Fishing

There’s more to the story than many people know

Somalia…

…is a “failed country,” as most are aware. And the lack of a working central government is the reason most reports give for he piracy emanating from its shores. While that situation has allowed the pirates to operate generally unfettered, it isn’t the entire story.

The pirates are local coastal fishermen. They operate small boats, mainly dhows, which are suitable for day trips. Up to a few years ago, they were able to make a decent living from fish that they caught within a reasonable distance of their villages. But that was before factory fishing fleets arrived off the Horn of Africa. As they have in many places in the world, they decimated the fishing stocks in the area, leaving the local fishermen in dire straights.

With no viable source of income, and a government incapable of helping its citizens, they took to piracy to survive. “Survive” is probably not the right term, though. They are apparently doing better at their new profession than they did in their old. Plus, new businesses have popped up to service the “industry,” housing and food for hostages, and merchandise and new homes for the pirates. The old fishing villages are doing much better than they have in the past.

Thus, the solution to the piracy problem there isn’t just stopping the fishermen/pirates from pursuing their new trade. It also requires helping them to reestablish a legitimate livelihood, a difficult task in the absence of a government.

Doom and gloom… But, is it just fear?

In Franklin Delano Roosevelt’s first inaugural address 77 years ago, he stated “… the only thing we have to fear is fear itself”

Like now, the country, and indeed the world, was in deep financial trouble. Then, it lead to a depression. Now, hopefully, it won't go that far.

Yet, the worst is what’s on people’s minds, fueled by the media. But, is it really all that bad?

There have been positive things:

• Overvalued assets have realized their actual value. 
  
• CEOs of major companies are now being paid for performance. The era of bonuses as an entitlement, regardless of a company's performance, are over. 
  
• Massive fraud that managed to survive for decades has been discovered.
  
• Companies have had to address the realities of their industries and markets.
  

These are things that may not have changed were it not for the situation.

But, now what?