Of Pirates and Financiers : Whom Should We Hate Worse?

Why are pirates attacking ships off the coast of Somalia? Because it's very profitable! You'll be surprised just how profitable. This got me wondering...is profitability the same reason that most bankers want to be bankers?

In the past year, pirates in the area of the Gulf of Aden have accrued "tens of millions of dollars" in ransoms. I'd say that's a pretty profitable business.

Yet still the owners of the ships that are being attacked balk at carrying weapons to defend themselves.

Wouldn't that make you angry if you found out that pirates were stealing tens of millions of dollars from you?

They are.

How about if they were stealing thousands of times that much?

They are.

It's ironic that the Somali pirates are receiving hours and hours of news time for stealing from cargo ships during the same period of time in which global economic pirates are stealing far more from you.

Global financiers are gaming you and me, and they're not even asking for a ransom. They don't need to, because it's quasi-legal. And because you let them. You're a bigger pansy than than the cargo ship lines who refuse to defend themselves.

The Federal Reserve, Goldman Sachs, George Soros, the International Monetary Fund, and all of their pirate friends are stealing money right out from under your nose and all you care about is getting a stimulus package.

You're worrying about the wrong pirates, dude.


  1. Did you see that Ron Paul wants to solve the pirate problem by issuing letters of marque and reprisal to privateers? One slight problem: Somali pirates don't own anything worth going halfway around the world to steal!

  2. Maybe I'm the only one? I think the marque and reprisal idea is a good one. Who cares about the lack of pirate booty? Wouldn't Congress just attach the bounties to the actual pirates?

    When Paul proposed the idea after 911, he said:

    “Once letters of marque and reprisal are issued, every terrorist is essentially a marked man.”

    Replace terrorist with pirate. It would cost a whole lot less than military spending and might deter the Somali's from using the tactic.

  3. On another note, what do you think about the allegations that other countries have been plundering the Somali coastline for fish and dumping toxic waste there?

    It's pretty sad that many of the local fishermen feel resorting to piracy is the most effective way to defend themselves/receive compensation. I feel bad for them. It's sad on both sides. Hopefully something can be done to address the roots of the problem.


  4. Carissa,

    It is sad that Somali fishing venues are being decimated. This is another example of how something that sounds bizarre is not so bizarre when we look below the surface. That issue needs to be addressed to reduce piracy. It's the same as American imperialism needing to be addressed to reduce terrorism against the U.S.


    I'm with Carissa. The idea to issue letters of marque is not loony at all. From a press release that your TPM cafe-linked article linked to by Ron Paul stated that "letters of marque and reprisal [can be issued] when a precise declaration of war is impossible due to the vagueness of the enemy". Specifically Paul was talking about the possibility of being able to pay Afghanis or others in the Middle East for taking care of Osama bin Laden.

    We shouldn't prohibit cargo vessel crews from carrying weapons. Without letters of marque, the pirate situation will result in a call for more spending on the military-industrial complex. Issuing letters of marque will be much less costly, and will put the pirates on notice that storming a ship will no longer be a cake walk.


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