Protocols of the Elders of Zion, Protocol 20
Protocols of the Meetings of the Learned Elders of Zion
Protocol Number 20 : Financial Programme
PROTOCOL NUMBER TWENTY
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 is 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. (Now
we know the purpose of the 16th Amendment!!).
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
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
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
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
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
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 .... (Now we
know the purpose of the Federal Reserve Bank Corporation!!).
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
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
satsify 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
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. (Now we know why President Kennedy was
assassinated in 1963 when he refused to borrow any more of
the "Bank Notes" from the bankers of the Federal Reserve
Bank and began circulating non-interest bearing "Notes" of
the "United States of America"!!!).
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
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
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