As reported in the International Herald Tribute, Paul Volcker, speaking to American Chamber of Commerce in Egypt, said "the argument that taxes on oil or carbon emissions, for example, would ruin an economy was "fundamentally false." "First of all, I don't think (such a step) is going to have that much of an impact on the economy overall. Second of all, if you don't do it, you can be sure that the economy will go down the drain in the next 30 years," " Mr. Volker commented that the US needed to show some leadership on the issue. Note: Paul Volcker was Fed Chair under United States Presidents Jimmy Carter and Ronald Reagan. Image credit: The UN.