World finance !

It is said that the difference between success and failure in finance is the ability to read impending world signs - and act upon them !

There are some very ominous signals in both the international and local business spheres. Gold is attracting a world record price - and gold has always been the ultimate hedge to which worried money flees when risk appears on the horizon.

It is also said that money talks all languages. Behind the great trading names of world commerce exists a comfortable club of movers and shakers. This club advises governments of what is possible in the real world and is the main reason there is balance between jobs, trade and orderly markets on an international basis.

Occasionally, events slip out of hand and confound this powerful club. Apparently the " toxic securities " debacle was one such instance which plunged the financial world into recession - and near depression. The " club " has regained control - and the world is headed towards recovery.

There is a major fly in the ointment - the phenomenon of world warming.

The evidence seems irrefutable that during the course of this century we will see rising sea levels, more powerful Cyclones, Hurricanes and Typhoons - and a big rise in the world temperature.

It is possible to contain this threat, but at a cost. We will need to reduce our reliance on fossil fuels and adopt a new lifestyle. There will be job losses and a redirection of industry - and at the same time a growing world population will probably outstrip the food supply.

The " wise men of money " have examined this scenario - and believe that it can not be achieved without totally wrecking the world order and bringing disaster to the developed world - and for that reason it is getting the thumb's down.

Big business has opted for the lesser of two evils. We can tinker around the edges and make small improvements, but to implement a world ETS would be the ultimate disaster - and thus we have no option other than to learn to live with world warming.

Why else would well educated and academically gifted men like Nick Minchin, Wilson Tuckey, Andrew Robb, Kevin Andrews - and a wide swathe of backbenchers suddenly claim that " world warming " was unscientific twaddle - and set out to wreck any chance of an ETS becoming law in Australia - even though in so doing they were wrecking their own political party ?

The people most attuned to the big business of this world seem to have made a choice between the financial disaster that will accompany an ETS and the certain disaster of rising sea levels. The only difference is that the rich developed countries will have the means to prepare defences and shield their populations - something that will be denied other nations.

The stage seems set for Copenhagen. There will be agreements on targets, but these will not be set in concrete. There will be no penalties for those who make a promise - and then do nothing. In effect, Copenhagen will be a meaningless gab fest !

For those who read financial signs, perhaps the real world is sending a message on global warming that reads - " GET USED TO IT ! "