Obama Offers $33 Billion per Year in Climate Reparations

As the U.N. Climate Control Conference comes to an end today, many issues remain to be negotiated, including the size of the emissions cuts and the future of the Kyoto treaty. But one issue has already been settled: the size of the reparations that the developed countries (United States, Europe, Japan, etc.) must pay the developing countries (China, India, Africa, etc.) if the agreement is settled.  The total reparations would be $30 billion per year in 2012, rising to $100 billion per year in 2020. Secretary of State Hillary Clinton told reporters yesterday that the United States would pay $10 billion of the $30 billion per year by 2012. Thus, the U.S. share of the $100 billion by 2020 would be $33 billion per year. President Obama's huge expansion of the government debt has already brought the U.S. treasury close to bankruptcy, and he is aware of the danger. ABC News reported on Wednesday:President Obama told ABC News' Charles Gibson in an interview that if Congress does not...(Read Full Article)