Okay.
I submit a national interest is involved here in who owns the right to catch that fish and it's not being met. This isn't a charge of levelling. It's a comment that we've heard quite often.
A 2009 study reported in part:
Furthermore, the market value of the ITQs reflects the market's perception of the net present value of the future stream of net economic returns from the fishery.
Under ordinary economic conditions, you could presume that's correct. You would buy quota based on what you would expect to earn from it in the future. But I submit that there's a strong suspicion, and I would probably be near the front of the pack on that one, that we're dealing with what I have termed stupid money. That is the same kind of inflow of money that created the residential housing crisis in Metro Vancouver where people were bidding up the cost of real estate to hide money from away. Could this also apply to ITQs?
Would you know anything about that dynamic?