THE ECONOMICS OF SOMALI PIRACY
OFFICIAL U.S. NAVY PHOTOS, PUBLIC DOMAIN, Suspected Pirates and Merchant Marine Armed Guards
On Sunday the Washington Post Wonk Blog published an interesting analysis and commentary on a recent paper by Timothy Besley, Thiemo Fetzer, and Hans Mueller on the social welfare costs of Somali piracy. We found both the Wonk Blog posting and the linked research paper very interesting. We can only hope that our politically correct and totally inept government doesn't draw the wrong conclusion. We still believe that the lesson of history is that Capt. Woods Rogers had the only really useful approach to piracy. He raised the costs and risks to the pirates. We don't have to hang them from the yard arm but must open fire with deadly force upon attack. Merchant men need to be armed and trained in arms in pirate areas and navies must chase suspects from cheaper smaller platforms so that the economics of suppression don't bankrupt the naval powers, and finally safe havens ashore must not be allowed. No apologies should ever be made for dead pirates. Here are some excerpts from the WONK BLOG and links to the entire posting.