European CO2 Cuts Working

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eu_Img.jpg Listen up, slacker senators. The EU’s “cap-and-trade” system for carbon dioxide is working well and has had little or no negative impact on the overall EU economy. This according to an analysis for the Pew Center on Global Climate Change by MIT researchers. They conclude that although the EU Emissions Trading Scheme (pdf) was fast-tracked 3 years ago to criticism of its wobbly start, it quickly worked out its own kinks. A. Denny Ellerman, senior lecturer in the MIT Sloan School of Management, suggests the system doesn’t need to be in perfect working order before start up. “Obviously you’re better off having things all settled and worked out before it gets started,” he said. “But that certainly wasn’t the case in Europe, and yet a transparent and widely accepted price for CO2 emission allowances emerged rapidly, as did a functioning market and the infrastructure to support it. This important public policy experiment is not perfect, but it is far more than any other nation or set of nations has done to control greenhouse-gas emissions—and it works surprisingly well.”

Okay, if I believed in the Imaginary Friend I might be inclined to say God Bless Europe. Instead, how about, thanks, and may our next president and our next Congress look to the Old World now and again for better ways to build a new one.

Julia Whitty is Mother Jones’ environmental correspondent, lecturer, and 2008 winner of the Kiriyama Prize and the John Burroughs Medal Award.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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