Dr. Jaccard would precisely agree with my assessment. I think the issue, though, is that in a theoretical sense you can prove at the level of a textbook economics paper that taxes and cap and trade can look almost the same; the issue is the details and political issues of real implementation. So, yes, Jaccard favours a tax, just as I do, but there's no question you could make cap and trade work.
Now, you also asked about international markets. I think there are really quite deep flaws in some of the international markets, especially the CDM market. I think there are reasons why we should focus particularly on cutting emissions at home in the developed countries. Only after we do that does it make sense to seriously think about, say, engaging China or India.
Essentially, we can go to all the international meetings we like, but until the rich world begins to actually cut emissions, the Chinese will just see us moving our lips. Only once we've really begun to cut emissions domestically does it make any sense to try to have a larger engagement.
Kyoto, in many senses, was an attempt to run before we were walking.