EUROPE SENDS BILLIONS TO PUTIN FOR "KYOTO CREDITS"

In an earlier post, I quoted David Warren's grim assessment of Europe's latest folly, the purchase of Kyoto Credits from Putin's Russia. Here's Warren:

The mystery deepens. Turning the newspaper page, we find that, under demented Kyoto arrangements, Germany’s Dresdner Bank is now brokering an arrangement by which European companies will pay 15 billion euros to the corrupt and autocratic Russian state monopoly, Gazprom, in return for “carbon credits” to continue selling oil and gas to European customers on the open market.

This money in turn will help Russia’s dark, authoritarian regime to invest further in its ability to hold Europeans who depend on Russian heating oil through the winter to ransom when it has political demands.

They start by opposing capital punishment. They end by insisting on hanging themselves. [UMPH ADDED.]

And here's some more information about this ridiculous situation: European nations agreed to the "Kyoto" process, and have set carbon emissions limits for themselves. In order to exceed those limits, they are going to buy "credits" from Russia. These "credits" are a fictional device. The Europeans are buying permission to pollute -- from Russia, the most polluted country in Europe. Russia delivers nothing. Reuters:

Gazprombank and Dresdner Kleinwort plan to invest in projects generating carbon credits under the Kyoto Protocol, in a Russian and east European market worth up to 5 billion euros ($6.5 billion) through to 2012.

But Gazprombank, owned by the world's largest gas company Gazprom (GAZP.MM: Quote, Profile , Research), admitted that no projects could actually be implemented until Russia passed laws to govern emissions trading -- something it has repeatedly promised but failed to deliver.

Furthermore:

Outside JI schemes, which allow investors to book foreign emission savings as their own, experts say Russia may have as many as 3 billion tonnes of spare quotas to sell under Kyoto's terms if it passes the required laws.

Thus Western Europe itself funds the tyrannical regime that is still seeking to subvert it. As Lenin said, "When the last of the bourgeoisie is hanged, it will be a capitalist who sells us the rope."