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
slackness of rulers to get our moneys twice, thrice and more times
over, by lending to the Goyim 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 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 .... (Hence, the cry to
balance the budget!)
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 hoist on their own petard and would be found insolvent
and unable to pay the proposed sums. By good luck the subjects of
the Goyim 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 back.
In this way in 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. 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.
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 ....
First published in 1903, Henry Ford then funded the printing of 500,000 copies that were distributed throughout the US in the 1920s. Adolf Hitler received a German translation, which he used to justify his views. Today, The Protocols are still widely available in numerous languages - both in print and on the Internet.