Earth Day gathered up those strands, and dozens more, and knitted them together in the public consciousness as "environmental" issues. The nation was pretty startled when 20 million people hit the streets. Congress, which had adjourned for the day to go back to its districts, was blown away.

When we held the first Earth Day, everyone said it was a success because of the huge turnout. It was probably the largest planned event across the country.

We need a firm cap on carbon emissions from fossil fuels. No coal, oil, or gas could enter the economy until the buyer had a permit. All permits would be auctioned by the federal government, and the number of permits auctioned would be decreased by three percent per year. Permits could be traded, but they could not be created out of whole cloth by companies that plant forests or dump iron filings at sea.

Under communism, prices were not allowed to reflect economic reality. Under capitalism, prices don't reflect ecological reality. In the long run, the capitalist flaw -- if uncorrected -- may prove to be the more catastrophic.

That said, I'm embarrassed and furious that so many coal-state Democrats in the U.S. Senate are paralyzing international progress to protect the short term interests of a dying industry that ravages the environment from mine to slag heap.

The more subtle thing is more speculative. The world is well past its long-term carrying capacity for human beings living a European, much less an American, lifestyle predicated on planned obsolescence. International economic growth is largely a matter of accelerated movement of materials from mines and forests to the dump. Instead of saving and buying decent furniture we can pass on to our children, we charge our credit cards for shaped heaps of sawdust and glue that fall apart in less than three or four years.

he economy favors throughput over quality and craftsmanship, and economists are terrified because the American savings rate has crept upward from about zero to almost five percent. But the mortgage crisis and the burgeoning credit card crisis are causing Americans to become wary of irresponsible debt.