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Protocols of the Learned
Elders of Zion
Translated by Victor E. Marsden
PROTOCOL 21: LOANS
AND CREDIT
1. 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 national moneys of the GOYIM, but
for our State there will be no foreigners, that is, nothing external.
2. We have taken advantage of the venality of administrators
and 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.
3. 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.
4. 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 recourse 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 debit.
5. 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 files 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.
6. Nowadays, with external loans, these tricks cannot be
played by the GOYIM for they know that we shall demand all our moneys back.
7. In this way in acknowledged bankruptcy will best prove to
the various countries the absence of any means between the interest of the
peoples and of those who rule them.
8. 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. If left for long at the disposition of a government these funds evaporate
in the payment of interest on foreign loans, and are placed by the deposit of
equivalent amount of RENTS.
9. And these last it is which patch up all the leaks in the
State treasuries of the GOYIM.
10. 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).
11. 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...
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