By Porter Stansberry in the S&A Digest:
It probably won't make the evening news, but the most expansive federal power grab of all time began [Friday]. The EPA officially ruled so-called greenhouse gases are a threat to the public because they cause global warming.
"In both magnitude and probability, climate change is an enormous problem. The greenhouse gases that are responsible for it endanger public health and welfare within the meaning of the Clean Air Act."
Keep in mind, no one has actually seen global warming. It only exists on the screens of computer models. In fact, it snowed [last week] in Las Vegas, the latest snowfall there on record - ever. No one can prove for certain whether the Earth is getting warmer... or cooler. And no one can know whether man, nature, or changes to the sun cause these tiny shifts in the Earth's average temperature. For every scientist who says one thing, someone equally credible will argue the exact opposite - with just as many "facts" standing by his side. But if you thought the debate about global warming was actually about science, you are woefully naïve...
Al Gore doesn't involve himself with science. He's interested in politics and power. By ruling that carbon dioxide, methane, hydrofluorocarbons, perfluorocarbons, and sulfur hexafluoride cause global warming, the EPA now gains the authority to regulate all of these emissions under the Clean Air Act. Whether you agree with the EPA's science or not, whether you believe in global warming or not, the Clean Air Act was never intended to give the EPA total authority over everything that emits methane - like the entire livestock industry or the auto industry. The threat of such disruptive regulations will be enough to push through the real political objective: the so-called cap and trade regime of the Waxman-Markey bill, which is pending in Congress.
The Waxman-Markey bill is a piece of cruel, legislative genius. It will generate between $500 billion to $1 trillion per year in new revenue for the federales - an amount roughly equal to all of the income taxes collected each year. But it's not a direct tax. It generates revenue by requiring power companies and other large emitters of carbon dioxide to bid for "credits" that will allow them to produce carbon emissions.
OBAMA! will tell the public it's not a tax - it's just new regulation. Or he'll say it's a new market for carbon credits. It will not violate OBAMA!'s pledge not to raise taxes on 95% of Americans - as if those power companies won't simply pass along the new expense to their customers. All of the poor fools cheering OBAMA! believe they can continue to get something for nothing through him. Well, they're going to get what they deserve. Let's see how much they like their electricity bills doubling overnight.
Crux note: The S&A Digest comes free with a subscription to Porter Stansberry's Investment Advisory.
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