“…The actual trading system is working, and speculative investing (including those polluters banking against future price increases) is an important force along with compliance trading. Observers note that: (1) caps can be manipulated for political purposes, as were the first round European Union measures, and future standards are still in play; and (2) true market auctions are not used, but an allocation system that can skew the market (European Commission on Environment, Emissions Trading System 2010; Cutting and Cahoon 2009;Ellerman and Jaskow 2008). While they attempt to reduce future damages, none of these international efforts addresses the central question, however, which is: "Who pays for the damages incurred now and in the future?…”