What is the value of national identity?
Well, I was thinking about this the other day as I watched the film Gangs of New York.
It’s set in the mid-19th century. Specifically, the Five Points area of Manhattan, which had gained notoriety as an overcrowded slum.

Source: IMDB
In the film, this territory is being fought over by two street gangs:
- On one side, you have the Confederation of American Natives. These are Anglo Protestant nativists. They pride themselves on being born and bred on American soil. They cherish their national identity. Therefore, they see it as their sacred duty to defend their land from foreign invaders.
- Meanwhile, on the other side, you have the Dead Rabbits. These are Irish Catholic newcomers. They are no strangers to hardship. Having fled famine and poverty in Europe, they have arrived in Manhattan. Determined to plant new roots. Determined to fight for their share of the American dream.
When these two gangs clash, the consequences are epic. It’s a power struggle that resonates through generations. All of this is based on actual American history.
- Of course, I have no doubt that the storyline within the film itself is embellished. Dramatised. After all, director Martin Scorsese himself is of Sicilian Italian ancestry. So he’s certainly biased in favour of the immigrant characters. He portrays them as underdogs.
- Nonetheless, beneath the Hollywood sentimentality, Gangs of New York does tell an essential truth: there has always been, and there always will be, conflict between nativists and newcomers.
- I think what was true in 1862 still holds true in 2026…

Sources: Pew Research Center, UK House of Commons Library,
Australian Bureau of Statistics, OECD International Migration Outlook 2025
Right now, across the Western world, questions are being asked about the changing fabric of our society.
- Here in New Zealand, well over a quarter of our population is foreign-born. Occasionally, this has become a cause for friction, especially when it comes to competing ideologies.
- The mainstream media, by and large, is pushing a standard message. They believe that multiculturalism is a desirable goal.
- Meanwhile, the alternative media tends to be more sceptical. They believe that mass migration is damaging national cohesion.
So who is right? Who is wrong?
- Well, frankly speaking, I think that arguments about immigration are nothing new. We’ve seen this cycle unfold throughout our history.
- There will always be an ebb and flow in terms of how tolerant any society can be towards newcomers.
Still, what intrigues me is that there is actually another country out there that appears to have sidestepped the immigration debate entirely.
- This nation has a population of over 10 million. And astonishingly enough, almost 90% of the people residing here are actually foreign-born.
- You might argue that this is a nativist’s worst nightmare. Being swamped by a tidal wave of newcomers? Experiencing an influx of over 200 nationalities? Isn’t this a terrible idea?
- Well, remarkably enough, the locals in this nation appear to be very relaxed about this large inflow. In fact, they seem to be welcoming it.
- From an economic point of view, does this strange policy actually have an advantage? Does it generate unconventional prosperity? Could it create an opening for investors?
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John is the Chief Investment Officer at Wealth Morning. His responsibilities include trading, client service, and compliance. He is an experienced investor and portfolio manager, trading both on his own account and assisting with high net-worth clients. In addition to contributing financial and geopolitical articles to this site, John is a bestselling author in his own right. His international thrillers have appeared on the USA Today and Amazon bestseller lists.