Check out some thoughts on overfishing and sustainable seafood (including my own) compiled by Greenpeace here.
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Yes, it's plainly idiotic and self-destructive. I almost do not eat fish or seafood at all for that very reason, even if my country has a long tradition of fishing and the corresponding (often delicious) cuisine. I know that earth-produced food is often also hardly sustainable but the issue of overfishing is so outraging that I feel guilty each time I buy a can of tuna.
As the Dutch guy says: the industry cannot regulate itself. In fact it's not even an industry, in the sense of producing anything, just advanced industrial age predation. We should have forbidden bottom-trawling long ago but we did not, forcing the fishermen who were against it to join the trend or be marginalized. The more we delay the much necesary political decissions, the worse for all, including fishermen.
But our rulers are too subservient of corporations and industrial lobbies and seem unable to act with common sense in almost any case. It's corporative anarchy, even if the weight of the law does fall on the shoulders of the small ones in any case.