Protocols of the Meetings of the Learned Elders of Zion: Protocol No. 20...
To what I reported to you at the last meeting I shall now
add a detailed explanation of internal loans. Of foreign loans I
shall say nothing more, because they have fed us with the
national moneys of the goyim, but for our State there will be no
foreigners, that is, nothing external.
We have taken advantage of the venality of administrators
and the slackness of rulers to get our moneys twice, thrice and
more times over, by lending to the goy governments moneys which
were not at all needed by the States. Could anyone do the like in
regard to us?... Therefore, I shall only deal with the details
of internal loans.
States announce that such a loan is to be concluded and open
subscriptions for their own bills of exchange, that is, for their
interest-bearing paper. That they may be within the reach of all
the price is determined at from a hundred to a thousand; and a
discount is made for the earliest subscribers. Next day by
artificial means the price of them goes up, the alleged reason
being that everyone is rushing to buy them. In a few days the
treasury safes are as they say overflowing and there's more money
than they can do with (why then take it?). The subscription, it
is alleged, covers many times over the issue total of the loan:
in this lies the whole stage effect -- look you, they say, what
confidence is shown in the government's bills of exchange.
But when the comedy is played out there emerges the fact
that a debit and an exceedingly burdensome debit has been
created. For the payment of interest it becomes necessary to have
recource to new loans, which do not swallow up but only add to
the capital debt. And when this credit is exhausted it becomes
necessary by new taxes to cover, not the loan, but only the
interest on it. These taxes are a debit employed to cover a
Later comes the time for conversions, but they diminish the
payment of interest without covering the debt, and besides they
cannot be made without the consent of the lenders; on announcing
a conversion a proposal is made to return the money to those who
are not willing to convert their paper. If everybody expressed
his unwillingness and demanded his money back, the government
would be hooked on their own flies and would be found insolvent
and unable to pay the proposed sums. By good luck the subjects of
the goy governments, knowing nothing about financial affairs,
have always preferred losses on exchange and diminution of
interest to the risk of new investments of their moneys, and have
thereby many a time enabled these governments to throw off their
shoulders a debit of several millions.
Nowadays, with external loans, these tricks cannot be played
by the goyim for they know that we shall demand all our moneys
In this way an acknowledged bankruptcy will best prove to
the various countries the absence of any means between the
interests of the peoples and of those who rule them.
I beg you to concentrate your particular attention upon this
point, and upon the following: nowadays all internal loans are
consolidated by so-called flying loans, that is, such as have
terms of payment more or less near. These debts consist of moneys
paid into the savings banks and reserve funds. It left for long
at the disposition of a government these funds evaporate in the
payment of interest on foreign loans, and are replaced by the
deposit of equivalent amount of rentes.
And these last it is which patch up all the leaks in the
State treasuries of the goyim.
When we ascend the throne of the world all these financial
and similar shifts, as being not in accord with our interests,
will be swept away so as not to leave a trace, as also will be
destroyed all money markets, since we shall not allow the
prestige of our power to be shaken by fluctuations of prices set
upon our values, which we shall announce by law at the price
which represents their full worth without any possibility of
lowering or raising (Raising gives the pretext for lowering,
which indeed was where we made a beginning in relation to the
values of the goyim.)
We shall replace the money markets by grandiose government
credit institutions, the object of which will be to fix the price
of industrial values in accordance with government views. These
institutions will be in a position to fling upon the market five
hundred millions of industrial paper in one day, or to buy up for
the same amount. In this way all industrial undertakings will
come into dependence upon us. You may imagine for yourselves what
immense power we shall thereby secure for ourselves...
...Protocols of the Meetings of the Learned Elders of Zion: Protocol No. 22.
And please, keep in mind... this is a hoax.