Tag: New York Times

Weep for this fish

And maybe weep for the planet

The New York Times recently published a thought-provoking article on the development of farming for the Atlantic bluefin, the world’s largest tuna.

Bluefin Tuna

This is a magnificent fish, as a National Geographic website details:

The Atlantic bluefin tuna is one of the largest, fastest, and most gorgeously colored of all the world’s fishes. Their torpedo-shaped, streamlined bodies are built for speed and endurance. Their coloring—metallic blue on top and shimmering silver-white on the bottom—helps camouflage them from above and below. And their voracious appetite and varied diet pushes their average size to a whopping 6.5 feet (2 meters) in length and 550 pounds (250 kilograms), although much larger specimens are not uncommon.

The NYT article was written by Paul Greenberg who is the author of “Four Fish: The Future of the Last Wild Food.”  See his website.

Here’s some of what was written in that NYT article:

IN the wide expanse of the wild ocean, there is perhaps nothing more wild than the world’s largest tuna — the giant Atlantic bluefin. Equipped with a kind of natural GPS system that biologists have yet to decode, the bluefin can cross and recross the Atlantic’s breadth multiple times in the course of its life. Its furious metabolism enables the fish to sprint at more than 40 miles an hour, heat its muscles 20 degrees above ambient, and hunt relentlessly at frigid depths in excess of 1,500 feet.

I didn’t realise that these fish are warm-blooded, a rare trait among fish, but the more important fact is that a bluefin tuna is likely to eat between 5 lbs (2 kg) and 15 lbs (6 kg) of wildfish for every pound of body.  Thus a fully grown bluefin of around 550 lbs (250 kg) represents a diet of anywhere between 2,750 and 8,250 lbs (340 -3,750 kgs) of wildfish. Back to the Greenberg article:

The Stanford economist Rosamond Naylor pointed out in a recent paper in The Proceedings of the National Academy of Sciences, that there was not too much room for adding species to the world’s aquaculture portfolio.

“Most forage fisheries,” Ms. Naylor wrote “are either fully exploited to overexploited or are in the process of recovering from overexploitation.”

If she is right — and if bluefin tuna farming is ramped up to the level of salmon farming, which produces more than two billion pounds a year — the effect on forage fish, the foundation of the oceanic food chain, could be devastating. A worldwide overharvest of forage fish could damage not just bluefin tuna populations but other important commercial species that also rely on these fish for sustenance.

In other words Rosamond Naylor is warning us, all of us that eat fish, that we could put at risk the entire ocean’s food chain.  And what scares me is that humans have shown a real propensity to put their short-term needs totally above any long-term protection of the planet we all live on.  How crazy is that!

The NYT article closes thus:

If Atlantic bluefin is not farmed, it will most likely become an even more scarce luxury item. Global fishing moratoriums on the species have been proposed (and then rejected by the many nations that catch bluefin). But other options being discussed include drastically reducing fishing quotas in the next few years and closing spawning grounds in the Mediterranean and the Gulf of Mexico to fishing entirely.

Perhaps, in the end, this is what the Atlantic bluefin tuna might really need. Not human intervention to make them spawn in captivity. But rather human restraint, to allow them to spawn in the wild, in peace.

Amen to that.

By Paul Handover

House prices!

A spotlight on some tough truths

I have long subscribed to Baseline Scenario and the latest article from James Kwak is a great example of why.

On August 23rd James published a Post with the compelling title of, “Housing in Ten Words”.  Here’s a flavour:

By James Kwak

“Housing Fades as a Means to Build Wealth, Analysts Say.” That’s the title of a New York Times article by David Streitfeld. Here’s most of the lead:

“Many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.

“The wealth generated by housing in those decades, particularly on the coasts, did more than assure the owners a comfortable retirement. It powered the economy, paying for the education of children and grandchildren, keeping the cruise ships and golf courses full and the restaurants humming.

“More than likely, that era is gone for good.”

I’ve been telling my friends for a decade that housing is a bad investment. These are real housing prices over the past century, based on data collected by Robert Shiller:

Robert Schiller is, of course, the well-known Yale University professor who wrote the book, Irrational Exuberance.   From Wikipedia:

Irrational Exuberance is a March 2000 book written by Yale University professor Robert Shiller, named after Alan Greenspan‘s “irrational exuberance” quote. Published at the height of the dot-com boom, it put forth several arguments demonstrating how the stock markets were overvalued at the time. Shiller was soon proven right when the Nasdaq peaked on the very month of the book’s publication, and the stock markets collapsed right after.

The second edition of Irrational Exuberance published in 2005 is updated to cover the housing bubble, especially in the United States. Shiller writes that the real estate bubble may soon burst, and he supports his claim by showing that median home prices are now six to nine times greater than median income in some areas of the country. He also shows that home prices, when adjusted for inflation, have produced very modest returns of less than 1%/year.

Shiller proved right again as witnessed by the fall of the housing bubble which was in part responsible for the Worldwide recession of 2008-2009.

Anyway, do read the full article from James on Baseline Scenario as it has plenty of messages that are still critically important for those trying to work out where it’s all still heading, economically.

For my money, I still think that slowly but steadily we are reverting to the old mean of home prices being about 2 to 2.5 times average annual salaries. With the added proviso that I think that it is more than likely that average salaries will slowly decline on both sides of the Atlantic over the next few years.  Tough times indeed!

By Paul Handover

Craftsmanship and business in the modern age

Sally Ryan for the New York Times

Pizza and a business plan

Here is a wonderful story of craftsmanship in the modern age and its interaction with business expectations. There is a very small, but reportedly excellent, pizza place in Chicago called “Great Lake”; and I learnt about it when a friend referred me to an article about its culture, its success and the consequences published by the New York Times.

The effect of extremely good reviews has been that they have been overwhelmed by demand and some customers have reacted unfavourably as a result. I think that they should stick to their guns and not compromise their principles and standards. However, this does not mean that they could not be doing some other things too!

There also seems to be an interesting systems story here! Continue reading “Craftsmanship and business in the modern age”