After Versailles – The Copenhagen Treaty
Economic consequences of the Copenhagen Treaty
In the Economic Consequences of the Peace, published in 1919, Keynes warned, among other things, of the ruinous consequences of war reparations imposed on Germany by the Versailles Treaty.
No-one in those days, or up until recently, would have thought there might come a day when the debt of war would be replaced by the debt of climate ‘warming’, for which reparations were demanded. That day has certainly come with the UN’s “Framework Convention on Climate Change”, the so-called Copenhagen Treaty (‘the treaty’).
The first thing to say is that the treaty will not be signed in one of its current forms. There are many square bracketed alternatives and options in the treaty but it is fair to say that none of them will prove palatable to the major countries.
Leaving aside the posited creation of some kind of world ‘government’ and all of the administrative paraphernalia this entails, the treaty is basically about two obligations, both of…
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