If the U.S. follows the European model, though, the caps will be very high, in
the interest of keeping factories from moving abroad. With high pollution caps,
the pollution-rights trading market would not be vigorous; nor would there be
much need to search for alternative energy.
On the other hand, the U.S. might devise a
third way, a middle ground between the ineffective European model and a more
punitive (and economically destructive) cap and trade system. This third way
would require a huge bureaucracy, however, to conduct a census of all polluting
factories and evaluate the proper caps for each – high enough to keep them at
home, but low enough to motivate them toward technological innovation. Yet even
if such a “smart” bureaucracy worked, the impact on global warming would remain
negligible.
Cap and trade, then is either a political
posture – to curry favor with the green movement and assuage popular concerns
that we « do something » about climate change – or economic suicide, in that a
stringent program, done locally but not globally, will bankrupt the nations that
practice it.
Should we conclude that nothing can be done to stabilize the climate, then, without disrupting the economy? No: there is an approach, in fact, on which most economists agree. We might call it the global-warming consensus.
Most economists and many climatologists admit
that we have entered a global-warming period. Human activities probably play a
part, but how great, no one knows for sure. It may well be that carbon dioxide
plays a significant role. As we do not know enough about global warming and its
origins, the best approach is to act with caution, neither dismissing it nor
overreacting.
In the name of caution, nuclear energy, the
cleanest of all energy sources, should be strongly encouraged. France pollutes
less because all of its electricity is nuclear-powered. China, with its high
usage of fossil fuels, is at the other end of the spectrum, polluting heavily.
The U.S. is closer to China than France. Beyond nuclear energy, which is
immediately available, energy innovations could be encouraged through a modest
carbon tax. The carbon tax should encompass all activities from business to
personal use. It should be high
enough to encourage the development of energy alternatives but small enough not
to disrupt the economy: $3 per ton seems about right. In order not to increase
the economy’s total tax burden, the carbon tax should replace other existing
business taxes.
How could a carbon tax in just one country
impact global warming when other countries don’t use it? Carbon-taxing nations
could impose on foreign trade a value-added tax on carbon: exports would be
exempt, but imports would be taxed in such a way as to incorporate the cost of
imported carbon. Such a system would be easier to manage than the currently
envisioned cap-and-trade proposals, because it would require only simple
declaration and random control like any other tax system. By contrast,
cap-and-trade requires a complete new administration to count all
relevant factories, attribute quotas, and control for fraud .
Why might governments avoid such policies?
Perhaps they care less about the climate than they do about their images: to look Green is more important than
anything else. If global warming is a real threat, such political posturing is
deeply irresponsible. If it is not, then such postures can be safely ignored. In
either case, however, in the name of global warming, it appears that we’ll have
to pay for a bureaucratic army of green zealots in charge of useless
regulation.
New York, 29 juin 2009
Le Congrés des Etats-Unis vient d'adopter le projet Obama de lutte contre le réchauffement climatique ; il reste au Sénat à s' y rallier , ce qui est incertain . Ce système dit de cap and trade , allouerait des quotas d'émission de gaz à effet de serre à chaque entreprise émettrice de CO2 . Celles qui dépasseraient leur quota pourraient acheter sur le marché libre ( à créer ) des droits à "polluer" inutilisés par d'autres . Ce qui semble astucieux mais existe en Europe depuis 2005 , sans aucun effet sur la quantité de gaz à effet de serre . Nada!
In the current economic crisis, it is vital to
remember that deregulation is a positive force and a democratic one. The
deregulation revolution got started
in the late 1970s during President Jimmy Carter’s term, when it became clear that private and public
monopolies were stifling economic growth and rationing goods and services.
Economists like Alfred Kahn at Cornell University, and George Stigler and Milton
Friedman at the University of Chicago, made the case for how deregulation could
bring the U.S. economy out of recession and better satisfy consumer needs. Under
President Ronald Reagan, deregulation accelerated in the U.S., and other
free-market nations followed suit – first in Europe, then in once heavily
bureaucratized economies like India, China, and Brazil.
Deregulation has provided consumers with access
to cheaper and more innovative services like cell phones, the Internet, and
budget airfares. It has thus played a decisive role in the unprecedented global
economic growth of the last 25 years. Financial deregulation – namely
securitization, now much maligned – has also played a positive role. Thanks to
the resulting division of risks, more public and private investments have been
made in and out the United States. Without securitization, innovative techniques
and emerging-market economies would not have obtained necessary
capital.
The current consensus among liberal politicians
is that deregulation went too far, and they blame it for the economic woes of
the last year. Their argument is not persuasive, however. For one thing, full
deregulation was never attempted. State bureaucracies remain intrusive and very
much in control. Besides, many financial regulations made the crisis worse,
forcing banks to sell their assets, which worsened the stock-market downturn.
Regulators are usually slower to spot problems in the market than financiers.
Bernie Madoff escaped scrutiny not because regulation was inadequate but because
regulators saw no signs of trouble.
It’s far from proven that financial
deregulation is the cause of the recession, and we would do well to remember
that economists still debate the events that led to the Great Depression of the
1930s. It seems presumptuous, then, to declare with such confidence the causes
of our current difficulties.
Deregulation is a convenient scapegoat for
politicians, who would rather have an easy target for blame than a scientific
explanation. But if we were to underline one among many causes of the crisis,
the Federal Reserve’s loose monetary policy since 2001 would be a much better
candidate – at least from an economic perspective, if not a political one. The
return to a regulated economy, mostly in the finance sector, is thus more of a
political statement than an economic solution: increased regulation means a
transfer of power from private entrepreneurs to the state
bureaucracy.
This does not imply that laissez-faire should
always prevail, however. Free markets cannot exist without the strict rule of
law. The law, however, should distinguish between regulation that gives power
only to regulators and stifles market forces, and regulation that brings more
power to consumers through increased transparency. The Obama administration’s
regulatory proposals, when they foster such transparency – as in the elimination
of fine print on mortgages and credit-card agreements – should be applauded by
free-market advocates.
Eventually, economic growth is always a
trade-off between the state and the market: the market is efficient, but
sometimes dangerous. The role of government is to make citizens aware of the
benefits and hazards of the market. Armed with such information, people can then
make decisions for themselves, without the tutelage of a nanny
state.
Quelle que soit l'issue de la confrontation entre les Iraniens laïcs et la théocratie , la notion de République islamique a vécu . Aprés la prise de pouvoir par Khomeini , il y a trente ans , on a pu croire - du moins , beaucoup de musulmans ont cru- qu'il pouvait exister une troisiéme voie entre la démocratie libérale occidentale , et la dictature communiste . Troisiéme voie qui aurait été , La République islamique avec une économie islamique .
Une semaine après les élections du Parlement européen, on hésite encore à en interpréter les résultat : ce n'est pas si simple et il est prématuré de leur accorder une signification "historique" par-delà les circonstances économiques et les variantes géographiques.
L'étonnement des journalistes des télévisions françaises face à un résultat européen si prévisible , m'étonne , à peine . Il est évident qu'en temps de crise , les nations se tournent vers les mouvements susceptibles de créer des richesses plutôt que vers les mouvements capables, avant tout , de les distribuer. Là , il n' y a rien à distribuer et tout à recréer.
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