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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.
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.
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. 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 ....
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
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 interest of the peoples and of those who
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
And these last it is which patch up all the leaks in the State treasuries of the
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.
Top of Protocols
In all that has so far been reported by me to you, I have endeavored to depict
with care the secret of what is coming, of what is past, and of what is going on
now, rushing into the flood of the great events coming already in the near
future, the secret of our relations to the GOYIM and of financial operations. On
this subject there remains still a little for me to add.
IN OUR HANDS IS THE GREATEST POWER OF OUR DAY - GOLD: IN TWO DAYS WE CAN PROCURE
FROM OUR STOREHOUSES ANY QUANTITY WE MAY PLEASE.
Surely there is no need to seek further proof that our rule is predestined by
God? Surely we shall not fail with such wealth to prove that all that evil which
for so many centuries we have had to commit has served at the end of ends the
cause of true well- being - the bringing of everything into order? Though it be
even by the exercise of some violence, yet all the same it will be established.
We shall contrive to prove that we are benefactors who have restored to the rent
and mangled earth the true good and also freedom of the person, and therewith we
shall enable it to be enjoyed in peace and quiet, with proper dignity of
relations, on the condition, of course, of strict observance of the laws
established by us. We shall make plain therewith that freedom does not consist
in dissipation and in the right of unbridled license any more than the dignity
and force of a man do not consist in the right of everyone to promulgate
destructive principles in the nature of freedom of conscience, equality and a
like, that freedom of the person in no wise consists in the right to agitate
oneself and others by abominable speeches before disorderly mobs, and that true
freedom consists in the inviolability of the person who honorably and strictly
observes all the laws of life in common, that human dignity is wrapped up in
consciousness of the rights and also of the absence of rights of each, and not
wholly and solely in fantastic imaginings about the subject of one's EGO.
One authority will be glorious because it will be all-powerful, will rule and
guide, and not muddle along after leaders and orators shrieking themselves
hoarse with senseless words which they call great principles and which are
noting else, to speak honestly, but utopian .... Our authority will be the crown
of order, and in that is included the whole happiness of man. The aureole of
this authority will inspire a mystical bowing of the knee before it and a
reverent fear before it of all the peoples. True force makes no terms with any
right, not even with that of God: none dare come near to it so as to take so
much as a span from it away.