Daniel Pauly recently gave the keynote address at the 2010 Seafood Summit in Paris. His talk compared industrial fishing to a Ponzi scheme, where instead of extracting a sustainable interest from invested capital, we use up the capital itself, and hope for other ‘investors’. He discussed the three-way expansion of fishing through the 20th century: geographically, by fishing in distant waters and getting access to African, Caribbean and Pacific waters; by fishing in deeper and deeper waters; and a taxonomic expansion. Pauly then addressed aquaculture and its limitations, particularly the double accounting of carnivorous farmed fish. He finished by talking about conservation efforts and the need to include the small-scale fisheries in the developing world in conservation efforts. His full talk is available through the Seafood Summit website.