This publication of the Learned Elders of Zion, it is simply being quoted by the author, the author did not write this article, the author opinion does not reflect any bias polarity toward this article, the posting of this protocol number Twenty of Twenty Four, it is simply to understand the worldly views of the various beliefs systems of the different races on this planet to broaden ones understanding and more importantly to understand one self through the eyes and opinion of others feelings and their views of this world.
As for the old saying goes, know thy self.
However the author does insist that the reader not to make any irrational decision of his or her personal view, until have read the entire twenty four protocols. They will be posted in a sequential order in a timely manner.
One must keep in mind that Light and darkness they exist side by side, at the end of the posting of all the protocols one will be able to discern which is which.
"PROTOCOLS OF THE MEETINGS OF THE
LEARNED ELDERS OF ZION.
PROTOCOL No. 20
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.
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 things.
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 administrative
institutions.
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 mechanism.
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 sufficiently noticeable.
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 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 peoples.
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