Sunday, December 11, 2011

Obama Delegates Fighting Hard For UN 'Climate Tax' To Bankrupt America

As I reported previously, President Obama has his people working hard on a scheme to soak America with a huge 'climate tax' and transfer billions to the UN while bypassing Congress.

This is taking place at a UN climate conference in Durban, South Africa, where what's on the table is a new tax levied by the UN on every foreign currency transaction in the world and a UN tax on imports and exports.This would cost Americans billions, and is essentially the mother of all wealth transfers.

President Obama is reportedly prepared to implement this by executive order to bypass Congress, since a formal treaty would need to be ratified by the Senate.This would affect America much more than the EU, since they managed to get a provision exempting transactions with the eurozone.

Needless to say, you're not hearing anything about this in the media or from any of the presidential candidates in the debates.

The latest developments? The US is fighting tooth and nail with China and India, who are refusing to sign on:

But behind the back and forth over language and technical details, the talks have boiled down to a tussle between the United States, which wants all polluters to be held to the same legal standard on emissions cuts, and China and India who want to ensure their fast growing economies are not shackled.

The fractious late night exchanges punctured the earlier mood of cautious optimism which had suggested agreement on the four separate accord in the package was possible.

Should the talks collapse on Sunday, that would represent a major setback for host South Africa and raise the prospect that the Kyoto Protocol could expire at the end of 2012 with no successor treaty in place.

Aside from the Chinese being concerned about their own exports to places like America, they are also likely concerned about the effect this would have on America's economy and the US debt they are holding as investors.

Another problem is that some of the potential Third World beneficiaries aren't satisfied with language talking vaguely about a 'protocol' or 'legal instrument' . They want an actual treaty or something close to it, to ensure that they're able to glom on to all that money.

Asked if the latest language was acceptable, Karl Hood, who represents an alliance of 43 small island states, said: "No it's not. Never was and never will be. It's too broad a statement."

His alliance colleague MJ Mace, added: "You need a legally binding instrument. You have legal outcomes all the time. A decision is an outcome. You need something treaty like."

President Obama has been working quite hard to punish America and shackle its economy, and a UN 'climate tax' is a decent vehicle, especially one that bypasses Congress.

I'm rooting for the Chinese on this one..let's hope the talks collapse and that President Obama's latest big idea is a stillborn one.

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