Question Earthority!

“Earlier today I wrote about how stupid ideas, which make no economic sense, can make political sense due to the warped incentives of bureaucratic or political management. One example which I mentioned was the disastrous use of ethanol as a means of combating global warming. Ethanol is one of those solutions that is wrong at so many levels one doesn’t know where to begin. In a nutshell it is a lousy alternative to petrol. It is worse for the environment, requires subsidies to be produced, is driving up the price of food and is increasing world hunger because of its impact on food prices. But it makes political sense. … How do you make a profit producing ethanol? You don’t. But you make a profit when you get political hacks to push through legislation to pay you to produce ethanol. Make no mistake about it, ethanol is not a phenomenon of the free market. It is the Frankenstein monster of politicians like Hillary.” (02/28/08)