The Fossil Fuel Dilemma

By David L. Debertin, – Re-Blogged From WUWT

California again easily could become one of the top three fossil fuel producing states in the nation, but the largely liberal state has made drilling for fossil fuels within the state very difficult if not impossible. So the drillers have wisely looked elsewhere for locations that pose less of a political burden. North Dakota and its leaders welcomed the drillers. The result is tax dollars flowing into the state treasury from a variety of oil-related taxes levied not only on the drillers, but on individuals receiving mineral royalty income. In the past dozen years or so this has meant that taxpayers outside the oil producing counties have seen state-level taxes drop and the state can pursue projects that benefit the residents in a host of different ways simply by using funds that would not have been available had the drilling not occurred.

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East Coast Govs Want to Jack Up Gas Taxes to California Levels

‘In the face of continued inaction and all-out climate denial from the Trump Administration, regional, cooperative efforts … are critically important…’

Several East Coast governors from both political parties are considering policies that would circumvent President Donald Trump’s de-regulated auto emissions standards and force drivers to pay more at the pump.

Raising gas taxes would allow states to invest additional funds into public transit, electric vehicles and other environmentally friendly infrastructure, thereby addressing rising carbon emissions.

More than a dozen states are considering the agreement, which is based on the Regional Greenhouse Gas Initiative, according to Politico.

Connecticut, Delaware, Maryland, Massachusetts, New Jersey, Pennsylvania, Rhode Island, Vermont, Virginia, New York, Maine and New Hampshire are all part of the proposal. Eight of these states have Democratic governors, and the other four have Republicans.

Oil Industry And Left-Wing Enviros Find Common Cause In A Carbon Tax

Photo by JeepersMedia (CC)

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The Days the Music Died

The music died many times in the past. To name a few:

  • 1929 Market crash
  • 1933 President Roosevelt confiscates citizen gold and declares it illegal to own more than a few ounces.
  • 1971 President Nixon “closed the gold window” and severed the last link between the devaluing dollar and gold.
  • 1987 Stock market crash
  • 2000 Stock market and “dot-com” crash
  • 2008 Stock market and housing crash
  • 2019? Stock market and “everything bubble” correction/crash
  • 2020-2025? “Inflate or Die” QE, bond monetization, helicopter dollars etc.

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A Wealth Tax Consumes Capital

By Keith Weiner – Re-Blogged From Gold Eagle

It seems one cannot make a name for one’s self on the Left, unless one has a proposal to tax wealth. Academics like Tomas Piketty have proposed it. And now the Democratic candidates for president in the US propose it too, while Jeremy Corbyn proposes it in the UK. Venezuela finally added a wealth tax in July.

A Wealth Tax

So how does a wealth tax work? The politicians quibble among themselves, as if the little implementation details that differ between them are important. But they share the key idea. The wealth taxman is to go to the people who have wealth, and take some. And next year, come back and take more. And so on.

It should be obvious that this is morally wrong. But we want to focus on the economics. To do that, we need to drill down into the nature of wealth. What is wealth?

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Weekly Climate and Energy News Roundup #374

The Week That Was: August 31, 2019, Brought to You by www.SEPP.org

By Ken Haapala, The Science and Environmental Policy Project

Quote of the Week: What I cannot create, I do not understand. – Richard Feynman

Number of the Week: 6,000 times more accuracy needed!


Nothing New in AGW: David Whitehead briefly reviews several new studies which demonstrate where and how Global Climate Models are failing. The first one listed, in Science Mag, discusses how humans have been changing the face of the Earth for up to 10,000 years. There is a large project underway, ArchaeoGLOBE, which is gathering data and various areas of the globe, to include change of land use from agriculture be it animal husbandry or farming. Archaeologists have discovered that humans have modified corn for some 10,000 years.

The ArchaeoGLOBE Project was based on a questionnaire to more than 200 archaeologists with 10 distinct time points from 10,000 years ago to 1850. Data were collected for four land use categories: foraging, hunting, gathering and fishing. Such work might provide valuable information on how humans affected different regions of the globe, and what tools were used. Also, the study dispels the common notion than human impact on climate did not start until about 1850, so human impact on nature and climate is nothing new.

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Our Costly Dalliance With Lord Keynes

In “The General Theory of Employment, Interest and Money”, Keynes virtually created macroeconomics. But Keynes was a mathematician, not an economist, and did not fully understand free markets, so he was hardly qualified to emerge as the most influential economist of the last century. His misconceptions still inform the establishment, comprising governments and their regulated financial sectors. Given that there is dawning acknowledgement that these policies are propelling leading nations into a common financial and economic crisis, a forensic dissection of Keynes’s errors and motivations is overdue. This essay is a brief attempt to rectify this omission.

Hayek’s assessment of Keynes

Perhaps we should have listened to Friedrich Hayek, when he said that his friend Lord Keynes was not an economist. This description of Keynes by Hayek is extracted from a video interview with Leo Rosten in 1975:

“He was a man with a great many ideas who knew very little about economics. He knew nothing but Marshallian economics. He was completely unaware of what was going on elsewhere. He even knew very little about nineteenth century economic history. His interests were very largely guided by aesthetic appeal, and he hated the nineteenth century and therefore knew very little about it, even about its scientific literature.”

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Germany Considers a 19% Meat Tax to Combat Global Warming

By Eric Worrall – Re-Blogged From WUWT

Anyone here believe that global warming zealots want to stop at 19%?

Germany may introduce ‘meat tax’ to protect the environment

Currently meat has reduced tax rate of 7 per cent but politicians say it should increase to 19

Phoebe Weston Science Correspondent @phoeb0  1 day ago

Germany could introduce a “meat tax” to protect the climate and improve animal welfare.

Currently meat in the country has a reduced tax rate of seven per cent but the Social Democrat party and the Greens are arguing that this should increase to the standard 19 per cent, with additional revenue spent on improving animal welfare.

New York Hot Dog
Monks Hot Dog, author Mark H. Anbinder

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