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Protocols of the Learned
Elders of Zion
Translated by Victor E. Marsden
PROTOCOL 20: FINANCIAL
PROGRAMME
1. To-day we shall touch upon the financial program, which I
put off to the end of my report as being the most difficult, the crowning and
the decisive point of our plans. Before entering upon it I will remind you that
I have already spoken before by way of a hint when I said that the sum total of
our actions is settled by the question of figures.
2. When we come into our kingdom our autocratic government
will avoid, from a principle of self-preservation, sensibly burdening the masses
of the people with taxes, remembering that it plays the part of father and
protector. But as State organization cost dear it is necessary nevertheless to
obtain the funds required for it. It will, therefore, elaborate with particular
precaution the question of equilibrium in this matter.
3. Our rule, in which the king will enjoy the legal fiction
that everything in his State belongs to him (which may easily be translated
into fact), will be enabled to resort to the lawful confiscation of all sums
of every kind for the regulation of their circulation in the State. From this
follows that taxation will best be covered by a progressive tax on property. In
this manner the dues will be paid without straitening or ruining anybody in the
form of a percentage of the amount of property. The rich must be aware that it
is their duty to place a part of their superfluities at the disposal of the
State since the State guarantees them security of possession of the rest of
their property and the right of honest gains, I say honest, for the control over
property will do away with robbery on a legal basis.
4. This social reform must come from above, for the time is
ripe for it - it is indispensable as a pledge of peace.
WE SHALL DESTROY CAPITAL
5. The tax upon the poor man is a seed of revolution and works
to the detriment of the State which in hunting after the trifling is missing the
big. Quite apart from this, a tax on capitalists diminishes the growth of wealth
in private hands in which we have in these days concentrated it as a
counterpoise to the government strength of the GOYIM - their State finances.
6. A tax increasing in a percentage ratio to capital will give
much larger revenue than the present individual or property tax, which is useful
to us now for the sole reason that it excites trouble and discontent among the
GOYIM.
7. The force upon which our king will rest consists in the
equilibrium and the guarantee of peace, for the sake of which things it is
indispensable that the capitalists should yield up a portion of their incomes
for the sake of the secure working of the machinery of the State. State needs
must be paid by those who will not feel the burden and have enough to take from.
8. Such a measure will destroy the hatred of the poor man for
the rich, in whom he will see a necessary financial support for the State, will
see in him the organizer of peace and well-being since he will see that it is
the rich man who is paying the necessary means to attain these things.
9. In order that payers of the educated classes should not too
much distress themselves over the new payments they will have full accounts
given them of the destination of those payments, with the exception of such sums
as will be appropriated for the needs of the throne and the administrative
institutions.
10. He who reigns will not have any properties of his own once
all in the State represented his patrimony, or else the one would be in
contradiction to the other; the fact of holding private means would destroy the
right of property in the common possessions of all.
11. Relatives of him who reigns, his heirs excepted, who will
be maintained by the resources of the State, must enter the ranks of servants of
the State or must work to obtain the right to property; the privilege of royal
blood must not serve for the spoiling of the treasury.
12. Purchase, receipt of money or inheritance will be subject
to the payment of a stamp progressive tax. Any transfer of property, whether
money or other, without evidence of payment of this tax which will be strictly
registered by names, will render the former holder liable to pay interest on the
tax from the moment of transfer of these sums up to the discovery of his evasion
of declaration of the transfer. Transfer documents must be presented weekly at
the local treasury office with notifications of the name, surname and permanent
place of residence of the former and the new holder of the property. This
transfer with register of names must begin from a definite sum which exceeds the
ordinary expenses of buying and selling necessaries, and these will be subject
to payment only by a stamp impost of a definite percentage of the unit.
13. Just strike an estimate of how many times such taxes as
these will cover the revenue of the GOYIM States.
WE CAUSE DEPRESSIONS
14. The State exchequer will have to maintain a definite
complement of reserve sums, and all that is collected above that complement must
be returned into circulation. On these sums will be organized public works. The
initiative in works of this kind, proceeding from State sources, will blind the
working class firmly to the interests of the State and to those who reign. From
these same sums also a part will be set aside as rewards of inventiveness and
productiveness.
15. On no account should so much as a single unit above the
definite and freely estimated sums be retained in the State Treasuries, for
money exists to be circulated and any kind of stagnation of money acts ruinously
on the running of the State machinery, for which it is the lubricant; a
stagnation of the lubricant may stop the regular working of the mechanism.
16. The substitution of interest-bearing paper for a part of
the token of exchange has produced exactly this stagnation. The consequences of
this circumstance are already sufficiently noticeable.
17. A court of account will also be instituted by us, and in
it the ruler will find at any moment a full accounting for State income and
expenditure, with the exception of the current monthly account, not yet made up,
and that of the preceding month, which will not yet have been delivered.
18. The one and only person who will have no interest in
robbing the State is its owner, the ruler. This is why his personal control will
remove the possibility of leakages of extravagances.
19. The representative function of the ruler at receptions for
the sake of etiquette, which absorbs so much invaluable time, will be abolished
in order that the ruler may have time for control and consideration. His power
will not then be split up into fractional parts among time-serving favorites who
surround the throne for its pomp and splendor, and are interested only in their
own and not in the common interests of the State.
20. Economic crises have been produced by us for the GOYIM by
no other means than the withdrawal of money from circulation. Huge capitals have
stagnated, withdrawing money from States, which were constantly obliged to apply
to those same stagnant capitals for loans. These loans burdened the finances of
the State with the payment of interest and made them the bond slaves of these
capitals .... The concentration of industry in the hands of capitalists out of
the hands of small masters has drained away all the juices of the peoples and
with them also the States...
21. The present issue of money in general does not correspond
with the requirements per head, and cannot therefore satisfy all the needs of
the workers. The issue of money ought to correspond with the growth of
population and thereby children also must absolutely be reckoned as consumers of
currency from the day of their birth. The revision of issue is a material
question for the whole world.
22. YOU ARE AWARE THAT THE GOLD STANDARD HAS BEEN THE RUIN OF
THE STATES WHICH ADOPTED IT, FOR IT HAS NOT BEEN ABLE TO SATISFY THE DEMANDS FOR
MONEY, THE MORE SO THAT WE HAVE REMOVED GOLD FROM CIRCULATION AS FAR AS
POSSIBLE.
GENTILE STATES BANKRUPT
23. With us the standard that must be introduced is the cost
of working-man power, whether it be reckoned in paper or in wood. We shall make
the issue of money in accordance with the normal requirements of each subject,
adding to the quantity with every birth and subtracting with every death.
24. The accounts will be managed by each department (the
French administrative division), each circle.
25. In order that there may be no delays in the paying our of
money for State needs the sums and terms of such payments will be fixed by
decree of the ruler; this will do away with the protection by a ministry of one
institution to the detriment of others.
26. The budgets of income and expenditure will be carried out
side by side that they may not be obscured by distance one to another.
27. The reforms projected by us in the financial institutions
and principles of the GOYIM will be clothed by us in such forms as will alarm
nobody. We shall point out the necessity of reforms in consequence of the
disorderly darkness into which the GOYIM by their irregularities have plunged
the finances. The first irregularity, as we shall point out, consists in their
beginning with drawing up a single budget which year after year grows owing to
the following cause: this budget is dragged out to half the year, then they
demand a budget to put things right, and this they expend in three months, after
which they ask for a supplementary budget, and all this ends with a liquidation
budget. But, as the budget of the following year is drawn up in accordance with
the sum of the total addition, the annual departure from the normal reaches as
much as 50 per cent in a year, and so the annual budget is trebled in ten years.
Thanks to such methods, allowed by the carelessness of the GOY States, their
treasuries are empty. The period of loans supervenes, and that has swallowed up
remainders and brought all the GOY States to bankruptcy. (The United States was
declared "bankrupt" at the Geneva Convention of 1929! [see 31
USC 5112, 5118, and 5119).
28. You understand perfectly that economic arrangements of
this kind, which have been suggested to the GOYIM by us, cannot be carried on by
us.
29. Every kind of loan proves infirmity in the State and a
want of understanding of the rights of the State. Loans hang like a sword of
Damocles over the heads of rulers, who, instead of taking from their subjects by
a temporary tax, come begging with outstretched palm of our bankers. Foreign
loans are leeches which there is no possibility of removing from the body of the
State until they fall off of themselves or the State flings them off. But the
GOY States do not tear them off; they go on in persisting in putting more on to
themselves so that they must inevitably perish, drained by voluntary
blood-letting.
TYRANNY OF USURY
30. What also indeed is, in substance, a loan, especially a
foreign loan? A loan is -- an issue of government bills of exchange containing a
percentage obligation commensurate to the sum of the loan capital. If the loan
bears a charge of 5 per cent, then in twenty years the State vainly pays away in
interest a sum equal to the loan borrowed, in forty years it is paying a double
sum, in sixty -- treble, and all the while the debt remains an unpaid debt.
31. From this calculation it is obvious that with any form of
taxation per head the State is baling out the last coppers of the poor taxpayers
in order to settle accounts with wealth foreigners, from whom it has borrowed
money instead of collecting these coppers for its own needs without the
additional interest.
32. So long as loans were internal the GOYIM only shuffled
their money from the pockets of the poor to those of the rich, but when we
bought up the necessary person in order to transfer loans into the external
sphere, (Woodrow Wilson and F.D. Roosevelt) all the wealth of States
flowed into our cash-boxes and all the GOYIM began to pay us the tribute of
subjects.
33. If the superficiality of GOY kings on their thrones in
regard to State affairs and the venality of ministers or the want of
understanding of financial matters on the part of other ruling persons have made
their countries debtors to our treasuries to amounts quite impossible to pay it
has not been accomplished without, on our part, heavy expenditure of trouble and
money.
34. Stagnation of money will not be allowed by us and
therefore there will be no State interest-bearing paper, except a one per-cent
series, so that there will be no payment of interest to leeches that suck all
the strength out of the State. The right to issue interest-bearing paper will
be given exclusively to industrial companies who will find no difficulty in
paying interest out of profits, whereas the State does not make interest on
borrowed money like these companies, for the State borrows to spend and not to
use in operations.
35. Industrial papers will be bought also by the government
which from being as now a paper of tribute by loan operations will be
transformed into a lender of money at a profit. This measure will stop the
stagnation of money, parasitic profits and idleness, all of which were useful
for us among the GOYIM so long as they were independent but are not desirable
under our rule.
36. How clear is the undeveloped power of thought of the
purely brute brains of the GOYIM, as expressed in the fact that they have been
borrowing from us with payment of interest without ever thinking that all the
same these very moneys plus an addition for payment of interest must be got by
them from their own State pockets in order to settle up with us. What could have
been simpler than to take the money they wanted from their own people?
37. But it is a proof of the genius of our chosen mind that we
have contrived to present the matter of loans to them in such a light that they
have even seen in them an advantage for themselves.
38. Our accounts, which we shall present when the time comes,
in the light of centuries of experience gained by experiments made by us on the
GOY States, will be distinguished by clearness and definiteness and will show at
a glance to all men the advantage of our innovations. They will put an end to
those abuses to which we owe our mastery over the GOYIM, but which cannot be
allowed in our kingdom.
39. We shall so hedge about our system of accounting that
neither the ruler nor the most insignificant public servant will be in a
position to divert even the smallest sum from its destination without detection
or to direct it in another direction except that which will be once fixed in a
definite plan of action.
40. And without a definite plan it is impossible to rule.
Marching along an undetermined road and with undetermined resources brings to
ruin by the way heroes and demi-gods.
41. The GOY rulers, whom we once upon a time advised should be
distracted from State occupations by representative receptions, observances of
etiquette, entertainments, were only screens for our rule. The
accounts of favorite courtiers who replaced them in the sphere of affairs were
drawn up for them by our agents, and every time gave satisfaction to
short-sighted minds by promises that in the future economics and improvements
were foreseen ... Economics from what? From new taxes? -- were questions that
might have been but were not asked by those who read our accounts and projects.
42. You know to what they have been brought by this
carelessness, to what pitch of financial disorder they have arrived,
notwithstanding the astonishing industry of their peoples...
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