Authored by Robert Murphy via The Mises Institute,
As so often happens in the wake of a natural disaster, government officials in Texas are currently investigating claims of “price gouging,” which the office of the Attorney General reminds residents is illegal after the governor declares a disaster. This is a classic example of the ostensible contrast between greed and altruism, capitalism and charity.
As Hurricane Irma looks to be hurdling straight for a direct hit on Southern Florida, meteorologists from Weather Underground are warning that the most devastating impacts of the storm could be felt much further north in towns along the coast of Georgia and South Carolina where the storm surge could be a catastrophic 20-28 feet high in certain areas. To put that in perspective, Hurricane Katrina in 2005 set a record for the largest storm surge ever recorded along the U.S. coast at 27.8 feet.
As of 2pm today, Hurricane Jose, located 660 Miles east of the Lesser Antilles, and following in Irma's footsteps, is now a Category 2 storm with maximum sustained winds od 105 mph (165kmh).
Here is the summary from the NHC:
Hurricane Jose Intermediate Advisory Number 9A
...JOSE NOW A CATEGORY 2 HURRICANE...
After laying waste to the Northern Caribbean and leaving most of bankrupt Puerto Rico without power - perhaps for months - Hurricane Irma, still a category five storm, is expected to make landfall near Miami this weekend. Florida Gov. Rick Scott has already declared a state of emergency, and last night more than 100,000 Miami-Dade residents in Miami Beach and low-lying mainland areas were instructed to leave their homes by Miami Mayor Carlos Gimenez, who issued his first evacuation order.
After laying waste to much of the Leeward Islands and leaving most of Puerto Rico without power, Hurricane Irma is continuing its destructive march through the Caribbean which is expected to culminate with landfall in Miami sometime this weekend.
As we noted yesterday, Irma's catastrophic 185+ mph winds left 90% of the dwellings on the island of Barbuda completely leveled, according to Prime Minister Gaston Browne.