System Turns US Fishing Rights Into Commodity, Squeezes Small Fishermen
"SAN FRANCISCO – For centuries, men like Larry Collins, a garrulous crab and sole fisherman, were free to harvest the seas. But sweeping across the globe is a system that slowly and steadily hands over a $400 billion ocean fishing industry to corporations. The system, called catch shares, in most cases favors large fishing fleets, a review of the systems operating across the United States shows."
"'We’ve been frozen out,' said Collins, who docks near the Golden Gate Bridge. 'This system has given it all to the big guys.'
More and more wild-caught fish species and fishing territories in the United States are managed under catch shares, which work by providing harvesting or access rights to fishermen. These rights – worth tens of billions of dollars in the United States alone – are translated into a percentage, or share, that can then be divided, traded, sold, bought or leveraged for financing, just like any asset."Source: Center for Investigative Reporting, 03/20/2013