Today\’s Ritchie

The man\’s a marvel:

FT.com / Reports – Clean tech sector needs more capital.

That’s why we need green bonds

That’s why we need a Green New Deal

So, the clean sector needs more dosh. Hm, so what is the mechanism that we\’ve currently got to provide more dosh for the clean sector? Yes, it\’s the EU\’s cap and trade system. By making emissions more expensive it makes capital investment in non-emissions more profitable and thus increases the amount of such investment.

Great, eh?

Ah, but no, you\’ve missed the genius of Mr. Murphy\’s logic:

Now let’s note what this broker does:

Tullett Prebon operates as an intermediary in wholesale financial markets facilitating the trading activities of its clients, in particular commercial and investment banks. The business now covers the following major product groups: Volatility, Rates, Non Banking & Sterling Cash, Treasury, Energy, Environmental, Credit, and Equities. Tullett Prebon’s electronic broking division offers electronic solutions to these products. In addition to its brokerage services, Tullett Prebon offers a variety of market information services through its IDB Market Data division, Tullett Prebon Information.

So they trdae in a great deal of what is ’socially useless’.

Please feel free to go.

I note that word \”environmental\” in there. So what do they do?

TP Global Green continues to build on its established presence in the emissions market through brokerage of European Union Allowances (EUAs), Certified Emissions Reductions (CERs), Emission Reduction Units (ERUs), Options on EUAs, CERs and ERUs, and Voluntary Emission Reductions (VERs).

Oh, they make the cap and trade markets work. Gosh, how socially useless of them.

So, we need to have more investment in clean tech but those who by their actions encourage greater investment in clean tech are socially useless.

No, that\’s a Good \’Un, even for Ritchie.

3 comments on “Today\’s Ritchie

  1. I think what Ritchie’s driving at is that it is essentially in bad taste for anyone to try to make a buck saving the environment (and whatnot). In his world, simple compulsion is neater, more effective and far more ethical.

  2. Not sure where the investment might come from however, probably not the private sector but poorly administered public schemes where the “investment managers” take a huge chunk out of the cash available for investment.

    http://www.telegraph.co.uk/finance/yourbusiness/6812119/No-new-taxes-except-for-the-rich-the-bankers-and-readers-of-The-Sun.html

    “Outside London, the South East and the East of England, public money now provides the vast majority of early-stage company funding. The proportion rose to between 80pc and 90pc in 2008. This unpalatable reality reflects two things: the decline in private-sector venture capital investment and the political appetite for public funds to take their place.”

  3. so he thinks that the Efficient Markets hypothesis is complete junk…but would consign a party that makes real the Efficient Markets hypothesis to the pedal bin of history. WGCE. I wouldn’t trust him to clean my toilet

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