Arabs and Muslims have become a foreign-policy issue, an argument on the domestic agenda, a law-enforcement priority, and a point of well-meaning concern.
But then it is an argument intended for domestic consumption, as part of a broader charge that Mr Obama is aloof and out of touch with the country he leads.
That foreigners were net sellers of local shares in the first ten months of 2005, leaving domestic investors as the chief buyers, lends support to the argument.
Before getting into specific points I would like to reiterate that my argument is based on a conclusion that is supported by the academic literature: a shift from a domestic economy to a global economy has played a significant role in the decline of unionization.
The main argument for flexible exchange rates that led to their widespread adoption in the early 1970s was that they allow domestic policymakers to adopt policies appropriate to domestic conditions without the artificial constraint of an exchange rate peg.