Apparently the Obama administration, via DOJ, is cracking down on high tech workers and supposed H1-B visas abuse. From Silicon Alley Insider and Computer World:

"Federal agents have arrested 11 people in a crackdown on H-1B visa fraud.
We've written about abuses in the H-1B program before, but have never, ever seen law enforcement actually pay attention to H-1B issues…

Federal authorities allege that in some cases, H-1B workers were paid
the prevailing wages of low-cost regions and not necessarily the higher
salaries paid in the locations where they worked. By doing this, the
companies were "displacing qualified American workers and violating
prevailing wage laws," said federal authorities in a statement
announcing the indictments."

Hmm. So let's think about this. Businesses worldwide are in dire straits and seeking to radically cut costs just to stay afloat. Because of capital now moves freely accross borders, this means they have two basic options: 1) export their operations to a cheaper, probably foreign, labor market, or 2) import cheap labor to run their operations here.

If the feds crackdown and restrict the importation of labor, then it seems that firms will either a) have cut the wages they pay to local workers, which historically businesses have been very reluctant to do because it tends to destroy worker morale and kill productivity, or more likely b) pack up and move their operations oversees.

Of course, the protectionists would say we should then make it illegal for firms to outsource/offshore their operations, which of course would encourage other countries (like China, India and the EU) to do the same. So start trade wars, which by their very nature raise the costs of doing business, dimish consumer buying power (ie stuff costs more so you get less for every $1 you spend), and depress global economic growth.

Ok, so maybe a handful arrests do not the end of globalization make, but it's a sign and a cause for worry.