How the world's oceans are running out of fish

The Observer, on May 11th 2008, had an article about the constantly depleting number of fish in the oceans. It says,

The future of our seas has never been more precarious. Ninety years of industrial-scale overfishing has brought us to the brink of an ecological catastrophe and deprived millions of their livelihoods.

North Atlantic fish stocks have been in decline for well over a century. Callum Roberts points out in his recent book The Unnatural History of the Sea that it was obvious from the 1880s that fish stocks were in decline.

Is there any hope for fish? If we cannot sort out the problem of bluefin tuna – a highly prized fish, whose life cycle is well understood, and whose fishing is closely monitored - what hope is there for the other stocks? Will our children eat wild fish or only farmed?
The Newfoundland cod fishery, for 500 years the world's greatest, was exhausted and closed in 1992, and there's still no evidence of any return of the fish. Once stocks dip below a certain critical level, the scientists believe, they can never recover because the entire eco-system has changed.