April 02, 2004

George HW Bush's Secret Smile

A decade and a half ago, George HW Bush, the current president's father introduced the idea of pollution trading credits as a way to gain pollution curbs while limiting economic damage. The idea that pollution was a commodity that could be paid for and traded scandalized Europe. This was viewed as an unfeeling, uncaring solution to pollution that would permit polluters to pollute forever.

Now, in the face of Kyoto, Europe is adopting just such a trading regime. The EU climbdown from its previous opposition has to be galling for people who remember the introduction of the original innovation in the US and the controversy it engendered. But, in retirement, I have no doubt that GHWB has a very discreet, secret smile plastered all over his face on the news.

Posted by TMLutas at April 2, 2004 08:57 AM