Some opponents of the gold standard reject it because they see it as part of the Jewish conspiracy to control the world. They cite the Protocols of the Learned Elders of Zion to support their claim.
The Protocols mention gold several times.
In the hands of the States of today there is a great force that creates the movement of thought in the people, and that is the Press. The part played by the Press is to keep pointing out requirements supposed to be indispensable, to give voice to the complaints of the people, to express and to create discontent. It is in the Press that the triumph of freedom of speech finds its incarnation. But the goyim [gentile, non-Jew] States have not known how to make use of this force; and it has fallen into our hands. Through the Press we have gained the power to influence while remaining ourselves in the shade; thanks to the Press we have got the gold in our hands, notwithstanding that we have had to gather it out of oceans of blood and tears. But it has paid us, though we have sacrificed many of our people. Each victim on our side is worth in the sight of God a thousand goyim.
The intensified struggle for superiority and shocks delivered to economic life will create, nay, have already created, disenchanted, cold and heartless communities. Such communities will foster a strong aversion towards the higher political and towards religion. Their only guide is gain, that is Gold, which they will erect into a veritable cult, for the sake of those material delights which it can give. Then will the hour strike when, not for the sake of attaining the good, not even to win wealth, but solely out of hatred towards the privileged, the lower classes of the goyim will follow our lead against our rivals for power, the intellectuals of the goyim.
Per Me reges regnant. “It is through me that Kings reign.” And it was said by the prophets that we were chosen by God Himself to rule over the whole earth. God has endowed us with genius that we may be equal to our task. Were genius in the opposite camp it would still struggle against us, but even so a newcomer is no match for the old-established settler; the struggle would be merciless between us, such a fight as the world has never yet seen. Aye, and the genius on their side would have arrived too late. All the wheels of the machinery of all States go by the force of the engine, which is in our hands, and that engine of the machinery of States is — Gold. The science of political economy invented by our learned elders has for long, past been giving royal prestige to capital.
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.
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.
Of these, Protocol 20 is the most important with Protocols 5 and 22 adding additional enlightenment.
Anti-Jewish opponents of the gold standard focus on the above quoted paragraph from Protocol 20. With what the Jewish authors of this protocol write, they are in full agreement. Like the Jews behind the Protocols, they are convinced “that the gold standard has been the ruin of the States [countries] which have adopted it.” Also, like these Jews, they believe that gold has “not been able to satisfy the demand for money, the more so that we [Jews] have removed gold from circulation as far as possible.”
Anti-Jewish opponents of the gold standard promote governmentally issued fiat paper money, i.e., government notes. Like most proponents of governmentally issued fiat money, they cite paper money issued by the colonies to support their monetary system. (See my article “Massachusetts Notes: The Prefect Money” for the flaws and failure of this monetary system. Also, see my article “Assignat: The Nearly Perfect Money” for another highly flawed monetary system where the government issued fiat money.) Also, they cite Lincoln’s U.S. notes, greenbacks. (See my article “Analysis of Charles Norburn’s Monetary Reforms as Presented in Honest Money” for the flaws of this monetary system.)
Amazingly, these anti-Jewish opponents want to take control of the monetary system from the hands of the people and give it to the government. The gold standard gives control of the monetary system directly to the people. The fiat money system promoted by these anti-Jewish opponents places the control directly in the hands of the government. What is more amazing about this proposal is that the anti-Jewish opponents claim that Jews control the government. Jews likewise make this claim. In Protocol 20, Jews assert that they control all governments (also see Protocols 2 and 10). Thus, under their proposed replacement for the gold standard, the anti-Jewish opponents give the Jews direct control of the monetary system.
The Jews behind the Protocols were aware that a fiat monetary system gives them much more power and wealth than they could gain under the gold standard. These Jews outline their proposed monetary system in Protocol 20. They did so in the paragraph before and after the paragraph quoted above. These paragraphs read:
[Paragraph before:] 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.
[Paragraph after:] With us [Jews] 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.
Thus, these Jews, like the anti-Jewish opponents, want to replace the gold standard with fiat paper money. Their criterium for issuing money is population — so many monetary units per person. With this criterium, many, perhaps most, anti-Jewish opponents would agree.
Furthermore, the Jews behind the Protocols want the government to be responsible for issuing the money. Although not explicitly stating such responsibility, the Protocols imply that the government should be responsible for issuing the money. Anti-Jewish opponents agree that the government should have this responsibility.
What is the difference between the two? Both want the government to control and issue fiat paper money. While using the Protocols to support their opposition to the gold standard, the anti-Jewish opponents support the monetary system that the Jews advocate in the Protocols. Are these anti-Jewish opponents really agents of the Jews behind the Protocols?
Like the Jewish authors of the Protocols, anti-Jewish opponents of the gold standard believe (or at least imply) that the gold standard is easily manipulated. These anti-Jewish opponents seem to believe that fiat money is difficult to manipulate — especially compared to gold. One could infer from the Protocols that the Jews also hold this belief. However, I doubt that these Jews are that stupid. They are smart enough to know that fiat money is easy to manipulate, much easier than gold. Manipulation is its reason for being. They prefer a system that is easy to manipulate to one that is difficult to manipulate (gold). (On the difficulty in manipulating gold, see my article “Is Gold Too Easy to Manipulate?”.)
Anti-Jewish opponents fear the power obtained by Jews withholding gold from the markets. Jews feed this fear by asserting that they have such power (Protocol 22). By hoarding gold, Jews create all sorts of economic havoc — so both the Jews and their anti-Jewish opponents claim. (See my article “Is Gold Too Easy to Manipulate?” for a refutation of this claim.)
Both the Jews behind the Protocols and their anti-Jewish opponents maintain that not enough gold exists to serve as money. Enough does exist. Enough gold exists to accommodate easily four times the annual gross world product. (See my article “There Is Enough Gold.” Also, see my article “Response to Dale’s Analysis of ‘There Is Enough Gold’” for more elucidation.)
A major difference between the supporters of the gold standard and its opponents is how they view money. Supporters generally think in terms of the quality of money. How much a unit of money will buy is more important than the number of monetary units. Conversely, opponents think in terms of the quantity of money. The number of monetary units is more important than how much a unit of money will buy. A person who thinks in terms of quantity would prefer ten million Zimbabwe dollars (July 2008 vintage) to one euro. A person who thinks in terms of the quality of money would prefer one euro because it had more purchasing power.
As shown above, regarding the gold standard, no important difference exists between the Jews behind the Protocols and the anti-Jewish opponents of the gold standard. Both favor replacing the gold standard with governmentally issued fiat paper money.
- Protocol of the Learned Elders of Zion, ed. Sergyel Nilus, trans. Victor E. Marsden (1905, 1922), p. 16.
- Ibid., p. 21.
- Ibid., p. 23.
- Ibid., p. 56.
- Ibid., p. 61.
- Ibid., p. 56.