Last week, more than 50,000 people illegally entered the Spanish exclave city of Ceuta, which normally has a population of only 80,000. Ceuta is located on the north African coast and shares a border with Morocco, an Arabic-speaking country with a population of 36 million.  Many migrants pushed through the border barriers, with thousands more swimming short distances to bypass land-based barriers. Ceuta—like Spain’s other exclave city, Melilla—has long faced significant challenges over maintaining the integrity of its borders with the surrounding Moroccan territory. 

In the National Income and Product Accounts (NIPA), disposable income is defined as the summation of all personal money income minus tax payments to the government. Personal income includes wages and salaries, transfer payments, income from interest and dividends, and rental income. Once we deduct personal monetary outlays from disposable money income, we get the personal savings.

US farms and ranches face rising debt in 2026. New York based Kroll Bond Rating Agency (KBRA) released an article on February 25, 2026, entitled, “Farm Debt on the Rise as Federal Aid Counters Rising Expenses” The article described this federal government intervention from the Austrian economics viewpoint encouraged rising farm debt from federal aid.

The 16th of November may be considered as the Fourth of July in the economic life of the United States. Coming generations will commemorate it as marking the foundation of our financial emancipation. — Paul M. Warburg, architect of the Federal Reserve System, November 17, 1914

To continue our celebration of the Year of Rothbard, the Mises Institute is giving away a different Rothbard book each month through December 31. This month’s book is Rothbard’s The Case for a 100 Percent Gold Dollar.

Each person has a different makeup, a different history, different information, and different understandings. In short, each person lives a different life than other people live and, as a result, knows many things that other people don’t know. Each person sees and decides differently than other people see and decide.

In a recent column for Seeking Alpha, investor-turned-analyst Lance Roberts defends Milton Friedman’s view of inflation against what he calls inflation “doomers” and Austrians. By the former, he means those who approvingly lean on the Friedman quote that, “Inflation is always and everywhere a monetary phenomenon. . .” but fail to include the tail end of the quote: that “. .