QUESTION: Mr. Armstrong; Here in Germany, one obvious consequence of the refugee migration has been that wages are declining for low-end jobs. I believe you had said that would be a consequence of the refugee crisis. Do you see this spreading throughout Europe?
ANSWER: It is only common sense that if you increase the labor force in the low-end unskilled area, wages must decline. Every study that has ever been conducted on this issue has shown that is the logical consequence. This is indeed what caused the riots in Philadelphia against the Irish. Wages declines in the midst of a depression. Yes this trend will spread throughout the EU.