The Copenhagen Accord on Climate Change: Countries Submit 2020 Emission Goals

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Most observers judged as a failure the December meeting in Copenhagen of the Conference of Parties of the UN Framework Convention on Climate Change (UNFCCC).    But then the usual way of judging such meetings is to look for a communiqué that voices sweeping aspirations, such as the G-7 “decision” at L’Aquila last summer to limit global warming to 2 degrees centigrade.   In reality, without any evidence of countries agreeing what is each one’s share of the burden, such proclamations are worthless.  Better tiny steps on the ground than giant flights of rhetoric. read more

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Let Greece Go to the IMF

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The members of the eurozone and the EU have apparently decided that they must heroically rescue Greece, that this is better than having the IMF do it.   Senior figures in Brussels feel that the latter alternative is unthinkable.   I am a little confused about why.   Martin Wolf writes in the Financial Times this week that to bring in the Fund  “would demonstrate that this is not a true union at all.”    But the EU and EMU and not true fiscal unions.  If the citizens of Germany and other more successful countries were willing to bail out the Greeks, then fine;  the EMU would be ready to be a fiscal union.  But they are not; so it is not.   Given that reality, what is wrong with something that “demonstrates” it? read more

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Limit Tax Expenditures

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The National Journal asks for views on a recent proposal from Len Burman .  I couldn’t agree more with the idea:  we need to limit tax expenditures.  
 
With regard to the politics, one would have to see whether the phrase “cut tax expenditures” polls more like the phrase “cut expenditures,” which I assume polls well, or like the phrase “raise taxes,” which of course polls horribly.  I have no idea.  But at least there is a hope of breaking through the mindless artificial “Taxes versus Spending” rhetoric that dominates Washington. read more

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