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 producer 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.
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, 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 demigods.
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 PROTOCOL No. 21
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. 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.
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 producer 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.
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, 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 demigods.
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 PROTOCOL No. 21
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. 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.
