PROTOCOL NUMBER TWENTY-ONE
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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.

9. And these last it is which patch up all the leaks in the
State treasuries of the goyim.

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.
(Raising gives the pretext for lowering, which indeed was
where we made a beginning in relation to the values of the
goyim.)

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 ....

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