The Protocols of Satan, Part 18: Protocol No. 2 and the Economic Plans of the Jew

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The Protocols of Satan, Part 18: Protocol No. 2 and the Economic Plans of the Jew

In the last segment of our presentation of the Protocols of Satan we took a digression in order to present four so-called Protocols which first appeared earlier than and independent of the Protocols of the Learned Elders of Zion. These earlier Protocols had been compiled by the Britons Publishing Company, evidently some time in the mid 1920’s, and then republished by Col. Eugene Nelson Sanctuary in 1934. Sanctuary himself published many such works, and was later a victim of the Roosevelt administration’s sedition trials.

The four Protocols published by the Britons Publishing Company were taken from the following sources: 1) A document containing advice for French Jews which was supposedly from the Jewish council of rabbis at Constantinople written in 1489, and reprinted in the French language and Jewish-owned and operated Journal of Jewish Studies in 1880. 2) A Manifesto issued in 1860 to the ‘Jews of the Universe,’ by Adolphe Cremieux, the founder of the Alliance Israelite Universelle, a member of the Provisional Government of France in 1871, and a grand master of the French Masonic Lodges. 3) A funeral oration of a Rabbi Reichhorn given at the tomb of a jew named Simeon-ben-Ihuda in 1869. And 4) A Hebrew document apparently dating from December of 1918 which was found on the body of a dead Bolshevik battalion commander and published in a Russian-language newspaper in Berlin in February, 1919. The document was addressed to the so-called Israelite International League and seems to have exposed some of the secrets of the Jews in Russia who executed the Bolshevik Revolution and the future Soviet Russia.

These four Protocols were important to take notice of, because they were all published before the Protocols of the Learned Elders of Zion were ever published in English, and they reflect and corroborate much of the material in the larger Protocols. Therefore they are an additional witness that at least many European Jews in influential positions did indeed hold the views and have the aspirations which are expressed in the Protocols of Zion, and if that is so, then the Protocols of Zion are once again proven to be the document which it claims for itself to be, which is a document outlining the plot of world Jewry against Christendom. Of course, the real proof is fully evident in the proverbial pudding.

Now we are going to commence with our discussion of the so-called Protocols of the Learned Elders of Zion, as they are found in the book The Protocols and World Revolution attributed to Boris Brasol, and published in Boston in 1920 by Maynard, Small & Co. This is the second of the Protocols, and we never know where the discussion will take us when we begin, so we have no idea how many segments it may take to complete. We suspect that the balance of each of the twenty-four Protocols won’t take as long to present as our discussion of the first, but then again we cannot tell…


It is necessary for us that wars, whenever possible, should bring no territorial advantages; this will shift war to an economic basis and force nations to realize the strength of our predominance; such a situation will put both sides at the mercy of our million-eyed international agency, which will be unhampered by any frontiers. Then our international rights will do away with national rights, in a limited sense, and will rule the peoples in the same way as the civil power of each state regulates the relation of its subjects among themselves.

In this respect we can see why in recent decades the Jews have naturally been the foremost promoters of open borders, open migration of people, globalism, and everything else that disintegrates the character of nations.

We are going to present a chapter from Volume 4 of The International Jew in its entirety. This chapter is entitled The Economic Plans of International Jews, and we will probably also cite certain portions of it in future presentations in this series. We did not originally plan to present the entire chapter, but had begun to cite such a large portion of it that we may as well present the whole thing. This was published in The Dearborn Independent on July 23rd, 1921, and we will only interject a few of our own comments:

The Economic Plans of International Jews

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 favors Judah [sic Jewry, which is not 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 [this was written 12 years before Hitler had any political power]. Destiny is overtaking the Jewish World Power. The gold which 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 [which they needed in 1933]. Financial Jewry is afraid. It has a right to be afraid. Its conscience, still bloody from the war whose gains have not yet stopped, is in a troubled state.

Single Jewish banking houses in any country, however great such banks should grow, would be no menace. In spite of the fact that the richest bankers in the world are Jews, as mere bankers in their several countries they would not occasion alarm. In straight out-and-out banking, the Jew is not a success. The Rothschilds were never bankers in a proper sense; they were money-lenders to nations whose representatives they had corrupted to seek the loans. They did business precisely on the plane of the money-lender in the side street who induces the rich man's son to borrow a large sum, knowing that the father will pay. That is scarcely banking. Brains of that sort may "get" money, but will not "make" money. The deposit banking of the world is not done in Jewish banks anyway, even Jewish depositors preferring banks which are managed by non-Jews.

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 that 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. [This seems to summarize the struggle between Libertarianism and Nationalism. Libertarianism is Jewish and represents a scheme which legitimizes the Jewish conspiracy against national interests everywhere. Today, unfortunately, even many nationalist-minded people are confused by Libertarian ideals.]

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 pressure of banker-bought prestige in government circles. It is his connections – Jewish ones – that count. [The idea for the Federal Reserve System came out of Kuhn, Loeb, and Paul Warburg was its first chairman.]

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 [referring to the First World 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 undivided nationalistic loyalty, none of these would have amounted to much. [Ford is altruistic, as we do not believe that any Jew could actually have undivided loyalty to a Gentile nation. Hitler’s remarks on Jewish behavior in Germany during the first Great War are interesting in that respect.] 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 which no one doubts after once having clearly seen it.

We should recollect the words of Protocol No. 1 where it said “On the ruins of natural and hereditary aristocracy we built an aristocracy of our intellectual class—the money aristocracy. We have established this new aristocracy on the qualification of wealth, which is dependent upon us, and also upon science, which is promoted by our wise men.”

When the hereditary aristocracy of the Christian nations was deposed, the craft of governance fell to elected officials from among the lower classes who were not practiced in governance, and the Jews stepped into the vacuum. So it also says in Protocol No. 1 that “Meanwhile dynastic government has been based upon this, that the father passed to his son the knowledge of the course of political evolution, so that nobody except the members of the dynasty could possess this knowledge, and no one could disclose the secrets to the governed people. In the course of time the meaning of the dynastic transmission of the true understanding of politics has been lost, thus contributing to the success of our cause.” Now the Jews alone possess the inside knowledge of governance and the relationships between nations, although they share some of it with indoctrinated Gentiles.

Continuing with our chapter of The International Jew:

Men who can thus manipulate money in time of war 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.

Here we are going to take a digression, to quote from chapter 16 of a book titled The Unseen Hand, by A. Ralph Epperson. We are not entirely pleased with Epperson’s work, but he does a good job of teaching the basics of economics in the role of history, illuminating the Jewish conspiracy in the background of history in a very basic manner. This chapter is titled The Federal Reserve. The first part of the chapter describes how the bankers, especially the major bankers such as J. P. Morgan, who was under Rothschild influence, conspired to create bank runs, convincing the nation of the need for what became the Federal Reserve. But the part of the chapter we will cite discusses the manipulation of the economy in the years prior to the artificially-created Great Depression.

But in any event, the System after its creation in 1913 was in a position to loan the federal government large sums of money. Their first real opportunity to do this occurred just a few years later during World War I.

The following table illustrates just how much money the System loaned the United States government during the War: (in millions of dollars, rounded).


Rounded Receipts

Rounded Outlays

Surplus or Deficit





















We cannot read the chart here, but it shows that the bankers, who had gotten the United States into the war in early 1917, had loaned the government 48 million dollars in 1916, 853 million in 1917, 9.032 billion in 1918, 13.262 billion in 1919, and 291 million in 1920. Continuing with Epperson:

The table shows how the size of the government grew from 1916 to 1920, and how enormous quantities of debt were accumulated. This money, in large part, was borrowed from the Federal Reserve System, America's central bank, which "hath benefit of interest on all moneys which it creates out of nothing."

In addition to the ability to create interest-bearing debt, the Federal Reserve System also has the ability to create economic cycles through the expansion and contraction of the quantity of money and credit. Their first major opportunity to create a depression by this method occurred in 1920, when the Federal Reserve created what has become known as the Panic of 1920.

One of those who saw how this was the result of prior economic planning was Congressman Lindbergh, who in 1921 wrote in his book Economic Pinch, the following: "Under the Federal Reserve Act, panics are scientifically created; the present panic is the first scientifically created one, worked out as we figure a mathematical problem."

The process works in the following manner: the System increases the money supply (from 1914 to 1919, the quantity of money in the United States nearly doubled.) The media then encourages the American people to borrow large quantities of money on credit.

Once the money is out on loan, the bankers contract the money supply by calling in their outstanding loans. The entire process was laid out by Senator Robert L. Owen, Chairman of the Senate Banking and Currency Committee, and a banker himself. He wrote:

In the early part of 1920, the farmers were exceedingly prosperous.

They were paying off their mortgages and buying a lot of land, at the insistence of the government — had borrowed money to do it — and then they were bankrupted by a sudden contraction of credit which took place in 1920.

What took place in 1920 was just the reverse of what should have been taking place.

Instead of liquidating the excess of credits created by the war through a period of years, the Federal Reserve Board met in a meeting which was not disclosed to the public.

They met on the 16th of May, 1920, and it was a secret meeting.

Only the big bankers were there, and the work of that day resulted in a contraction of credit (by ordering banks to call in outstanding loans) which had the effect the next year of reducing the national income fifteen billion dollars, throwing millions of people out of employment, and reducing the value of lands and ranches by twenty-billion dollars."

(That ends the quote from Senator Robert L. Owen, where Epperson continues:)

Not only did the bankers transfer large quantities of land from the farmers to the bankers by this contraction, but the process also transferred large numbers of banks from the hands of those bankers who could not meet the demands of the Federal Reserve and had to sell their banking assets for a reduced price to those who had the money to buy bankrupt banks (the Panic of 1920 bankrupted 5,400 banks.)

One of the major non-banking targets of this panic was Henry Ford, the automobile manufacturer.

We must note here that the first installment of what later became known as Ford’s book, The International Jew, was published by The Dearborn Independent on May 22nd, 1920, so now we see the larger picture which lays behind the events that explain some of the reasons for that publication. Continuing with Epperson, who is in turn citing another source:

Despite inflation, Ford ordered a price cut for his automobiles, but demand was still insufficient and a number of Ford plants had to be shut down.

Rumor had it that a huge loan was being negotiated. But Ford, who thought New York bankers were nothing short of vultures, was determined not to fall into their hands.

Bankers... lined up to offer their "help" in return for his surrender of independence.

The game was clear to Mr. Ford.

One representative of a Morgan-controlled bank in New York came forward with a plan to "save" Ford.

Ford saved his company by turning to his dealers, to whom he now shipped his cars collect in spite of the slowness of the market.

Demand grew... and the plants were re-opened.

Epperson, ending his citation, continues and says:

Ford, had out-smarted the bankers who had planned the Panic, in part, to destroy him. He did not need to borrow large quantities of money and surrender control of his company to the bankers who would certainly wish to control that which they subsidized.

The Panic of 1920 was a success, and this success led the bankers to plan another: the Crash of 1929.

The first step was, once again, to increase the money supply, and this was done from 1921 to 1929, as is illustrated by the following table:

[We will not read the table, but Epperson shows the initial contraction and then the expansion of the money supply over the years from 1920 through 1929.]


Quantity of money (in billions)

June 1920


June, 1921 (low)


June, 1922


June, 1923


June, 1924


June, 1925


June, 1926


June, 1927


June, 1928 (high)


June, 1929


The figures reveal that the Federal Reserve expanded the money supply from a low of $31.7 billion in 1921, to a high of $45.7 billion in 1929, an increase of approximately 144 percent.

To move this increase in the money supply into the economy, individual banks could borrow money from the Federal Reserve and re-loan it to the buying public. The money was borrowed at 5 percent interest, and was re-loaned at 12 percent.

Contributing to the increase in the money supply, or the money being made available by the Federal Reserve, was the money being made available by the large corporations, which were loaning their surplus funds to buyers on Wall Street. These loans from these non-banking sources were approximately equal to those from the banking system. For instance, call loans to brokers in 1929 made by some leading corporations were as follows:


Peak amounts

American and Foreign Power

(J. P. Morgan)


Electric Bond and Share

(J. P. Morgan)


Standard Oil of New Jersey

(the Rockefellers)


In addition, J. P. Morgan and Company had nearly $110,000,000 in the call-loan market.

This expansion in the money supply brought prosperity to the country, and the American people were encouraged by the media to buy into the stock market. They were told that those who did were making large quantities of money.

The stock brokers who were handling the new influx of buyers coming to make a fortune in the stock market were using a new tool to induce them into buying more shares of stock than they had anticipated. This new tool was called "buying on margin," and it enabled the stock buyer to borrow money and to use it to buy stock.

The buyer was encouraged to buy stock with only ten percent down, borrowing the remaining ninety percent from the stock broker, who had arranged for the buyer to borrow from either a bank or a large corporation….

There was one catch, however, as the money was loaned to the buyer on what was called a "24 hour broker call loan." This meant that the broker could exercise his option and require that the borrower sell his stock and return the loan amount 24 hours after the lender had asked for it. The buyer had 24 hours to repay the loan and had to either sell the stock or come up with the loan amount to pay off the lender of the money.

This meant that, whenever the brokers wanted to, they could require all of the stock buyers to sell at the same time by calling all of the loans at the same time. This activity would precipitate a panic on the stock market, when all of the stock owners went to sell their stock. And when all the sellers offer stock at the same time, the price drops rapidly. The whole process was detailed by one author who wrote:

When everything was ready, the New York financiers started calling 24-hour broker call-loans.

This meant that the stock brokers and the customers had to dump their stock on the market in order to pay the loans.

This naturally collapsed the stock market and brought a banking collapse all over the country, because the banks not owned by the oligarchy were heavily involved in broker call-loans at this time, and bank runs soon exhausted their coin and currency, and they had to close.

The Federal Reserve System would not come to their aid, although they were instructed under the law to maintain an elastic currency.

The Federal Reserve "would not come to their aid," even though they were required by law to do so, and many banks (and individuals) went bankrupt. Notice that those banks owned by the oligarchy had already gotten out of the broker call-loan business, without any damage, and those who didn't went bankrupt.

Is it possible that the Federal Reserve planned it exactly as it happened? Is it possible that those banks that knew the game plan had gotten out while the prices were high and then came back into the market when they were low? Is it possible that some banks knew when the crash was coming and all that they had to do to buy bankrupt banks was to wait until after the crash, and then buy up the troubled banks at only a percentage of the true value?

After the Stock Market Crash of 1929, even a casual observer had to notice that the ownership of the banking system had changed. In fact, today [1990] "100 out of 14,100 banks (less than 1%) control 50% of the nation's banking assets. Fourteen big banks have 25% of the deposits."

In any event, the stock market crashed. The stock market index shows the effects of this manipulation:

1919 $138.12

1921 $66.24

1922 $469.49

1932 $57.62

One of the spectators of the stock market crash was Winston Churchill who was brought to the stock market exchange on October 24, 1929, by Bernard Baruch. Some rare historians are convinced that Churchill was brought to witness the crash firsthand because it was desired that he see the power of the banking system at work.

Even though many stockholders had to sell their stock, it is not commonly questioned as to who bought all of the stock that was being sold. The history books generally discuss all of the selling that went on during the crash, but fail to discuss all of the buying.

John Kenneth Galbraith in his book The Great Crash 1929, wrote this about the buyers:

Nothing could have been more ingeniously designed to maximize the suffering, and also to insure that as few as possible escaped the common misfortune.

The fortunate speculator who had funds to answer the first margin call presently got another and equally urgent one, and if he met that there would still be another.

In the end, all the money he had was extracted from him and lost. The man with the smart money, who was safely out of the market when the first crash came, naturally went back in to pick up bargains.


One of those "fortunate speculators" who got out early was Bernard Baruch, the individual who brought Winston Churchill to witness the crash. He has said: "I had begun to liquidate my stock holdings and to put my money into bonds and into a cash reserve. I also bought gold."

From here, after discussing some of the other firms and individuals who managed to profit from the great crash, including international bankers and financiers Henry Morgenthau and Douglas Dillon of the later Dillon, Read & Co. investment banking firm. He also explained that Joseph Kennedy was able to divest his stocks and keep his money before the crash, and if that is true, it is probably not a coincidence that later on Douglas Dillon served as Treasury Secretary under presidents John Kennedy and Lyndon Johnson.

Continuing with Epperson:

The selling on credit during the crash had another effect already mentioned. About sixteen-thousand banks, or fifty-two percent of the total, went out of business.

Some of the stockholders went to their banks to withdraw whatever cash they had in the bank to pay whatever they could of their stock call in cash. This caused a nearly nation-wide bank run. To end this panic, President Franklin D. Roosevelt [who was elevated to power by the same Jewish bankers], two days after his inauguration in March of 1933, shut down all the banks for a "holiday."

There weren't many who saw what was happening to the American people by these machinations of the bankers, but one who did was Congressman Louis McFadden, who was quoted as saying:

When the Federal Reserve Act was passed, the people of these United States did not perceive that a world banking system was being set up here.

A super-state controlled by international bankers and international industrialists acting together to enslave the world for their own pleasure.

Every effort has been made by the Fed to conceal its powers but the truth is — the Fed has usurped the Government.

It controls everything here and it controls all our foreign relations.

It makes and breaks governments at will.

After the stock market crash had run its course, Congressman McFadden charged that: "The money and credit resources of the United States were now in the complete control of the banker's alliance between J. P. Morgan's First National Bank group, and Kuhn, Loeb's National City Bank."

On May 23, 1933, McFadden brought impeachment charges against the Federal Reserve Board, the agency he thought had caused the Stock Market Crash of 1929, with these charges, amongst others:

I charge them... with having... taken over $80,000,000,000 (eighty billion dollars) from the United States Government in the year 1928…

I charge them .. with having arbitrarily and unlawfully raised and lowered the rates on money, . . . increased and diminished the volume of currency in circulation for the benefit of private interests…

And then McFadden expanded his understanding of those who benefitted in the crash to include the international bankers:

I charge them... with... having conspired to transfer to foreigners and international money lenders title to and control of the financial resources of the United States…

He then ended with this statement that the cause of the depression was not accidental: "It was a carefully contrived occurrence... The international bankers sought to bring about a condition of despair here so that they might emerge as the rulers of us all."

McFadden had a price to pay for his attempts to explain the causes of the depression and the stock market crash: "On two occasions assassins attempted to kill McFadden with gunfire; later he died, a few hours after attending a banquet, and there is little doubt that he was poisoned."

We had discussed the heroic congressman McFadden in a four-part series here several years ago titled Louis T. McFadden on the Federal Reserve. He died, or rather, he was killed in 1935, and no one in power took up the fight after him, so it is evident that the Jews had won the financial war against the United States which they boast of here in Protocol No. 2. A few years after that, they would engage America in avenging a financial war which they had lost, for which reason Adolf Hitler’s Germany had to be destroyed. But even A. Ralph Epperson did not understand that.

Continuing with Epperson, he illustrates the immediate contraction of the money supply which caused the Great Depression:

Now that the stock market had crashed, the Federal Reserve took steps to reduce the nation's quantity of money:


Quantity of money (in billions)

June, 1929 (high)


December, 1929


December, 1930


December, 1931


December, 1932


June, 1933 (low)


The quantity of money went from a high of nearly $46 billion to a low of $30 billion in just four years. This action of the Federal Reserve rippled throughout the entire business world to the point where "production at the country's factories, mines, and utilities fell by more than one-half. The total output of goods and services dropped by one-third."

In spite of all of the evidence to the contrary, there are still those who don't know who, or what, caused the Stock Market Crash of 1929. One of these is economist John Kenneth Galbraith, who, in his book The Great Crash, 1929, wrote that: "The causes of the Great Depression are still far from certain."

Epperson’s chapter continues for a couple of pages, and endeavors to show that the official sources blamed anything but the Federal Reserve and the banks that control it for what happened to the American economy in the decades following the Great War, and how any criticism of the Federal Reserve which did arise was quickly extinguished as recently as the 1970’s. This represents the substance of the economic war against America, which was also carried out in the rest of the world as well. Rather than blame the Federal Reserve and the banks that controlled it, Epperson describes how the Press had generally blamed the evil capitalist system instead.

[Epperson’s work is well cited, however we have omitted the citations for our presentation here.]

With this we shall revisit the words of Rabbi Reichhorn, which we had cited in our last segment of this series:

“4). Already the principal banks, the exchanges of the entire world, the credits of all the governments are in our hands.

“5). The other great power is the Press. By repeating without cessation certain ideas, the Press succeeds in the end in having them accepted as actualities. The Theatre renders us analagous services. Everywhere the Press and the Theatre obey our orders.

We have already shown that by the end of the First Great War, and in most places even sooner, the Jews had control of both the banks and the press, and they themselves admitted and boasted of that control. Their control has served them well.

Continuing with our chapter of The International Jew:

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 which 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. [Continuing with Protocol VI:]

"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. Without 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; an 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. [Continuing with Protocol VI:]

"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 true.

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 impossible – which 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 which Jewish thinkers put out for others to follow.

Libertarianism is one such false economic idea, as it puts the profits of an individual before the health of the nation, and enables parasitism. Libertarianism allowed the Jews to package up thousands of American factories and decades of American technical development and send it off to China, handing it over to enemies for no charge at all. The false idea which followed was sold by the Jewish press to Americans throughout the 1980’s and 1990’s, that America could function as a “service economy”. That is only true so long as the presses printing dollars are never turned off, and the other nations always accept those empty dollars in exchange for goods as it they had any real value. These Jewish tricks and others continue to be accepted among even most patriotic Americans today, and the truth of the Protocols, that the goyim are indeed stupid, is proven continually.

Continuing with our chapter of The International Jew:

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 [sic. No! Jewry] 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 régime 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 which 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 simplicity 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 which 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 on 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 [sic. No! Jewry] has been placed in Russia, Austria, Germany, France, Italy, England and in the United States.

Ford must be excused for not understanding that Christendom should indeed be divided along racial lines. But solid racial lines at his time were in place to a great degree, and it was the Jew who later dissolved them, something else which Ford probably would not have imagined.

All the Jewish bankers are still in Russia. It 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.

So it was when the Soviet Union was dissolved, that the industrial property of Russia was divided amongst a dozen or so Jews, who for the most part still possess it to this day. But the world never really questioned this outcome.

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 which 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 which 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.

In the late 19th and early 20th centuries there was a populist movement for a silver standard, but the Jewish bankers prevailed. Perhaps it merits a lengthy discussion here one day in the future. Of course, the foundation of the economy may have seemed to have changed radically when the currency was taken off of the gold standard and became a completely fiat currency in the early 1970’s. However in truth, we have had a fiat currency since 1913, because nobody ever checked the banks on the gold standard anyway. Who knows how much money they just printed without any backing at all? There should be no doubt that the bankers have always gambled on never being called for their gold, and therefore all that they have is ill-gotten.

Continuing with our chapter of The International Jew:

The stupid so-called "Gentile" says, "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.…"

This is the pattern we saw carried out in 1920 and in 1929, in the pages of The Unseen Hand by A. Ralph Epperson which we have just cited. Back to The International Jew:

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. On 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 per cent, who in turn lent it to desperate people at rates as high as 30 per cent.

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" system, 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 [still quoting the XXth Protocol]:

"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 [it] out of the necessities of the government which 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. [Quoting the XXth Protocol]:

"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 [quoting the XXth Protocol]:

"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 International 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 per cent 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 the 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 enslavement 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 régime. 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 will find some amusement in searching for Russian police spies in the further development of the Jewish financial philosophy.

We saw from The Unseen Hand that almost as soon as the Federal Reserve was founded, the American government was borrowing huge sums of money from the banks in order to fight a war which was essentially being fought on behalf of those same banks. Continuing with The International Jew:

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 which 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 eliminated."

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."

This has not yet been fulfilled, except that there are tripwires in place to signal market shutdowns when stock prices have dropped a certain percentage in vsalue.

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

This has only been executed in certain circumstances, and through the oppressive tax structure, which is confiscation in itself.

(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."

This was close to what Adolf Hitler had done to create a viable currency for Germany which was not based on debt. For that, Germany had to be destroyed. After America was taken off the gold standard, the false impression of a currency issue consistent with labor was carried on by tracking the alleged Gross Domestic Product. The scheme is a charade carried out for the general public. Back to The International Jew:

(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 which were useful to us as long as the Gentiles maintained their independence, but which are not desirable to us when our kingdom comes."

This has happened at diverse times in the past, and now Central Banks of many nations regularly purchase corporate bonds, which is tantamount to direct government involvement in the so-called free market, and allows governments to subsidize corporations by choice and at will regardless of market potential. As the Protocols predict, the markets and the governments are therefore merging, just not quite in the way that the Protocols describe. Back to The International Jew:

(5) "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."

This has not yet happened in the West, but the industry is heavily regulated and taxed to the point where perhaps it no longer needs to happen. What happened in the Communist nations after the Bolshevik Revolution is another matter entirely . There is no doubt, however, that the editor is correct in saying that this document, in relation to Russia, is far too prescient to have been a mere forgery. Ford continues in that same manner:

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 which International Jewry hopes to put over a world economically conquered through its own weakness and lust. Hear then 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 particular 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."

These things have been implemented in America and throughout the West, and the people are too stupid to understand that a “light” version of the communist system is now prevalent throughout the nations of the West. Back to The International Jew:

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 which 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!

In 1913, the 16th Amendment to the U. S. Constitution was ratified, which authorized Congress to impose a tax on income, and the Bureau of Internal Revenue, the modern IRS, was established. That same year brought us the Federal Reserve Act, and conjunction of events was not a coincidence. Taxes such as the capital gains tax are taxes on the transfer of personal property, and there have been oppressive inheritance and estate taxes in most nations of the West. So all portions of the tax plan in the Protocols have been implemented. Back to The International Jew:

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 which rests on Cash yet works with Not-Cash, has disadvantages which 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. Note the number of them who teach economics in the state universities.

Says Protocol VIII:

"We will surround our government with a whole world of economists. It is for this reason that the science of economics is the chief subject of instruction taught by the Jews."

[The Dearborn Independent, issue of 23 July 1921]

This concludes our chapter of Henry Ford’s The International Jew, and the first part of our presentation of Protocol No. 2.