Is the "Great Replacement" merely a conspiracy theory or a legitimate concern?

Great Replacement states that, with the complicity or cooperation of Global and Liberal "replacist" Elites and their advancement of Cultural Marxism, the Indigenous White European populations at large—is being demographically and culturally replaced with non-European peoples—specifically Arab, Berber, South Asians and sub-Saharan Muslim populations from Africa and the Middle East—through mass migration, demographic growth and a European drop in the birth rate.
Conspiracy
Legitimate
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Is the "Great Replacement" merely a conspiracy theory or a legitimate concern?
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