In a couple of hundred years historians will be comparing the frenzies over our supposed human contribution to global warming to the tumults at the latter end of the tenth century as the Christian millennium approached. Then as now, the doomsters identified human sinfulness as the propulsive factor in the planet's rapid downward slide. Then as now, a buoyant market throve on fear. The Roman Catholic Church sold indulgences like checks. The sinners established a line of credit against bad behavior and could go on sinning. Today a world market in "carbon credits" is in formation. Those whose "carbon footprint" is small can sell their surplus carbon credits to others less virtuous than themselves.

The modern trade is as fantastical as the medieval one. There is still zero empirical evidence that anthropogenic production of carbon dioxide is making any measurable contribution to the world's present warming trend. The greenhouse fearmongers rely on unverified, crudely oversimplified models to finger mankind's sinful contribution--and carbon trafficking, just like the old indulgences, is powered by guilt, credulity, cynicism and greed.

Now imagine two lines on a piece of graph paper. The first rises to a crest, then slopes sharply down, levels off and rises slowly once more. The other has no undulations. It rises in a smooth, slow arc. The first, wavy line is the worldwide CO₂ tonnage produced by humans burning coal, oil and natural gas. It starts in 1928, at 1.1 gigatons (i.e., 1.1 billion metric tons), and peaks in 1929 at 1.17 gigatons. The world, led by its mightiest power, plummets into the Great Depression and by 1932 human CO₂ production has fallen to 0.88 gigatons a year, a 30 percent drop. Then, in 1933, the line climbs slowly again, up to 0.9 gigatons.

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