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"The world is now several decades into the era of environmental panic. The subject of the panic changes every few years, but the basic ingredients tend to remain fairly constant. A trend, a hypothesis, an invention or a discovery disturbs the sense of global equilibrium. Often the agent of distress is undetectable to the senses, like a malign spirit. A villain—invariably corporate and right-wing—is identified.

Then money begins to flow toward grant-seeking institutions and bureaucracies, which have an interest in raising the level of alarm. Environmentalists counsel their version of virtue, typically some quasi-totalitarian demands on the pattern of human behavior. Politicians assemble expert panels and propose sweeping and expensive legislation. Eventually, the problem vanishes. Few people stop to consider that perhaps it wasn't such a crisis in the first place.

This is what's called eschatology—a belief, or psychology, that we are approaching the End Time. Religions have always found a way to take account of those beliefs, but today's secular panics are unmoored by spiritual consolations or valid moral injunctions. Instead, we have the modern-day equivalent of the old Catholic indulgence in the form of carbon credits. It's how Al Gore justifies his utility bills."

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