Michael Milken evokes thoughts of financial wisdom at a level far beyond that of an unsophisticated fishing industry essayist like me. So, when one of the sessions at the Milken Institute Global Conference 2009 is titled "Innovative Funding for Sustainable Fisheries and Oceans," I take notice. The panel for the fisheries session was moderated by Larry Bond, a consultant for the Environmental Defense Fund (EDF) and the speakers were David Crane, David Festa, Jerry Schubel, and Jason Winship. Two members from EDF and none from the fishing industry, oh, well.
The macro-economic status of the fisheries is essentially a threatened hostile takeover of the industry by the investment interests of the EDF and other environmentalist organizations. In a recent article, Nils Stolpe asks, "Is this the future of fishing?" His answer is alarming.
What is the micro-economic status? Consider the simplified but typical example of Boat A and Boat B. Each boat has an owner/captain and three crew members. Each owner is gifted by NOAA with an identical individual transferable quota (ITQ) or catch share. Neither boat can fish profitably with the catch allocation that the gifted share carries. A deal is struck. Boat A leases Boat B's share. Boat A goes fishing and Boat B's crew goes on unemployment.
Read the complete opinion piece from American Thinker.