Nick Giambruno: The migrant crisis is tearing Europe apart. What's your take, Doug?

Doug Casey: I'm all for immigration and completely open borders to enable opportunity seekers from anyplace to move anyplace else. With two big, critically important, caveats: 1) there can be no welfare or free government services, so everyone has to pay his own way, and no freeloaders are attracted 2) all property is privately owned, to minimize the possibility of squatter camps full of beggars.

In the absence of welfare benefits, immigrants are usually the best of people because you get mobile, aggressive, and opportunity-seeking people that want to leave a dead old culture for a vibrant new one. The millions of immigrants who came to the U.S. in the late 19th and early 20th centuries had zero in the way of state support.

But what is going on in Europe today is entirely different. The migrants coming to Europe aren't being attracted by the opportunity in the new land so much as the welfare benefits and the soft life. For the most part, they are unskilled and poorly educated.

What we're talking about here is the migration of millions of people of different language, different race, different religion, different culture, a different mode of living. If you're an alien and you're 1 out of 10,000, or 1,000, or 100, you're a curiosity, an interesting outsider. But an influx of millions of migrants is only going to destroy the old culture, and guarantee antagonism—especially when the locals have to pay for it. In many ways, what's happening now isn't just comparable to what happened 2,000 years ago with the migration of the Germanic northern barbarians into the Roman Empire. It's potentially much more serious.

Nick Giambruno: I think pretty much anywhere in the world, whenever there's an influx of foreigners to the degree that it changes the demographics or upsets the local economic applecart, it's obviously going to cause problems.

For example, the Chinese are wearing out their welcome in many parts of Africa.