Does America have too many immigrants? That is a question which sparks heated political debate in Washington. Little wonder. Earlier this year Barack Obama pledged to make immigration reform a central plank of his second term as president.
But while that won him support among Hispanic voters, it infuriated many Republicans, particularly in the South. And with the unemployment rate remaining stubbornly high, the issue is doubly controversial due to a perception - or fear - that immigrants are stealing American jobs.
Last week a curious new salvo was fired into this fiery debate from none other than the Dallas Federal Reserve. In recent years, this institution has earned a reputation for being one of the more independent-minded parts of the Fed: its president, Richard Fisher, has demanded policies to slash the size of banks, and its officials take a free-market, conservative view. (Indeed, as a sign of this Wild West heritage, it is the only western central bank I have ever seen where an official notice tells customers to put their guns aside before entering.)
