Forward Trading Between the U.S. and China

This December, representatives from some 200 nations will meet in Copenhagen to tackle the problem of global warming. Their focus will be on limiting the emissions of greenhouse gases that come mostly from wealthy nations. The talks will build on the framework set by the Kyoto Protocol in 1997. This time around, the pieces are in place for a major confrontation between the U.S. and China. In the last century, the U.S. and the Soviet Union faced off in a Cold War that saw a massive buildup of nuclear weapons. Today, a new Cold War could develop — and it's all...