Carbon Trading Comes to Canada
New excitement from the wonderful folks who gave us the subprime mortgage disaster … As we all know, markets are the very best way to make this a better world. That's especially true of markets that don't trade actual goods, but symbols of goods, and abstractions of symbols, and derivatives of abstractions of symbols … The less the market has to do with actual human economic activity, the better. After all, if we didn't have such markets, we would have missed out on many wonderful experiences. In the past decade alone we've had the dot-com bubble … the telecom crash … the sub-prime mortgage crisis … the collapse of Bear Stearns and Northern Rock So of course we should all be delighted with this news: The Montréal Climate Exchange (MCeX), a joint venture of the Montréal Exchange (MX) (TSX: MXX) and the Chicago Climate Exchange (CCX), announced today that it plans to launch trading of futures contracts on Canada carbon dioxide equivalent (CO2e) units on May 30, 2008, subject to