Crap & Betrayed – Sam Kephart Exposes Obama, Gore and the Truth of Carbon Credits
With the Waxman-Markley bill gaining steam in Congress, Sam Kephart looks at the intimate ties between Barack Obama, Al Gore and the lucrative futures market associated with Climate Change.
July 6, 2009
Senator John Thune
United States Senate SR-493
Washington, DC 20510
Dear John,
It was good to see you again, however briefly, at the staging site for the July 4th. parade on Saturday in Spearfish.
I mentioned to you my profound concern about the impending ‘Cap and Trade” legislation now before the Senate for consideration.
You and the Republican Senate leadership must kill this bill, which I refer to as ‘Crap and Betrayed’.
Here’s why:
• It’s based on junk science. Long cycle solar waves, the Earth’s astronomical precession, and other natural phenomena are the predominant cause of “climate change”, not human activity.
• Cap and trade, even if mandated here in the US, will do no good unless China, Russia, India and other major generators of greenhouse gasses do likewise at the same time.
• The reduction goals are unrealistic. If you do the macroeconomic math, the long term goal of cap and trade, an 80% reduction by 2050, is moronic. It would take our carbon footprint from about 25 tons per person per year now to about 2 tons… a level that hasn’t been seen since the time of the Founding Fathers.
• It’s restraint of trade. Climate Exchange PLC of London wholly-owns the European Climate Exchange, the Chicago Climate Exchange, and the Chicago Climate Futures Exchange. The trading of carbon credits is a global monopoly.
• Carbon credit futures are derivatives. The exchange’s web site home page even uses that term. Hasn’t Main Street America suffered enough from the effects of derivatives invented by financiers (Wall Street and London)?
• It’s a financial scam. Waxman-Markey contains language that specifically allows non-users to buy, sell, trade, and hypothecate carbon credit futures. This means that hedge funds and other “sophisticated investors” can legally game the carbon credits markets in the same way they currently inflate oil and energy derivatives. Allowing them to invest/speculate will only raise, not lower the cost of carbon credits.
• Undisclosed relationships and interests. Both President Obama and former Vice-president Al Gore have ‘unclean hands’ here. Both were instrumental in helping to set up the Chicago Climate Exchange. Obama, for 3 years (1998-2001), was on the Board of the Joyce Foundation which helped fund it. Their cronies, Dr. Richard L. Sandor and his business associates, will literally become centi-millionaires, if not billionaires, overnight if Cap and Trade passes. Sandor was a major Obama supporter.
Where in the hell is the transparency here?
John, you attended the dinner where I gave my first political speech. It was August 6th, 2007 in Dakota Dunes. Do you remember my theme?
My key point that night was that America was poised to go off a financial and social cliff, like the final scene in Thelma and Louise.
The audience chuckled and tittered…. it’s not so funny now.
Further, you sat at the head table with me at the Fall River Lincoln Day Dinner on March 27th, 2008 when I publicly stated that derivatives would likely cause a ’29 style market meltdown. Everyone thought I was exaggerating.
Cap and Trade is bad legislation. It’s a hidden tax, it’s a financial scam in waiting, it’s being driven by hidden agendas, and it’s socialism and societal control run amok.
Lowering America’s carbon footprint over time is probably a good idea. However, it can be accomplished through education, retro-fit tax incentives for energy savings for home and business, better fuel economy mandates for cars and trucks, grants for promising green technologies, adding/improving rail services, tax incentives for utility companies to lower emissions, and clearing out the red tape for wind and solar farms and the lines needed to carry their output.
I have spent dozens of hours studying and researching this topic. I have attached a summary of my thoughts, along with proof of my claims and some other valuable perspectives.
John, you must get the word out to any independent thinking Senators, who really care about their country, to vote a resounding NO on this crap and betrayed concept.
Thank you for your time and consideration. Please call me with any questions at 605-639-3100.
Best Personal Wishes,
Samuel R. Kephart
cc: Qusi Al-Haj
‘Cap and Trade’ Report
Here are some key pointers to the truth about President Obama’s proposed cap and trade program.
There are two major question marks here:
• First, the argument for global climate change is NOT settled. Why add an economic burden to the taxpayers based on shaky evidence?
• Second, the carbon credit exchange idea is nothing more than a profound economic betrayal of the American middle-class and future generations using a wealth transfer scheme operated by global elites manipulating derivatives.
President Obama’s proposed “cap and trade” system for limiting and controlling carbon dioxide emissions from energy production, business, and industry will raise the cost of electricity and living for all of us. It will also further enrich the same financial oligarchs that invented sub-prime mortgages, Collateralized Debt Obligations, and Credit Default Swaps.
Since all humans and most human activities generate CO2, lowering those levels voluntarily, using clean technologies, tax incentives, and education is a good idea. Mandating a carbon credits program is a blunder for two reasons: First, there is convincing scientific evidence that shows global warming and cooling trends are, in large part, caused by long-cycle solar energy waves interacting with Earth’s upper atmosphere, not human Crap and Betrayed activity. Do human life and economic activity impact carbon dioxide levels? Yes, obviously.
However, the question is does human-generated CO2 create global warming… or are these proven solar cycles the principal cause?
Historical data indicate significant heating and cooling periods have occurred on earth long before man and, with all due respect, Al Gore walked the planet. Second is the assumption that a cap system here will offer a net improvement. Unless imposed globally, it can’t. Carbon dioxide accumulates in the upper atmosphere and moves around the world; it doesn’t hang over any given country. A U.S. cap, even if successful, will be rendered meaningless by uncapped growth in China, Russia, India, and other emerging economies.
It can be argued that even if all countries simultaneously reduced their CO2 emissions by 20 percent, it would offer little or no net benefit. Some environmental studies claim that it is too late to curb CO2 accumulations that the damage is done and global warming, if you accept carbon dioxide is the cause, will be with us for centuries.
Further, how do we benefit from the increased costs of compliance and reduced standard of living a cap and trade scheme will impose on us? We don’t. Currently voluntary, a mandated carbon cap will force many of America’s electric utilities, industrial companies, and smaller businesses, like bakeries and possibly even live stock producers, to purchase carbon credits to offset or trade for the “pollution” they’re sending into the upper atmosphere, contributing, at least theoretically, to global warming. These costs will be passed on to us as substantially higher prices for coal-fired electricity and other staples of our economy. Here’s where we get plundered:
Carbon credit futures are financial derivatives; they are nothing more than a shared illusion that literally creates something expensive out of nothing. The same Wall Street casino mentality that caused our current economic mess is already pumping up this $100 billion plus international market. It’s contrived vaporware designed to guilt the American people into paying a hidden energy and pollution tax and transfer our wealth to others. It will have little or no effect on global warming and it will only further enrich the financial elite by generating tens of billions in commissions annually.
“Cap and trade” is the next step in selling out the middle class and bringing our country one step closer to national socialism. It!s a fraud… and I can prove it to you.
Currently, there are only two major carbon credit exchanges, The London Exchange and the Chicago Climate Futures Exchange. The London entity owns the one in Chicago (see above), so, in essence, carbon credits brokerage is a global monopoly (see attached Press Releases). Both Barack Obama and Al Gore, Jr. have significant links to the founding of the Chicago Climate Exchange (see attached article).
If passed, the proposed !cap and trade” bill will make Obama”s and Gore”s cronies and business associates millionaires overnight…. quite literally.
President Obama has been advocating openness and transparency in his administration. Have you heard him disclose ANYTHING about something this significant regarding his impending cap and trade legislation?
The Democrat-controlled Congress is now trying to push though cap and trade legislation.
The rush to legislate has clouded the reality that this is a thinly veiled wealth redistribution tax masquerading as a solution for global climate change. As if this insanity weren’t bad enough, Title VIII of the proposed Waxman Markey House bill allows investment banks, hedge funds and other speculators to participate in carbon credit futures, aka derivatives. Here”s an image from the home page of the Chicago Climate Futures Exchange:
We!re in our current economic mess because of derivatives. Further, speculation last summer and now is the primary cause of our rising oil and gasoline prices.”Since cap and trade would”create a de facto tax on coal-fired power plants, do we really want the “big boys” gaming”our electric rates too?”Didn’t we endure enough of that trading fraud during the Enron years?
This is particularly troubling since government has shown no”inclination to properly regulate derivatives. In fact, the bulk of the money ($180 billion so far) given to AIG has been used to pay out for losses to investment banks like Goldman Sachs for gambles they took on derivatives.
Short and sweet, South Dakota taxpayers are footing the bill for a bunch greedy assholes with a gambling habit who were trying to leverage their bets beyond all reason to puff up the investment returns and get their bonuses.
Further, why should we let those who are primarily responsible for the”current economic crisis participate in anything else?” Have they not done enough”damage? Has the American public not yet rendered enough “tribute” ? Al Gore, Jr. is a phony about all this climate change, as well. His father, Al Gore, Sr., was a long-seated director of”Occidental Petroleum. OXY has been a steady supplier of campaign funds to Gore and to the Democratic Party, though its relationship with Gore goes far deeper. When the elder Gore left the Senate in 1970, Armand Hammer (the founder and CEO of OXY) gave him a $500,000-a-year job as the chairman of Island Coal Creek Co., an Occidental subsidiary, and a seat on Occidental’s board of directors. By 1992, Gore owned Occidental stock valued at $680,000
Before”Dr. Armand Hammer died, he arranged for the Gore family to be sold some oil producing properties at a favorable rate as a “thank you” for Gore, Sr!s loyal service to OXY.”
Here’s photographic proof. Al Gore Senior is standing in the second row, third man from the left:
At the time Gore Senior died, roughly 85% to 90% of the value of the Gore Family Trust was OXY stock or oil producing properties and mineral rights sold to them by OXY.”Most of Al Gore’s wealth comes from hydrocarbons. Lowering America’s carbon footprint may be a good idea, but cap and trade isn”t.
Circus impresario P. T. Barnum is credited with saying, “There’s a sucker born every minute!” Are the citizens of South Dakota among them?
Sam Kephart
7/11/2009
Click below to download a full copy of Sam Kephart’s Letter to Senator Thune:
