Sub-prime carbon - government failure?

I am always intrigued at how eager people are to criticise traders: the same thing happened in the energy markets when gas and oil prices went up. Traders are only responding to market sentiment, which may or may not not be linked to fundamentals. But without traders there would be no liquidity and no market and hence even less chance of business responding to carbon reduction. It is like shooting the messenger. The FOE position feels like opportunism, using the fear of the credit crunch and banking crisis to create artificial concern. Better to focus on where they have a sound case - the abolute levels of carbon cap. Unfortunately FOE diminish their credibility by such an approach.

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