Monday, March 14, 2011

The Law of Demand: Pirates Cut Ransom Demands

MOGADISHU, March 13 (Reuters) - "Somali pirates said they would lower some of their ransom demands to get a faster turnover of ships they hijack in the Indian Ocean.  Armed pirate gangs, who have made millions of dollars capturing ships as far south as the Seychelles and eastwards towards India, said they were holding too many vessels and needed a quicker handover to generate more income."

HT: Wayne Sanman


At 3/14/2011 8:50 AM, Blogger Speedmaster said...

Nicely done, great example. ;-)

At 3/14/2011 9:19 AM, Blogger morganovich said...

you should have filed this under "competition helps consumers".

At 3/14/2011 9:26 AM, Blogger Michael Hoff said...

How do we keep our ransom demands so low? Volume, volume, volume!

At 3/14/2011 10:26 AM, Blogger jcarroll1948 said...

The Somali pirates fiasco is an extreme example of Western morality and political correctness gone mad. Three hundred years ago, the British hanged pirates on the spot when they captured them, with a few exceptions for show trials for high-profile pirates. Today, Western governments generally concede to demands or, if they catch pirates, treat the captured pirates to ridiculous publicly funded lawyers, trials, and life sentences in prisons where the lifestyle is considerably better than anything the pirate could have ever achieved in his home country. Western morality and political correctness gone mad and, by the way, costing our societies fortunes and lives.

At 3/14/2011 11:52 AM, Blogger Buddy R Pacifico said...

From the Piracy Act of 1819 by the U.S. Congress:

"SEC. 3. And be it further enacted, That if any person shall, upon the high seas, or in any open roadstead, or in any haven, basin, or bay, or in any river, where the sea ebbs and flows, commit the crime of robbery, in or upon any ship or vessel, or upon any of the ship’s company of any ship or vessel, or the lading thereof, such person shall be adjudged to be a pirate; and being thereof convicted before the Circuit Court of the United States for the district into which he shall be brought, or in which he shall be found, shall suffer death."

At 3/14/2011 12:37 PM, Blogger Ron H. said...

"How do we keep our ransom demands so low? Volume, volume, volume!"

Taking a cue from Walmart. Now almost anyone can afford to reacquire a stolen loved one.

At 3/15/2011 9:47 AM, Blogger Tom said...

Pirates should be given an immediate military trial and then hung.

At 3/16/2011 5:46 AM, Blogger juandos said...

Then again there's other ways to keep a lid on these pirates: SOMALI CRUISES

Fun For The Whole Family!
Most cruises offer a mini-bar
We offer a mounted Mini-Gun

Now think how many folks would sign up for this 'if' this was for real...:-)


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