FINAL THOUGHTS OF THE WEEK

Although it was sometimes very difficult I have stayed away from writing about political matters except in passing.  Yet the shocking situation of the Middle Eastern refugees, whilst certainly political, may have consequences for global financing that could exceed all the defaults, actions of central banks and---up to now at least--the abandonment of any sort of fiscal policy (sanity?) much less coordination, by the World's leading national governments.

The flood of refugees is enormous; the human suffering immense.  Europe, being closest to the conflict is understandably bearing the brunt of the invasion.  I suppose one might ask why none of these poor people seems eager to escape to any Muslim country save Jordan, but that is an issue for another day.  My wise friend Gordon, a Scot, seems to look to the inevitability of it all in the dour, somber cloak that seems to surround all of his people.  It was always destined to come, says he and it will come to your shores, mate, he adds.

Now every once in a while I have to remind him that coming Over Here is no new thing.  Indeed, three generations ago my fore bearers made the trip and today we see the new input from Mexico and points south...not to mention Asia, which we like because they are very well educated, rich in many cases and seem not to belong to gangs.  Yes, we like Asians.  But what Gordon does not understand though far more well-acquainted with the U.S. than the average European is the remarkable--let's call it a bargain--that this country made with our immigrants.  You can come in we said, but you have to become Americans, and up to just recently, that is exactly what happened.  Though I may be extremely proud of my family's heritage, I am completely an American as are most like me and as are most of the newer newcomers.  As a result, we are a remarkably welcoming people.

Europe has never been such despite lip service to its liberalism and social philosophy.  The sense of national identity remains mighty in Europe despite 30 years of the Union and incredible attempts at the "one person" theory of co-existence.  And the flip side is true as well.  Those who have come to Europe are not Englishman, or Frenchmen or German or Europeans for that matter.  They are whomsoever they were before they arrived and in a number of cases have nationalized by ghettoizing where they live.  And now comes to Germany, another 900,000 of the least equipped to enter that society if Ms. Merkel has her way.  What will become of that experience for one must recognize that this first group is just the advance party for continuing waves that surely will follow, tracking their relatives which provide an excuse for their entry.  The political/social/financial effect?  I'm going to think more about that over the weekend.