An excellent post regarding costs and benefits of global warming.
I would add that the proposed mechanism of dealing with global warming simply doesn't offset global warming. There was a UN study in which predictions were made of rising temperatures. Without Kyoto, the world temperature would have increased by, I'm guessing here, 0.3 degrees by January 1, 2050. With Kyoto, the world temperature would have increased by 0.3 degrees by October 1, 2050.
I was surprised that, with such a prediction of minuscule improvement at a cost of trillions of dollars, many still clamored for Kyoto. Today, most industrialized nations haven't followed the Kyoto guidelines (which is a smart decision), yet many of their citizens think that the US is the villain for the global meltdown. It seems that they only want to keep Kyoto for rhetorically bashing the US.