In this video, I talk with author and economic analyst John Sneisen about the destruction caused by Hurricane Irma and the long term effects involved.
Barbuda, St. Bart and St. Martin have been hit worse than anyone else, with 95% of these island territories destroyed.
Puerto Rico wasn't hit AS hard, but it's seeing what may be one of the final nails in the debt crisis as more than one million people are left without electricity and cost of damage is unable to be dealt with.
Those who've lost electricity are likely to wait up to 6 months before they can turn their lights or air conditioning on again. Interestingly, the government blames the debt crisis which they've refused to acknowledge is bankruptcy when it's the government in the FIRST place that is caused both the monetary crisis and this long term electricity crisis as the electric grid is out of date and THEY the government own the one monopolized electricity producer.
This is what happens when free markets aren't able to reign via the demand of free individuals. Competition doesn't exist and the one outdated, inefficient grid of the state becomes the only recourse in the event of a dramatic weather event like Irma.
There is one bright side to this unthinkable catastrophe and that is the value of individuals working together to help their fellow neighbor. We saw this happen during Hurricane Harvey in Texas and now we are sure to see it happen once again as people work to ensure their loved ones and complete strangers are safe.
As Hurricane Irma nears Florida, our heart goes out to all of the people in the wake of the storm. We see the best of humanity in the worst situations.
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