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Turmoil in Energy Markets

After Hours

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The Importance of Immigration in a Democracy

My sense is it will dramatically alter how we think about immigration in a democracy. It's almost unthinkable for me that the majority will forego some Social Security benefits because we don't want the young to be taxed so highly. And I think the only other way out of this is to allow greater immigration. Countries like the US, countries like Germany that have somehow come to grips with permanent immigration will have a huge advantage over societies that find it very difficult to accept people from elsewhere.

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