The ongoing conflict between the state of Israel and Hamas escalated considerably on Saturday. A group of armed fighters—presumably of Hamas—broke through the Gaza-Israel border barrier and launched what is sure to be a short-lived invasion of southwestern Israel. 

At least 700 Israeli citizens—most of them apparently civilians—were killed, and more than one hundred were taken hostage. The Israeli state quickly retaliated with widespread bombing of neighborhoods in Gaza producing hundreds killed, and possibly hundreds of thousands displaced. 

Saturday the world was rocked by the outbreak of war in southern Israel as Hamas fighters crossed out of Gaza, taking hostages and killing Israeli civilians. The political leader of Hamas says the attacks were in response to the Israeli treatment of Palestinians at the al-Aqsa Mosque last week.

Aside from stealing your life savings and launching depressions, one of the nastier features of paper money is what it does to governments.

In short, paper money transforms governments from parasites to predators. Once a government can print what it likes, it no longer needs taxes.

Meaning it no longer needs us.

Noted Austrian economist Ludwig von Mises passed away on October 10, 1973, 50 years ago today. The legacy of someone’s life can be viewed as their impact over time on their academic, sport, media, or technical field. One impact of a person in their lifelong profession not appreciated today is the number of people this person taught, encouraged, challenged, debated, dined with over their life.

Maybe it was inevitable: X, Facebook, YouTube, Flickr, LinkedIn, Threads and now Instagram. The Federal Reserve has embraced social media of the 21st century. Fed Chair Jerome Powell recently posted a video introducing himself as “Jay,” perhaps to lend street cred to a younger audience. He follows by providing details about the organization.

Murray Rothbard often shows an unusual ability to counter an objection to something he says by showing that the objection actually supports his view. In this week’s column, I’d like to discuss one example of this. Rothbard believes that libel and slander should not be crimes or torts. If he is right, people shouldn’t be fined or imprisoned for defaming people or be subject to a civil suit for damages resulting from this.