Piracy isn’t just a thing of the past

  • Piracy is not confined to history books and movies
  • Piracy can thrive in areas where the rule of law breaks down
  • Houthi rebels hijacked an Israeli-linked cargo ship in November
  • Piracy threatens the wealth, well-being, and stability of civilized states
  • Piracy remains a universal crime
  • The Houthis are Iran-backed militants engaged in a civil war with Yemen’s government
  • Piracy disrupts commerce and pushes up shipping rates
  • Piracy has a long history, from Julius Caesar to the Barbary Coast
  • The U.S. Navy was commissioned in 1794 to combat piracy
  • Modern piracy was evident in the Horn of Africa in the 2000s
  • Houthi pirates are currently in the spotlight

Piracy is a crime that has persisted throughout history, from ancient times to the present day. It is not confined to history books and Hollywood movies, as recent events have shown. The Houthi rebels, backed by Iran, hijacked an Israeli-linked cargo ship in November, highlighting the ongoing threat of piracy in areas where the rule of law breaks down. Piracy poses a significant danger to the wealth, well-being, and stability of civilized states, and it remains a universal crime that can be prosecuted by any country. The current focus is on the Houthi pirates, who are engaged in a civil war with Yemen’s government. Their attacks have disrupted commerce and pushed up shipping rates. However, piracy has a long history, from Julius Caesar’s encounter with Cilician pirates to the Barbary Coast’s reign of terror. The U.S. Navy was commissioned in 1794 to combat piracy, and modern piracy was evident in the Horn of Africa in the 2000s. The threat of piracy persists, and the Houthi pirates are just the latest example. The sea remains a place of freedom and lawlessness, where pirates can thrive if not properly addressed.

Public Companies:
Private Companies: undefined, undefined
Key People: Douglas B. Stevenson (former director for the Center of Seafarers’ Rights at the Seaman’s Church Institute), Julius Caesar (), Plutarch (), Pompey the Great (), Thomas Jefferson (President), William Langewiesche (), Richard Phillips (Captain)

Factuality Level: 7
Justification: The article provides historical context and information about piracy, including examples from ancient times to the present day. It also mentions specific incidents of piracy, such as the hijacking of an Israeli-linked cargo ship by Houthi rebels. The article does not contain any obvious misinformation or propaganda, but it does include some opinionated statements, such as the assertion that pirates deserve no mercy. Overall, the article provides factual information about piracy while also including some subjective perspectives.

Noise Level: 4
Justification: The article provides some historical context on piracy and mentions recent incidents involving Houthi rebels. However, it lacks depth and analysis on the current state of piracy and its implications. It also includes irrelevant information about Julius Caesar and the founding of the U.S. Navy.

Financial Relevance: Yes
Financial Markets Impacted: The article mentions that the attacks by Houthi rebels have disrupted commerce and pushed up shipping rates.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the ongoing issue of piracy, which can have financial implications due to disrupted commerce and increased shipping rates.

Reported publicly: www.marketwatch.com