March 19, 2009

UN - Ditch the Dollar / Save the Planet

Part 1 of 2

If the United Nations ever displayed it's hostility towards the United States more blatantly than it has in the last 48 hours I don't recall the occasion. They also have managed in the same 48 hours to display their latent stupidity.

Shortly after the Reuters report came out saying that the UN was looking for a $750 Billion oil tax to create a "Green New Deal" (a tax that would no doubt significantly hit Americans, and is egregiously ill-timed), they follow it up with the idea of dumping the American dollar as the world's reserve currency. Honestly, I'd encourage the United States to take a "not if I ditch you first" attitude on all of this garbage.

Stepping back to the Green Deal idea for a second, Reuters quotes the head of the U.N. environment agency, Achim Steiner as saying;

"The opportunity must not be lost...If, for argument's sake, you were to put a five-year levy in OECD countries of $5 a barrel, you would generate $100 billion per annum. It translates into roughly 3 cents per liter, it would be almost, if not totally, unnoticed by the consumer," he said, especially since oil prices have fallen from more than $140 a barrel at mid-2008 peaks to about $40.
Where to begin?

(1) What freaking OPPORTUNITY??!? During a major global recession he wants to increase oil taxes? Of course this guy is an environmentalist and knows less than zero about economics. This is NOT in any way shape or form an opportunity to levy more taxes. Unless of course you subscribe to the Emmanuel school of 'don't waste a crisis' panic management.

(2) 3 cents per liter equates to about 11.4 cents per gallon. Depending on the size of the vehicle gas tank, that's anywhere from $1 to $3 extra per fill up. Not to mention impacts on other industries - construction, aviation, plastics, manufacturing, transportation. Furthermore if the United States consumes 25% of the world's oil, it will therefore absorb 25% of that $100 billion per year. True that's peanuts compared to all the money President Obama's putting towards recovery, health care, mortgages, bailouts, etc. But it just might be the straw to break the camel's back.

(3) Global warming is still complete bunk. It doesn't matter what Al Gore says, he's out of touch with reality - he won't even debate except to say debate is over. Tell that to the thousands of scientists who think global warming is not a man-made phenomenon.

(4) The article claims the idea for a Green New Deal was inspired by Roosevelt's New Deal that supposedly ended the Great Depression. Except all it did to end the Depression was to move the end date out by a few years, thus prolonging the depression. Great idea Achim.

This had to be the stupidest idea ever. At least for a few hours until the next UN stupid idea came along shortly afterwards.

(See Part 2)

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