Cophenhagen casualty

Since the mucky-mucks failed to sign an all-encompassing (totalitarian) climate pact last week, one sector of the European economy (a phony baloney one) is already feeling the consequences:

Dec. 21 (Bloomberg) -- European carbon prices fell the most since February after the Copenhagen climate accord didn’t set targets that would boost demand for permits.

European Union carbon-dioxide allowances for delivery in December 2010 dropped as much as 8.7 percent to 12.40 euros a metric ton on the European Climate Exchange in the first day of trading since the summit ended. The contract traded at 12.70 at 7:53 a.m. London time.

The agreed targets in the Copenhagen deal amount to a “bunch of negotiation ranges” that investors had already factored in, Trevor Sikorski, an emissions analysts for Barclays Capital, said in a phone interview yesterday after returning to London from the Danish capital. “It seems to be below even our modest expectations.”...

Quel dommage! I guess they'll have to resort to some other scam, er, stratagem to fill their coffers. They say that sharia banking is the coming thing.

Update: Greenpeace calls Copenhagen "a climate crime scene."