"cap and trade is also somewhat daft - simple taxes creates the same effect but with far less beaurocracy. It's a pity you yanks can't stomach carbon taxes."

We can certainly agree here. But note that by endorsing taxes that you are admitting that freemarket price alone has not been an adequate "mechanism to optimize resource allocation."

Rationing should still be in the mix. If you don't think the current crisis is every bit as pressing as WWII, you haven't been paying attention.