Offline book lending ruining the publishing industry

The RIAA and others use ridiculous headlines such as mine, to try and explain their economic troubles. Piracy is always to blame. Strange that 2009 saw the biggest holiday records broken once again, despite the "rampant" piracy. Here's a great and humurous perspective on the matter.

Apparently, over 2 billion books were "loaned" last year by a cabal of organizations found in nearly every American city and town. Using the same advanced projective mathematics used in the study cited by Publishers WeeklyGo To Hellman has computed that publishers could be losing sales opportunities totaling over $100 Billion per year, losses which extend back to at least the year 2000. These lost sales dwarf the online piracy reported yesterday, and indeed, even the global book publishing business itself...

...From what we've been able to piece together, the book "lending" takes place in "libraries".