(Reprinted from the 23 July 1921 issue of the house journal of the Ford Motor Co., the Dearborn Independent and slightly edited by Raymond Bray to eliminate the numerous uses of "which" for "that" in the original.)

The strength of Jewish money is in its internationalism. It stretches a chain of banks and centers of financial control across the world and plays them on the side of the game that favor Judah. This center was, and for the moment is, in Germany, at Frankfort-on-the-Main, but feverish anxiety now accompanies the fear that it may have to be moved. Destiny is overtaking the Jewish World Power. The gold that is their god—"the God of the living" is what they call their gold—is being brought overseas on every available ship and locked up in vaults of Jewish bankers in North and South America, not to enrich this hemisphere but to mobilize Jewish financial power for any desperate stroke. Financial Jewry is afraid. It has a right to be afraid. Its conscience, still bloody from the war whose gains have not yet been stopped, is in a troubled state.

It is not, therefore, the success of the individual Jewish banking house that concerns us. Flabby-minded non-Jews who have been blinded by pro-Jewish propaganda find difficulty in seeing that point. They say that the individual Jewish business man has as much right to his business success as has anyone else. Which is a perfect Jewish platitude! Certainly he has. Who ever stated tht he had not? But when you are dealing with a world chain of financial consulates, all of them linking up in a world system, none of them to be regarded as American banks, or British banks, or French banks, or Italian banks, or German banks, but all of them members of the Jewish World Banking System, you are obviously not dealing with individuals who are trying to make a living. You are then dealing with a mighty force for good or ill, and thus far, sad truth to know, the ill is mountainous in comparison

Nor does this Jewish banking system require that in each country a Jewish house be the most important. It is not the wealth and importance of single houses, but the wealth and importance of the world chain, that gives the strength. Kuhn, Loeb & Company is far from being the most important financial house in the United States, but with its foreign connections, all Jewish, it takes on a new aspect. Kuhn, Loeb & Company is far from being the most important banking house in the United States, and yet it was an idea that came out of Kuhn, Loeb & Company's office, that now dominates the monetary system of the United States. Paul Warburg, a German Jew, scion of the Jewish world banking group, is boosted into undue prominence and power through the pressuere of banker-bought prestige in government circles. It is his connections—Jewish ones—that count.

The Warburg idea in the United States, dovetailing with the Sterns, the Furstenbergs, the Sonnenscheins and the Sassoons and Samuels and Bleichroeders overseas, was something to wonder at. Jewish bankers ran this war as they have run every great war. No informed Jew will deny that. Most informed Jews have boasted of it as indicating the importance of their people. Above the nations at war was an international financial committee, all Jewish, looking down upon all the ruction and blood as serenely as American baseball league directors look down upon a pennant series. Separated, each man tied to his country by ties of individual nationalistic loyalty, none of these would have amounted to much. United, as a super-national financial board, knowing the secrets of all the nations, conferring one with another in all sorts of ways, even during the hardest days when all communication between countries was supposed to be locked by war, deciding the duration of the war and the hour of so-called peace, these groups constitute a danger that no one doubts after once having clearly seen it.

Men who can thus manipulate money in time of was can do so in time of peace. The United States is living under some of that peace manipulation now.

The reader of the Protocols is much impressed by the financial notes that are sounded throughout their proposals. The Jewish defense against the Protocols, that they were written by a criminal or madman, is intended only for those who have not read the Protocols, or who have overlooked the financial plans they offer. Madmen and criminals do not coolly dissect one money system and invent another, as do the Protocolists.

It will be worth while, in view of the sidelights that these articles have thrown on the money question, to recall some of the forecasts and plans made in these most remarkable documents that have been attributed to the Wise Men of Zion, the world leaders of the inner council.

"When we sink, we become a revolutionary proletariat, the subordinate officers of the revolutionary party; when we rise, there rises also our terrible power of the purse" So wrote the great Jewish Zionist leader, Theodor Herzl, in his work, "A Jewish State," (p 23). It is precisely that union of revolutionary tendencies and financial power that the world is facing now. Look at Russia, and look at the people who swarmed at Versailles and made the Peace Treaty. The Peace Treaty was written by financiers; it is the bill presented, not to a beaten foe, but to the world. Very few people have ever read it; but its operation is evident everywhere. The Jewish bankers the world over are shoveling in the gold.

Protocol VI is interesting in this connection:

"We shall soon begin to establish huge monopolies, colossal reservoirs of wealth, upon which even the big Gentile properties will be dependent to such an extent that they will all fall, together with the government credit, on the day following the political catastrophe."

Although these words were written with Europe in view (the United States not yet having been Judaized) their import is clear. At the present moment the number of business concerns in the hands of Jewish creditors, through "loans," is very large. The Jewish idea in business is to "borrow," instead of making the business stand on its own two feet. The trail of that idea is seen all over our land today.

"At the same time it is necessary to encourage trade and industry vigorously, and especially speculation, the function of which is to act as a counterpoise of industry. Withoug speculation, industry will cause private wealth to increase and tend to improve the position of agriculture by freeing the land from indebtedness for loans by the land banks. It is necessary for industry to deplete the land both of laborers and capital, and, through speculation, transfer all the money in the world into our hands . . . .

"To destroy Gentile industry, we shall, as an incentive to this speculation, encourage among the Gentiles a strong demand for luxuries, all-enticing luxuries."

There is the idea— Extravagance and Debt support the Jewish money-lender's power. He does not lend to build industry, but to drain it. Independent industrial or agricultural wealth menaces his rule. Industry must be curbed by speculation; speculation must be encouraged by extravagance; and industrious people soon works itself free of its debt slavery; therefore invent new excitements to keep it in debt. Entice people from the farms, and so forth, and so forth, all which devices are now well known to the world.

"We will force up wages, which, however, will be of no benefit to workers, for we will at the same time cause a rise in the price of prime necessities, pretending that this is due to the decline of agriculture and cattle raising. We will also artfully and deeply undermine the sources of production by instilling in the workmen ideas of anarchy and encourage them in the use of alcohol. . . ."

That wages were forced up, that they were of little profit to the workers, that prices did rise, that the above excuses were given, that anarchistic ideas now being circulated among the workers are Jewish and are circulated by Jews, that the illicit liquor business (as once was the legal liquor business) is entirely in the hands of Jews—these things everyone knows to be t rue.

The Protocols have been in non_Jewish knowledge since 1896. The British Museum has possessed a copy since 1906. Were they written by a prophet who foresaw, or by a power that foreordained?

The Jewish World Program is shown in these Protocols to be largely dependent on the false economic ideas it can induce the governments and peoples to accept. The false economic ideas—not only false, but cruelly deceptive and impossible0—that are being sown among the masses of the people are the counterpart of the other false economic propaganda being sown in the upper circles of banking and government.

Jewish economic ideas are quite different from the ones that Jewish thinkers put out for others to follow.

Jewish bankers know better than anyone else the utter falsity of the present system, but they profit by that falsity, and they are ruining non-Jewish rule by that falsity, and they are establishing Judah by that falsity, and they will try to maintain that falsity until it brings the inevitable collapse, after which they hope to reorganize the world on Jewish monetary principles. So at least, the Protocols indicate. This bad regime is for the so-called Gentile period only.

The temporary nature of the present Jewish system, and the destruction it is meant to work in the world, is shown in the Third Protocol, where, after discussing ways and means to make the lower classes hate the well-to-do, it says:

"This hostility will be still more accentuated as the result of crises that will close stock exchange operations and stop the wheels of industry. Having organized such a general economic crisis by all the underground means available to us, and thanks to the assistance of gold, all of which is in our hands, we will throw whole crowds of workingmen into the streets simultaneously, in all the countries of Europe. These crowds will gladly shed the blood of those whom they, in the simpicity of their ignorance, have envied since childhood and whose property they will then be able to loot."

All this, as the world knows, has occurred in Europe. The weapons first used were economic. The subjection of the people, the revolution, was first economic. The Jewish program profited by the split that Jewish ideas had been able to make between the upper and lower classes of "Gentile" society. "Divide and Rule," is the Jewish motto, as quoted in the Protocols. "Divide the working class from the directing class. Divide the Catholic and Protestant churches." In brief, divide Christendom in economic, creedal, social and racial lines, while the Jew remains a solid body, able because of his solidarity to handle a divided world. And this plan has succeeded. Out of the disorder of the World War look how high the government of Judah has been placed in Russia, Austria, Germany, France, Italy, England nd in the United States.

All the Jewish bankers are still in Russia. If was only the non-Jewish bankers who were shot and their property confiscated. Bolshevism has not abolished Capital, it has only stolen the Capital of the "Gentiles." And that is all that Jewish socialism or anarchism or Bolshevism is designed to do. Every banker who is caricatured with dollar marks on his clothes is a "Gentile" banker. Every capitalist publicly denounced in Red parades is a "Gentile" capitalist. Every big strike—railroad, steel coal—is against "Gentile" industry. That is the purpose of the Red movement. It is alien, Jewish and anti-Christian.

Now, one of the interesting points about the Jewish financial scheme for the future as shown in the Protocols is the way in which it contrasts with the financial scheme that the Jewish groups now favor. As before stated, what the Protocolists now advise is not what they will adopt when their present advice has worked its hoped-for results.

The Protocols that detail the future financial plan of Jewish control are numbered XX and XXI. Protocol XX opens thus:

"Today we will speak of the financial program, the discussion of which I have postponed to the close of my report as it is the most difficult, decisive and concrete of our plans."

Throughout the recital the Protocolist harks back to the old (our present) financial system, and some of his remarks are worth transcribing here:

"You know that the gold standard destroyed the governments that accepted it, for it could not satisfy the demand for currency, especially as we removed as much gold as possible from circulation."

Whether the first statement is true remains to be seen; the others are demonstrably true. The gold in the ground and the gold that is money is under Jewish control, and they withdraw it when they will.

The stupid so-called "Gentile" s ays, "Why should they withdraw it? They cannot make any money that way!" Once again remember the distinction: it is not a matter of "making" money but of "getting" it; panics are more quickly profitable than is a long period of prosperity for men whose commodity is money. Indeed, men who deal in money as a commodity and on the Jewish plan, lose their prestige if prosperity continues too long. The banker who is a banker, who lives to serve industry and the community—he profits by prosperity, but not so the money sharks.

"We created economic crises for the Gentiles by the withdrawal of money from circulation. Mass capital stagnated, money was withdrawn from use by the various governments, and they in turn were obliged to turn back to the capitalists for loans. Such loans naturally embarrassed the governments owing to the payment of interest charges, and made them subservient to the capitalists. . . . ."

The withdrawal of money from circulation will create panics; everyone knows that. Such withdrawal of money is within the decision of a very small group of men. Here in the United States we have been for a long fifteen months witnessing such a withdrawal and its effects. The word went by wire across the land, setting a date. One that date values began to crash all over the country, and honest bankers tried to help, while others who knew the game profited hugely. As shown in the last article, money was withdrawn from legitimate use, that it might be lent to money speculators at six percent, who in turn lent it to desperate people at rates as high as 30 percent.

No intelligent person will attempt to explain such events on the ground of natural law or of honest practice. These things occurred in this country within recent days. It is the "elastic" sysgtem, you know, with the public as a monkey on one end of the "elastic." A splendid idea, no doubt, if administered by the non-Jewish method of doing the greatest possible good to the greatest number, but a deliberate assassination of life and property as it has been administered.

The Protocolists then pay their respects to governmental finance with the keenness that is well justified:

"Owing to methods allowed by irresponsible Gentile governments, their treasuries became empty. Then came the period of contracting loans and using up the assets that remained. This brought all the Gentile governments to bankruptcy."

As operating groups, the governments are bankrupt now. Only their power of confiscation keeps them up. The United States commonly referred to as the richest country in the world, is just as poor as a government as is any other. It has nothing; it is in debt and borrowing. And its creditors are constantly discounting their obligations and are putting it into worse hands than ever. Even the Liberty Bonds are almost passed out of the hands of the people into the hands of Jewish fiscal agents who "get" money out of the necessities of the people who sell and out of the necessities of the government that borrowed. And if all signs do not fail, we shall one day be hearing in Congress pleas for special legislation in behalf of "the poor bond-holders." It is to be hoped when that day comes, some one will have mettle enough to stand up and declare who the "poor bond-holders" are. A list should be made now for future reference.

"Every loan proves government inefficiency and ignorance of governmental rights. Loans, like the sword of Damocles, hangs above the heads of the rulers, who, instead of placing temporary taxes on their subjects, stretch forth their hands and beg for charity at the hands of our bankers. Essentially, foreign loans are leeches, which in no instance can be removed from the government body until they fall off of their own accord or the government itself removes them. But Gentile governments, instead of removing them, continue to place more. They must perish inevitably through exhaustion by voluntary blood-letting.

This is the plainly expressed criticism of the Jewish World Government upon the governments of the nations, and the truth of it cannot be gainsaid. It represents a statement of common wisdom upon which the Jewish World Program hopes to commend itself to the common people.

"Then why do not the Jewish world financiers help the nations out of this false financial policy?" Why, indeed? Jewish financiers are the inventors of such loans as they here describe, the barriers to such direct taxes as they here recommend. Listen—in the same page as above:

"You may well understand that such a policy, although inspired by us, cannot be followed by us."

That is historically true, whether it will prove prophetically true or not. Compromising loans and interest are Jewish devices, historically Jewish. Practically and at present the Jew prefers not to borrow except in such a way as to place all business risks on other people's money while he keeps his own safely, and the payment of interest is an abomination to him. These statements of the Protocols have at least these historical and racial confirmations.

The whole stupidity of the "Gentile" system by which Jewish Internatiional Financiers are enriched is clearly set forth in the same Xxth Protocol:

"What is the effect of a loan, especially of a foreign loan, other than this? A loan is the issuance of government notes, pledging interest in proportion to the sum of borrowed capital. If the loan pays five percent then in twenty years the government has paid the interest in vain, for it is equal to the sum of the loan; in forty years it has paid out an amount equal to the loan twice over; and in sixty years, three times, while the original debt remains unpaid."

Extremely simple, and yet it is the most generally ignored fact of all

We live in a democracy, yet loans are contracted that always cost more than the amount of th loan, and no one has a word to say about it. We Americans do not know how much interest we pay every year, and we don't know to whom we pay it. We are still living under the lie that "A National Debt Is a National Blessing," the most delusive doctrine ever promulgated.

The amount of our National Debt is the measure of our enslave to Jewish World Finance.

The reader may observe in passing that Jewish apologists, John Spargo, Herman Bernstein, and others, say that the Protocols were put out by the secret police of the Russian Czarist regime. It is very unusual, is it not, to find the Czar.s police interested in plans to remove graft from high finance, and preaching doctrines exactly contrary to the established system? The reader w ill find some amusement in searching for Russian police spies in the further development of the Jewish financial philosophy.

The purpose of Protocols XX and XXI is not to describe the present financial chaos in which the Gentiles are encouraged to continue; that system was described in previous Protocols; their purpose is rather to describe how the Jewish World Power plans to run things when the time comes.

This is well worth considering, for there are portions of the plan that would be worth adopting. The Jewish expectation of World Rule is, of course, absurd, although the mass of Jews sincerely hold it. Their condemnation is that they regard every degeneracy in society as bringing them a step nearer their goal, which explains the great assistance they give to all degenerative processes.

"When we ascend the thrones of the world, such financial expediencies, not being in accord with our interest, will be definitely limited."

That is the opening note. It is another version of the statement—"You may well understand that such a policy, although inspired by us, cannot be followed by us."

What, then, did the Protocolists, looking for world power, propose to eliminate"

(1) "The stock exchanges will be permanently suppressed, for we will not allow the prestige of our authority to be shaken by price fluctuations on our stocks. We will fix the full value legally without permitting any power to raise or lower it. Raising prices gives the pretext for lowering them—which was what we started with the stocks and bonds of the Gentiles."

(2) "The lawful confiscation of money in order to regulate its circulation."

(3) "We must introduce a unit of exchange based on the value of labor units regardless of whether paper or wood are used as the medium. We will issue money to meet the normal demands of every subject (citizen), adding a total sum for every birth and decreasing the total amount for every death."

(4) "Commercial paper will be bought by the government, which, instead of paying tribute on loans as at present, will grant loans on a business basis. A measure of this character will prevent the stagnation of money, parasitism and laziness, qualities that were useful to us as long as the Gentiles maintained their independence, but that are not desirable to us when our kingdom comes.."

We will replace stock exchanges by great government credit institutions, whose functions will be to tax trade paper according to government regulations. These institutions will be in such a position that they may market or buy as many as half a billion industrial shares a day. (The reader will bear in mind that "police spies" of agricultural Russia "forged this document" in 1896. As a gentleman remarked: If this is a forgery, what must the original have been! — Ed.) "Thus all industrial undertakings will become dependent on us. You may well imagine what power that will give us."

The Protocolist now being quoted also gives his attention to taxation (observe again the "Russian police spy" doing some "forging"). The builders of this plan for World Rule recognize that when the overturn comes they will have to be in a position to offer the people something extremely good in order to win their favor. This, of course, was the plan in Russia, although Russia presents no parallel to what the Protocolists hope to do for what they call their "kingdom." Russia was simply tortured in punishment. Russia was a passover offering. Russia is an example of Jewish vengeance, destruction, rage, not of the rule that International Jewry hopes to put over a world economically conquered through its own weakness and lust. Hear than the taxation plan:

(1) "When we become rulers, our autocratic government, as a first principle of self-protection, will avoid burdening the people with heavy taxes. It must not forget to play the part of father and protector. But as government organizations are costly, it is necessary to raise money for maintenance. Consequently, it is necessary to study carefully in this particlular the problem of checks and balances."

(2) Kinds of taxes to be raised: (a) "The best method of taxation is to establish a progressive tax on property." (b) The receipt of purchase money or an inheritance will be subjected to a progressive stamp tax." (c) "Any transfer of personal property, whether in money or other form of value. . . . ." (d)A luxury tax—"the latter will be taxed through the medium of a stamp impost."

The rich are to be taxed in proportion to their wealth: "A tax on a poor man is the seed of revolution and it is detrimental to the government that loses the big things in its pursuit of the small." But there are other shrewd reasons for thus taxing the rich (a) "Aside from this, the tax on capitalists will lessen the growth of wealth in private hands, where we have concentrated it at present as a counterweight to the governmental power of the Gentiles . . . . (b) "Such a measure will destroy the hatred of the poor toward the rich, who will be regarded as the financial support of the government and the exponents of peace and prosperity. The poor will realize that the rich are paying the money necessary to attain these things.:"

This was written at least as early as 1896. How many forms of taxation have come precisely as here outlined!

How illuminating also the following remark: :Money should circulate; and to hinder free circulation has a fatal effect upon the government mechanism, which it lubricates. That thickening of the lubricator may stop the correct functioning of the whole machine. The substitution of a part of money exchange by discount paper has created just such an impediment."

Remember that when next you hear the Jewish plan that "Gentiles" shall do business with their own bits of paper, while Jews keep the gold reserve safely in their own hands. If a crash comes, "Gentiles" have the paper and Jews the gold. If bits of paper serve ordinarily, the world may some time decide to do away with the gold. Certainly a system that rests on Cash yet works with Not-Cash, has disadvantages that depression and panic reveal. Says Protocol XXII—"We hold in our hands the greatest modern power—gold; in two days we could free it from our treasuries in any desired quantities."

The Jews are economists, esoteric and exoteric; they have one system to tangle up the "Gentiles," another they hope to install when "Gentile" stupidity has bankrupted the world. The Jews are economists. Not the number of them who teach economics in the state universities. Says Protocol VIII: