You get more of what you pay for: Piracy off Somalia

The crew of an American ship captured by pirates of the coast of Somalia seems to have retaken control, though current reports suggest the captain is still a prisoner.

Way down in this account is the tidbit:

More than 130 pirate attacks were reported in 2008, including almost 50 successful hijacks.

Pirates typically hold the ships and crews until large ransoms are paid by the shipping companies - last year the firms handed over about £80m (£54m)[sic].

Whichever figure is correct, paying that kind of money isn't going to discourage pirates a lot.

If the statists among us want to end piracy, make it a federal felony for any insurance company or ship owner to pay ransoms for piracy. Then throw throw the corporate officers in prison for a year or two. Their actions endanger others by encouraging piracy.

And three cheers for the crew which retook the ship. They deserve bonuses. Big ones.

I won't be surprised if the whole lot of them are fired instead.