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+====== Protocol No. 21 ======
+[[the_protocols_of_the_learned_elders_of_zion:the_protocols_of_the_learned_elders_of_zion|The Protocols Of The Meetings Of The Learned Elders Of Zion]]
+<html>
+<p>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 the national moneys of the GOYIM, but for our State there will
+be no foreigners, that is, nothing external. </p>
+<p>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. </p>
+<p>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 <i>(why then take it?)</i> 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. </p>
+<p>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 .... <i>(Hence THE CRY TO
+BALANCE THE BUDGET!)</i> </p>
+<p>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 hoist on their own petard 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. </p>
+<p>6. Nowadays, with external loans, these tricks cannot be played
+by the GOYIM for they know that we shall demand all our moneys back. </p>
+<p>7. 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. </p>
+<p>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. </p>
+<p>9. And these last it is which patch up all the leaks in the
+State treasuries of the GOYIM. </p>
+<p>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.
+<i>(Raising gives the pretext for lowering, which indeed was where we
+made a beginning in relation to the values of the GOYIM).</i> </p>
+<p>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 .... </p>
+</html>

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