The 'trade' portion of the cap-and-trade bill that passed the House and is now somewhere in the Senate would establish a carbon emissions trading scheme compatible with the existing European one. In this scheme, companies trade the rights to emit carbon dioxide, while the total amount of carbon dioxide diminishes.
There's a fly in the ointment, however. The EU has touted its sytem as a great success, citing its high turnover, yet the EU's own European Police Agency, or Europol, is investigating fraudulent transactions that may account for up to 90% of the total.
Don't hold your breath, though, for the liberal proponents of cap and trade or the MSM (is there a difference?) to report this item. (Thanks to euobserver.com.)