Der Stürmer

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Category: Speeches & Lectures

Who Are the Haters?

by Dr. William Pierce

My organization, the National Alliance, concerns itself with all things relevant to the welfare and progress of the European peoples, the White people of this earth. We are advocates for all things which could be beneficial to our people, and we are opponents of all the influences and tendencies and groups who are harmful or to our people. As a consequence of this we receive a certain amount of hate mail, and I find it interesting to read these hate letters and try to understand the psychology, the motivations, of the people who write them. I won’t read any of these hate letters to you today, because they’re all pretty nasty and tend to lean pretty heavily on the use of four-letter words. They also tend to be blindly and irrationally hateful and to be based less on what I actually have said or done than on some misrepresentation about me or the National Alliance which has appeared recently in the controlled media.

In fact, there’s a strong correlation between some sensational story appearing on television or in the New York Times or the Village Voice about the National Alliance being a so-called “hate group” and my novel The Turner Diaries being a “blueprint” for various acts of domestic terrorism on the one hand, and on the other hand the arrival of these hate letters at our office a few days thereafter. It is clear to me that these sensational stories in the controlled media, which all purport to be against hate — in fact, they claim to deplore the growth of hate in our society, to be alarmed about it, and to be seeking ways to ameliorate it — these stories denouncing hate have the effect of causing the arrival of hate letters at our office. There is a cause-and-effect relationship. And the more I’ve thought about it, the more I’ve become convinced that it was planned that way.

Which is to say, all of these media protests about the growth of hate in America are intended for the specific purpose of provoking hate, of inciting hate. If you collect these stories from the New York Times, Time, Newsweek, or other Jewish publications and study them, you’ll see a certain pattern. For example, they always use the word “hate” in writing about me or the National Alliance. Even a short story may use the word “hate” or “hater” or the phrase “hate group” a dozen or more times. It’s clear that this isn’t just a fluke, because it occurs so consistently. What they’re deliberately trying to do is create an association in the mind of the average reader or television viewer between any mention of me or my organization and the emotion of hatred. In fact, they not only want the listeners or viewers to reflexively think “hate” when they hear my name or the name of the National Alliance, they want them to feel hate. And it seems to work to a certain extent, judging from this correlation I mentioned between the appearance of these stories and the arrival of hate mail at our office.

It’s an irrational, Pavlovian sort of thing, because as I mentioned a minute ago, the National Alliance is not a hate group of any sort but instead is a group dedicated to the welfare and progress of our people. But clearly there are folks out there who feel threatened by any such effort: folks who regard any activity aimed at building a sense of racial solidarity and racial consciousness among Europeans as a threat to themselves. And foremost among these folks are those who control the mass media: those who own the New York Times, the Village Voice, Time, Newsweek, and the rest. They are a deceitful bunch. They don’t come right out and say that they are opposed to White people regaining an understanding of our roots and an appreciation for our own unique qualities in a rapidly darkening world and a sense of responsibility for the future of our people. They don’t say this. Instead they attempt to generate negative associations in the minds of their mass audience. They attempt to use psychological trickery to keep our people confused and disorganized. They don’t want us thinking clearly about what is in our own interest and what is not. They deliberately attempt to incite hatred against me and others who are concerned about the future of our people.

They’ve had a lot of experience at inciting hatred. If you’re a person of German ancestry, you’ll certainly understand this. For the past 60 years, ever since the late 1930s, the media bosses have been cranking out films — hundreds of them — designed to incite hatred against Germans: crude, heavy-handed films, full of distortions and outright lies, but still effective enough to profoundly affect public opinion and national policy.

You may be better able to understand this media bias if you compare the films they have made about Germans with the films they have made about Japanese. You know, it was Japan who attacked the United States in the Second World War, not Germany. The Germans wanted to avoid a conflict with America and even ignored the deliberate provocations of the Roosevelt government, such as American attacks on German ships. After we were in the war, the Germans treated American prisoners correctly, in contrast to the Japanese, who often behaved brutally toward American prisoners, starving and torturing them. But the films coming out of Hollywood don’t reflect this reality. For every anti-Japanese film there are a hundred anti-German films. In fact, Hollywood’s tendency has been to generate sympathy toward the Japanese by reminding Americans at every opportunity about our internment of Japanese civilians in concentration camps in this country during the war. By way of contrast, the Germans are portrayed as sadistic automatons, clicking their heels and shouting “Sieg Heil” as they massacre prisoners.

Think about this difference between the Hollywood portrayal of Japanese and Germans. You won’t have to think very long to understand that the reason the media bosses want to incite hatred against the Germans but not against the Japanese is based on the fact that the Germans were in the business of freeing their own country of Jewish influence and of fighting against Jewish Communism everywhere in Europe, while the Japanese were blessed by not having a Jewish problem to deal with. The media bosses, in other words, couldn’t care less about the fact that the Germans treated American prisoners of war correctly and the Japanese didn’t; all they care about is the way their fellow Jews were treated. That ethnic self-centeredness of theirs shows up in almost all of their propaganda.

For the last few years their hate propaganda has been directed not just at Germans, but also at everyone who is not Politically Correct — especially those groups like the National Alliance whose stand on the Jewish issue or the race issue differs from their own. And they have added a new twist: using a pretended campaign against hate to incite hate.

You know, I didn’t think much about hate myself until becoming the target of this Jewish hate campaign. And then I had to ask myself, am I really a hater? Certainly not in the way the people who send those hate letters are. But, yes, I suppose I do hate some people.

Whenever I look at what has happened to our cities and our schools during the past 30 or 40 years, I cannot suppress my feeling of hostility toward the Blacks, mestizos, and Asians who have made so much of our country an enemy-occupied wasteland. I feel a surge of anger every time I see a non-White face on television or in an advertisement. Thirty or 40 years ago, before all of the new civil-rights laws gave them a privileged status and when there were 25 or 30 million fewer of them in the country, I didn’t feel this hostility. I figured that we could each stay in our own communities and we wouldn’t get in each other’s way. But now I want them out of our country, out of our living space. But even so, my hostility toward these non-Whites who are overrunning my world is not the nasty sort of hatred embellished with obscenity that I see expressed in the hate letters I receive.

When I see a hate letter I often feel a flash of anger at the hater who wrote it, but I cannot say that I really hate even these hate-letter writers. They are simply the people, most of them White, who are incited by the real hatemongers, the media bosses. My feeling toward these Jewish media bosses — and all of the clever, little Jewish propagandists who write news stories about so-called “hate groups” in an attempt to make ordinary people hate me — is much closer to real hatred. Over the years they have done enormous damage to our people with their poisonous propaganda, and they aspire to do even more. One way or another we must stop them and make sure that they can never harm our people again.

But I reserve my most heartfelt hatred for the collaborators among my own people who make it possible for the Jews to do their damage: collaborators who consciously and deliberately betray their own people, lie to their own people, in order to gain advantage for themselves — the politicians, generals, public officials, clergymen, professors, writers, businessmen, and publicists who are not incited to hatred by the psychological tricks of the Jews, as are the suggestible fools who write hate letters, but who consciously and deliberately choose race treason, believing that they will gain a personal advantage from it. There is no fire in hell hot enough to punish these traitors, and there will be no place for them to hide when the day of retribution comes.

Yes, I hate traitors, I hate liars and deceivers, and I cannot say that I feel at all apologetic about the fact that I hate them. Hate may be an unpleasant sort of emotion, but it can serve a good purpose, and that is why Mother Nature gave us the capability to hate. It is one of the faculties which protects us from traitors and deceivers by ensuring that we will punish them, that we will weed them from our midst when we catch them, instead of forgiving them and giving them a chance to betray us again.

Nevertheless, I reject the label of “hater,” with which the real hatemongers have tried to brand me. I spend very little of my time hating and a great deal of my time spreading understanding with the hope that it will benefit my people. One of the things I believe that we must understand, that we must always be aware of, is the motivation of the professional hatemongers, as well as the trickery with which they ply their trade.

Their trick of using the pretense of altruistically fighting hate in order to incite hate against their enemies is relatively new. They invented the terms “hate crime” and “hate speech” only a little over a decade ago — unless one wants to give the credit for that to George Orwell, who popularized the essentially identical concept of “thought crime” in 1948, with his futuristic novel 1984. In any case, they used their political influence to force the government and the various police agencies around the country to give official recognition to their invention, or Orwell’s invention if you prefer, with the passage of the so-called “Hate Crimes Statistics Reporting Act” of 1990. Then almost overnight all of the mass media began using the terms. Now they’ve got the President of the United States running around the country giving speeches about stamping out “hate crime” and “hate speech.” It’s their way of demonizing their enemies, of making their enemies seem like irrational, dangerous, and hateful people: the sort of people that it’s all right for decent folks to hate.

So the trick is new, but the hate they bear against humanity certainly isn’t new. Two thousand years ago the great Roman historian Tacitus noted as the principal distinguishing characteristic of the Jews their hatred for every nation but their own. This hatred they bear against other peoples may serve a useful purpose for the Jews by helping them to remain apart and to retain their own identity while existing as a small but influential minority among much larger host populations, but it certainly isn’t helpful to our people. They almost instinctively are hostile to every institution of ours which holds us together and gives us our strength and solidarity. Back during the Vietnam war they were at the forefront of the flag-burners, and they persuaded a whole generation of university students and other young Americans to despise patriotism. Today their deceptive hate campaign is still directed against patriots, whom they portray as terrorists or potential terrorists.

Consider the whole set of ideas and attitudes associated with Political Correctness. Political Correctness really has not been codified in any formal way, so that one can refer to some official proclamation in order to determine what is Politically Correct and what is not. Nevertheless, we all know. We absorb this knowledge from the mass media.

We know, for example, that the United Negro College Fund and the National Association for the Advancement of Colored People are Politically Correct. No one flinches or protests at the mention of those very real organizations. But at the same time we all know that if anyone dared to attempt to organize a college fund reserved for White students, he would be met with howls of outrage from the guardians of Political Correctness. We know that any association for the advancement of White interests will be branded immediately a “hate group” by the Jewish media and all of the politicians who dance to their tune, as the National Alliance is. In fact, any club or other organization with an all-White membership is bound to be under suspicion of being a “hate group,” although the same suspicion is never directed against an all-Jewish organization, an all-Chinese organization, or an organization all of whose members are American Indians.

We all know that to express revulsion for the practices of homosexuals is the height of Political Incorrectness and will get us branded as “haters” in an instant. Even if we want to give our own children positive examples of heterosexual masculinity or heterosexual femininity in order to guide the development of their own attitudes toward sex, we had better do it quietly if we don’t want to be accused of “hate.” Likewise, any expression of support for the maintenance of traditional sex roles — any suggestion that armed combat is not a proper role for women, for example — is sure to bring one under suspicion as a “hater.”

We all know that whenever White people, European people, are in conflict with non-Whites, whether in South Africa or America or anywhere else on this increasingly overcrowded planet, it is Politically Correct to be on the non-White side. To be on the White side is to be a “hater.” If one expresses agreement with the French people who believe that the French government should cut off the immigration of Africans from the former French colonies in Africa, for example, one is a “hater.” If one agrees with the Germans who believe that there are too many Turkish “guest workers” in Germany, one is a “hater.” If one agrees with Englishmen that the Pakistanis in England should be sent back to Pakistan, one is a “hater.” And if we suggest that the American government should not let wetbacks continue to pour into the United States across the Rio Grande, we are “haters.” Indeed, only a “hater” would dare use the term “wetback” these days.

If we are sufficiently sensitive to the message of the controlled media, we understand that any expression of concern for our people, any effort to safeguard the future of our people, any public support for our traditions and our culture and our folkways is hateful. The unspoken message is that we will be hated if we are not Politically Correct. The message is that the sort of trendy fools who send me viciously obscene hate letters will be incited to hate anyone who does not toe the political line of the Jewish media.

It’s a shame that it still has to be that way for a while yet. It’s a shame that any of our people are incited to hate others of our people. But we have a big mess to clean up in America and elsewhere throughout the White world, and until the mess has been cleaned up there will be hatred.

At least, we can understand who is responsible for this hatred. We can understand who the real haters are.


Sylvia Stolz – Lecture

An Overall objective lecture, asking very relevant questions about a Taboo subject that has made illegal to do free inquiries into this topic and anyone that surrounds it.

Dr. David Duke – True Civil Rights

Dr. David Duke shows in this video how White people have lost their rights in the United States.“ Affirmative Action“ and „Diversity Programs“ are nothing more than nice sounding monikers for racial discrimination.

Dr. Duke also shows how Slavery is used to justify discrimination against White people when the historical fact is that less than 1 percent of White people every had slaves. There is actually more likelihood of an African American have direct ancestors who owned Black slaves than a White person having a direct ancestor who owned slaves. Dr. Duke shows how racially discrimination programs against better-qualified Whites represent the REAL RACISM going on in America, and it is against European Americans.

A Closer Look at the Enemy

Source: Free Speech October 1998 Volume IV, Number 10

by Dr. William Pierce

You know, this world we live in is a complicated place. Behind every phenomenon we observe there are many forces at work, some of them obvious and some not so obvious. Trying to separate what’s important from what’s not important can be a confusing task. Every week when we discuss on this program what’s happening in the world around us, and I try to explain events so that listeners can have a clear understanding of them, I must simplify the world. Clarity requires simplification. Understanding demands simplification. A useful explanation requires separating the important things from those which are less important and focusing first on the former. If I tried to explain every phenomenon in the world in complete detail, leaving out nothing, I would succeed only in confusing everyone, especially myself.

So if we want to understand the world we must simplify it. But we must be careful not to oversimplify, or our explanations lose their value. Occasionally my listeners accuse me of oversimplifying, or they are aware of some factor which I have not discussed in detail, and they suspect that I have left it out deliberately because it would contradict some theory of mine.

Here’s an old example of the way oversimplification can lead to confusion: After the Bolshevik takeover of Russia early in this century, many anti-communists in America spread the word that a majority of the Bolshevik leaders were not Russians but were Jews, and they warned Americans that there also were many Jewish communists in America who posed a danger of subversion. This was back in the days before the exposure of the Rosenbergs and other communist-Jewish spies and conspirators in America. The Jewish media countered this warning with a deliberate campaign of confusion. They said, “Oh, you used to accuse of us being international bankers and capitalists and of subverting nations with our money. Now you accuse us of being international communists and of being a threat to capitalism. So which is it? Are we capitalists or are we communists? It can’t be both, so make up your mind.” This response was supposed to make their accusers look foolish, and with much of the public the trick worked.

Of course, the truth of the matter is that Jews are both capitalists and communists — and neither. They are, first and last, Jews, and that really says it all, if one understands what a Jew is. The average Gentile thinks that a communist must be someone who is a believer in communist ideology, and a capitalist must be someone who is a believer in the ideology of free enterprise. It doesn’t occur to him that for many Jews ideology is not something that one actually believes; it is simply a tool which one uses for deceiving non-Jews. The aim always is to acquire wealth and power, and whether one uses capitalist methods and ideology or communist methods and ideology for this purpose depends upon the situation. Regardless of the methods one uses, one remains a Jew. That’s what is important.

And of course, most of the people who were trying to warn their fellow Americans about the dangers represented by the Jews in their midst didn’t try to explain that, because most Americans simply wouldn’t have understood; it would have been too complicated for them. So the anti-communists simply said: “Watch out! The Jews are communists or are sympathetic to the communists.” And that was an oversimplification of the truth.

Here’s a more recent example: I have warned Americans that Bill Clinton is a puppet of the Jews, an obedient tool of the Jews, and I have pointed out the fact that most of the important appointments he has made as President have gone to Jews: two Supreme Court justices, his entire foreign policy and national security team, and so on. And I have stated that the Jewish media got him elected in 1992 and then reelected in 1996.

And so now some people have asked me, “Well, if Clinton is an obedient tool of the Jews, why are they now trying to destroy him? Why are some of the people who are in the forefront of those now pulling Clinton down Jews? Why would a Jewess, Monica Lewinsky, turn on him? Don’t you know that some of Ken Starr’s associates are Jews? Didn’t you notice that one of Clinton’s most important attackers is Connecticut’s Jewish Senator Joseph Lieberman? It has been the Jewish media, like the New York Times, the Wall Street Journal, and the Washington Post, which have exposed Clinton’s lies and other crimes. So how can you say that he is a puppet of the Jews? It doesn’t make sense.”

But of course, it does make sense — if one doesn’t try to oversimplify. I don’t want to spend too much time on this because I’ve already covered much of the ground in earlier broadcasts, but I’ll try to add a few more details, so that the picture is still simple, still clear, but not overly simple. The basic facts are these: First, the Jews control the mass media — or more accurately, they are the most powerful of the conscious elites in the media world; they wield more control over the media than any other coherent and self-conscious group. And because of this media control they are able to exercise a determining influence on the electoral process: in other words, through their media control they are able to control the politics of a mass democracy, where everyone, even the most easily manipulated elements of the population, has an equal vote.

Second, Bill Clinton is a talented but utterly corrupt man. He is a typical child of the 1960s. He grew up believing that the world owed him something. He grew up believing that he was entitled to whatever he could grab. And he grew up cynical. He grew up during a period when the Jews were turning American society on its head, when Jews were breaking all of the rules and getting away with it. Bill Clinton noticed this and learned from it. And Bill Clinton grew up with a talent for manipulating people, a talent for lying to people and getting them to believe him. This suited him perfectly for a career in politics.

And the Jews noticed Bill Clinton. They saw him as potentially very useful to them. He is exactly the sort of man they always are on the lookout for: corrupt but charming; someone who can attract votes but who understands which side his bread is buttered on. They supported him with their media and with their money. Without their support he wouldn’t have gotten into the White House. And Bill Clinton reciprocated. He gave them whatever they wanted. He appointed them to every high position in the government, and he pushed their policies and programs. On all of this the record is clear. So why are they abandoning, even attacking, their good friend Bill Clinton now?

Well of course, he never really was their friend: he was their useful tool. And he has become a badly damaged tool as a consequence of his own personal weaknesses. The Jews did not set out to destroy him. He did that himself. Remember, Ken Starr was ready to throw in the towel and give up on investigating Clinton three years ago. If anyone besides Clinton deserves credit for his downfall it is Paula Jones. When Paula Jones sued Clinton for sexual harassment she opened the Pandora’s box from which the affair with Monica Lewinsky eventually came to light. Remember, the Jewish media tried hard not to notice Paula Jones. That Paula eventually was noticed by the public resulted from several factors beyond the control of the Jewish media bosses.

And that’s one of those little complications we must deal with in the real world. Despite all their media power and all their money, the Jews are not able to control everything all the time. Sometimes the Jews are compelled by circumstances just like the rest of us. They also have their vulnerabilities.

Paula Jones opened a Pandora’s box that the Jews would have preferred to keep closed. But once the box was open, they had to decide what to do about Clinton. On the one hand, they have Al Gore waiting in the wings, and Al Gore is just as corrupt as Bill Clinton, just as willing a tool. But on the other hand, Gore simply doesn’t have Clinton’s talents. He’ll do what the Jews tell him, but he won’t be able to charm the voters as effectively as Clinton could. They’d like to keep Clinton, but he’s become a bit of a tar baby. And so we have had an opportunity to see another of the world’s little complications, and that is that not even the Jews are always in complete agreement about the best way to proceed.

The Jews don’t want to become too closely identified with Clinton’s corrupt image. Looking a little further ahead than the mass of Gentile voters who still think Clinton should stay in the White House, the Jews understand that it will not be helpful for them to have a very close historical association with the Clinton administration. They don’t want Clinton to be thought of as their man, because they have a suspicion that despite his present popularity his historical image will be very bad indeed. For some of them that is the primary consideration, and they’d like to see Clinton go quickly and then muddle through with Al Gore as best they can. Other Jews are still fascinated by Clinton’s approval ratings and his ability to charm the lemmings. They don’t want to trade him in for Al Gore no matter how much tar rubs off on them. And of course, they also have the consideration that if they all abandon him simultaneously and all begin attacking him, he conceivably could turn on them and lash out at them. Better to keep him mindful that despite the fact that some of them are pulling him down, if he wants to stay out of prison he’d better keep obeying orders. So there are complications in life even for the Jews.

I’ll give you one more example of the subtleties that one must deal with in trying to understand the role of the Jews in our society. Last week one of the most powerful Jewish organizations, the Anti-Defamation League of B’nai B’rith — the ADL — held a huge press conference at the National Press Club in Washington and simultaneous press conferences in a number of cities around the country, and they announced that I am the most dangerous man in America. Really: I am the most dangerous man in America! And the organization I head, the National Alliance, is the most dangerous organization in America. Really: not the Mafia, not what’s left of the Communist Party, not some violent and well armed militia group, not Louis Farrakhan and the Black Muslims, but the National Alliance.

Well, I long ago decided that any insult from the Devil is a compliment, but still there are some troubling aspects to what the Anti-Defamation League has done, and I’ll share them with you, because they can help us understand better the way the Jews operate. When the ADL held its press conferences last week it handed out press releases to the reporters and politicians. The press release began with a statement by the top ADL commissar, Abraham Foxman, saying, “The National Alliance is an alliance of bigots and bombers thriving on hate,” and then it listed a long series of violent crimes and terrorist acts the ADL claims are “linked to the National Alliance and its propaganda.” The list begins:

1992-1995, Midwest: Authorities say the Aryan Republican Army, a white supremacist gang that required members to read The Turner Diaries, committed 22 bank robberies and bombings.

April 19, 1995, Oklahoma City: The bombing of the Murrah Federal Building is eerily reminiscent of a fictional bombing scene in The Turner Diaries, of which Timothy McVeigh was a devotee.

December 1995, Fayetteville, NC: Two soldiers stationed at Fort Bragg, who were avowed neo-Nazis and reportedly read National Alliance propaganda, murdered an African-American couple.

Et cetera. There’s a lot more to the ADL’s press release, but you get the idea: I and the other members of the National Alliance are bomb-throwers and bank robbers “linked” to 22 bank robberies and bombings in the Midwest, to the Oklahoma City bombing, to the shooting of a Black drug dealer and his girlfriend in North Carolina, and to lots of other things. Now, as a matter of fact, neither I nor anyone else in the National Alliance had ever heard of the Aryan Republican Army and its 22 bank robberies and bombings, or of Timothy McVeigh, or of the soldiers at Fort Bragg who shot the Black drug dealer, until we saw these people on television news programs, like everyone else.

But we are “linked” to them, says the ADL. How? Did some of these folks listen to one of my American Dissident Voices broadcasts? Probably. At least, I wouldn’t be surprised. Did some of them read my 1978 novel, The Turner Diaries? Probably. At least, I’ve seen evidence to indicate that Timothy McVeigh did, although I don’t know about any of the others. There are a quarter of a million copies of the book in circulation, and probably a half-million readers altogether — including, no doubt, Abraham Foxman and a number of his associates in the ADL.

So that’s how I and the National Alliance are “linked” to bombings, bank robberies, and murders. Very clever. So then, it’s fair to say that the Catholic Church is “linked” to Mafia operations, and that the Automobile Association of America — the AAA — is “linked” to drunk driving, and that the folks who publish various editions of the Bible are “linked” to the crimes committed by people who quote the Bible as they take an ax to their wives or blow away a neighbor with a shotgun.

“The National Alliance is an alliance of bombers and bigots,” says Abraham Foxman. I am not aware of a single instance of a bombing committed by a National Alliance member — although a couple of years ago a former member in Florida had a pipe bomb he was trying to build blow up in his face. He wasn’t a member of the National Alliance at the time, and he didn’t actually bomb anything except himself — but that’s enough for Abraham Foxman and the ADL to describe the National Alliance as an organization of “bombers and bigots.”

You know, every organization which recruits from the public will occasionally recruit a member who has had or will have a problem with the law, but here’s something to remember: the Democratic Party has a much higher percentage of lawbreakers among its members than does the National Alliance. We don’t tolerate criminal activity, but the head of the Democratic Party seems to thrive on it — at least he did before Ken Starr got on his case.

Abe Foxman and the ADL seem to thrive on criminal activity too. Five years ago, in April 1993, search warrants were executed on the Los Angeles and San Francisco offices of the ADL, and police seized hundreds of confidential police files which had been stolen by the ADL. Some of these police files were from investigations of anti-apartheid groups in the United States, and the ADL had given copies to the South African government in return for access to confidential South African police files on anti-Israel groups in South Africa. A lot of the people whose names were in those confidential police files the ADL had stolen sued the ADL for invasion of privacy, and that’s still working its way through the courts.

But here’s the really interesting part of all this: newspapers and other media took the ADL’s press release last week as gospel, and they printed big excerpts from it. It’s been in newspapers all over the country. You’ve probably seen some of these stories yourself. With one exception none of these newspapers even bothered to check with me first; they didn’t call me up and ask me if the ADL’s allegations were true or if I had any comment on them; they just ran sensational stories with headlines like “National Alliance linked to bombings and murders.” And of course, they said nothing about the ADL’s criminal activities or its links to the government of Israel. And many of these newspapers aren’t even owned or edited by Jews. But they all follow the party line. They know that the ADL is an official Jewish organization, and therefore it cannot be criticized, and nothing it says can be questioned. That would be like questioning the “Holocaust,” heaven forbid!

That’s a little frightening, don’t you think? So here’s one of those complications about the way the Jews wield their power. They don’t have to own everything in order to have things go their way. A newspaper editor or a television station owner doesn’t have to be Jewish in order to slavishly follow the Jewish party line. The Jews own enough of the media — they hold enough of the policy-making positions — so that no one, or almost no one, wants to cross them. When an institution becomes corrupt — and that, unfortunately, is the case with our mass media, just as with our political system — the Jews can count on using their power to make things go their way. They thrive on corruption. The ADL thrives on corruption. The ADL could not exist in an uncorrupted society.

Finally, here’s one other little complication in understanding the role of the Jews. I know and you know individual Jews who are not involved in any political or media activity, individual Jews who simply earn a living and go about their business and don’t pay much attention to what the ADL is doing. And so I often have people write to me and ask me why I am so hard on the Jews. They remind me that there are lots of evil people in our society, even in the media, who are not Jews. They remind me that Rupert Murdoch and Ted Turner aren’t Jews, that Stalin wasn’t a Jew, and that Lenin was only part Jewish. And that’s true enough. And that’s why we won’t be able to dispense with the gallows even when we have no more Jews.

But the people who are focusing on the complications that many of the world’s evildoers aren’t Jews and that many Jews are not involved in sinister activities — these people are failing to see the forest because of the trees. When I speak about the role of the Jews in the world today or in the past I do simplify the world. I do simplify the facts, because my aim is for people to see the forest, to understand the forest, at least in rough outline, before they spend too much time studying the individual trees.

And the forest I want people to see, the big picture I want them to understand, even though it is a simplified picture, is this: Without Jews there would have been no Bolshevik Revolution and subsequent selective murder of two generations of the best and brightest of the Russians. Without Jews as an organized community pushing “multiculturalism” and “diversity” and open borders and racial mixing in the United States, White Americans would not now be facing the prospect of becoming a minority in their own country in the near future. It is the Jewish presence as a whole and its effect on our society that we must understand first, before we start trying to understand all of the complicating details.

© 1998 National Vanguard Books · Box 330 · Hillsboro ·WV 24946 · USA

National-Socialist Racial Thought

Head of the Reich Bureau for Enlightenment on Population Policy and Racial Welfare

Of all the measures introduced in the new Germany those bearing on National Socialist racial policy caused the greatest stir internationally, for here was a State setting its feet upon paths hitherto almost untrodden and leading through untouched preserves, whose aims were in many respects liable to clash with established Liberal views. Relevant legislation served to corroborate and achieve these aims and it was no wonder, therefore, that – in the beginning at least – this particular phase of National Socialist reconstruction met with universal misunderstanding and prejudice. We are happy meanwhile to be able to discern that other nations have come to realise that Germany is, indeed, taking to new paths, but they are right ones and are necessary and, more than that, Germany is in many respects blazing a trail for others; mention need only be made of our law for the prevention of the transmission of hereditary diseases (Sterilisation Law) which has been followed in Norway, Sweden, Denmark and Finland by similar laws or draft proposals. However, no one will wholly understand or sympathise with our legislation who is not wholly familiar with the fundamental change in the philosophical conception. of life which has come with National Socialism in the light of history.

Whereas formerly, and more especially under the powerful influence of Marxist teachings, the development and decline of States and civilisations was attributed to economic or purely political causes, we see to-day the determining role played by the human being in sustaining and shaping economy, the State, culture, politics, art and intellectual thought. We have come to feel that the protection and preservation of the people who, after all, are originally responsible for the achievements of the State and culture, is the chief factor in retaining these achievements; for good blood and the strength that comes from good blood is given a people only once and if allowed to degenerate cannot be regenerated as one would rebuild a city or restore devastated lands. Thus, wise statesmanship will place the preservation of the biological, that is, racial energy of its people before its political and economic concerns. The endless series of past empires and civilisations which have flourished and declined forcefully remind us how inexorable are the consequences of ignoring this truth.

History and the study of the science of population show that there are three biological stages which inevitably lead to the destruction of the vitality of a people and with it the destruction of the foundations of the State and culture as such. These three stages are:

A decreasing population,
An increase of the hereditary unfit,
The promiscuous mingling of races.

In these respects, Germany’s position in 1933 was alarming. A declining birth-rate among the fitter inhabitants and unrestrained propagation among the hereditarily unfit, the mentally deficient, imbeciles and hereditary criminals, etc., had led, for instance, to a state of affairs in which the increase of the healthier section of the population in the past 70 years was only 50 per cent., while the unhealthy and, in fact, those only fit to live in asylums, had multiplied ninefold in the same time, or 450 per cent. The care of the latter costs the working population of Germany the not inconsiderable sum of 1 billion reichsmarks yearly, while the entire administrative costs of the Reich, Provinces and Communes amount to 713 million reichsmarks. It was, therefore, an act of self-preservation which caused the National Socialist State to promulgate the Law to prevent the transmission of hereditary disease. It was a measure taken in self-defence and much more besides. For a large portion of the hereditary unfit had brought children into the world in ignorance of the consequences of their own afflictions, and many – those still possessed of a sense of responsibility – were horrified at seeing the “sins of the fathers” visited upon their children. To this unfortunate category the National Socialist State lends a helping hand in freeing them from possible mental torment. Sterilisation relieves their conscience of the frightful burden of causing further pain and suffering to innocent beings.

It is frequently claimed abroad in circles hostile to Germany that the politically undesirable are hauled up for sterilisation. Anyone versed in German Law and the thoroughness and precautions attendant on the whole procedure knows full well the absurdity of such allegations and that no one can be sterilised simply on request or as a result of political pressure. The law for the prevention of the transmission of hereditary disease is only applicable in acknowledged cases of physical and mental deficiency such as congenital idiocy, schizophrenia, manic-depressive insanity, hereditary epilepsy, chronic St. Vitus dance, hereditary blindness, deafness and serious bodily defects; in addition, it applies to chronic inebriates. The procedure in regard to the act of sterilisation can take place upon application being lodged with the special Court of Heredity by the person concerned, his relatives, a local physician or such official persons as are connected with matters of public health. The competent Court, which is composed of an officiating judge, a medical officer and a doctor, decides whether sterilisation is called for or not. If the applicant or person under consideration does not agree with the decision of the Court, an appeal may be lodged with the Higher Court which has a similar composition as the Lower Court, although the individuals are never the same. The decision of the Court of Appeal is final. Even then the operation may be avoided by taking life-long sojourn – or at least for as long as the faculty of procreation exists – in a private home, provided such sojourn entails no costs for the Government. This clause was included in order that possible adherents of the Catholic faith who might have conscientious objections on the grounds of the Papal encyclical be given the opportunity of observing their religious tenets at all costs.

These measures of the National Socialist State, despite their broadmindedness, have been attacked mainly for political or dogmatic reasons. Such criticism is based on a number of objections which appear unfounded and extravagant. They may be summarised in three groups.

The first arises purely from the individualist standpoint which resents any intrusion into the life of the individual. According to its advocates, the individual has the right to be without children if he prefers or, despite obvious hereditary afflictions, procreate at will, or indeed, by transcending all frontiers and racial barriers, to contract marriage to his own taste. Fundamentally, that is, any restriction on the life of the individual demanded by the collective interests of the community is categorically rejected. Obviously, such an attitude must be deplored in every State since, if applied in all spheres, it would render communal and State institutions, both economic and cultural, impossible.

Civilisation is only possible through the individual becoming part of the whole and just as collective authority in the interests of all limits the egoism of the individual by, say, taxation laws or measures to combat epidemics, etc., it similarly has the right to implement such measures for the benefit of the community as are scientifically proved expedient in the way of population policy or eugenics. The need for such action prevailed in Germany.

The second set of objections is mainly based on humanitarian grounds. It is argued, for instance, that the act of sterilisation represents such a weighty sacrifice for the person concerned that society should only accept it if made voluntarily. But it is not humane that among civilised peoples the standard of living of that section of the population which is fit and able to work is lowered by burdening it with the excessive levies necessary for the maintenance of and keeping within its midst the hereditarily diseased who, despite these heavy costs, can never be healed of their ailments. After all, the healthy members of the race are also entitled to a share of compassion and humane considerations.

Nor is it justifiable to argue that sterilisation will not do away with the possible recurrence of similar cases. In arguing thus one might just as well refrain from putting out a fire because another might happen to break out elsewhere at some other time. Incidentally, sterilisation is and remains a humane duty to the individual. How great is the mental agony of a person suffering from some hereditary disease in the pitiful knowledge that not only he himself is incurable but that his children frequently begotten in ignorance of the complications of his own trouble, are doomed to a similar or worse fate. Timely sterilisation rids the hereditarily unfit of such mental torment.

Other objectors insist that the operation should only be performed with the consent of the individual. It is foolish, however, to want acquiescence from a human being who has no command over his morbid instincts or of one who is to be prevented from procreation for the very reason that he is suffering from some mental debility.

Everywhere in organised society, justice and morals are bound to interfere with personal liberty to a greater or lesser extent, even with that of the healthy individual. If an epidemic breaks out endangering the welfare of the community everyone, whether he wants to or not,

must be vaccinated; similarly, just as the doctor takes preventive measures on this score, the specialist in the sphere of hereditary transmission, both medical and legal, backed by the knowledge of biological necessities must, if called upon, take upon his shoulders the responsibility which the individual patient is unable to bear.

A third and last group fears lest the suggestion of a biological stratification of society or the racial classification of humanity should lead to serious conflicts. As to this, it may be said that racial peculiarities are natural and any social or human system of differentiation will last only so long as it is in harmony with natural phenomena. Why, the very knowledge and acknowledgment of the social claims of the race, of racial hygiene, and its practical application, is calculated to limit, even prevent wars. For war, even if successful, signifies biologically an irretrievable loss of the best hereditary tendencies. Since National Socialist Germany frankly thinks along biological lines she wants nothing but peace. The National Socialist idea of State is the most peaceful conceivable, for it of all others sees its duty in the preservation of the pure racial continuity of its people. Nothing but sheer want of sense could accuse the new Germany of hankering after war. For we are only too well aware what irreparable damage has been done and how heavy has been the toll taken of our people in the way of hereditary values through centuries of retrogressive selection, declining birth-rate and, finally, through the frightful decimation of the flower of our manhood in the War. If we need peace and quiet for the political and economic regeneration of our people tried almost beyond endurance, we need it doubly so to effect the reconstruction and vital racial aspirations of our population policy directed along biological lines, for nothing could be more disastrous than war with its ruthless destruction of the best and consequent indirect preferential selection of the less valuable.

Even a victorious war is biologically a loss. The true statesman is aware of this and will never take to the sword except as a last necessity. Here it becomes manifest that the national-racial principle – contrary to the aims maliciously attributed to it – is in itself the surest guarantee for a policy fundamentally peaceful.

Most open to misinterpretation are National Socialist views on the relations between the various races of the world. It has been questioned whether the fundamental racial principles of the new world theory must not breed condescension, even contempt of people of different race. Quite the contrary; these very principles offer the very best guarantee for mutual tolerance and for the peaceful co-operation of all.

We appreciate the fact that those of another race are different from us. This scientific truth is the basis, the justification and, at the same time, the obligation of every racial policy without which a restoration of Europe in our day is no longer practicable. Whether that other race is “better” or “worse” is not possible for us to judge. For this would demand that we transcend our own racial limitations for the duration of the verdict and take on a superhuman, even divine, attitude from which alone an “impersonal” verdict could be formed on the value or lack of such of the many living forms of inexhaustible Nature. But we of all people are too conscious of the inseparable ties of the blood and our own race to attempt to aspire to such an ultra-racial standpoint, even in the abstract.

History, science and life itself tell us in a thousand ways that the human beings inhabiting the earth are anything but alike; that, moreover, the greater races are not only physically but especially spiritually and intellectually different from each other. Yesterday one passed this fact by, and in attempting to unify political, economic, cultural and religious standards for all nations of the earth, one was sinning against Nature, violating the natural attributes of various racial and national groups for the sake of a false principle. To-day we bow to the racial differences existing in the world. We want every type of being to find that form of self-expression most fitted to its own particular requirements.

The racial principles of National Socialism are, therefore, the surest guarantee for respecting the integrity of other nations. It is incompatible with our ideas to think of incorporating other nationalities in a Germany built up as a result of conquests, as they would always remain – because of their alien blood and spirit – a foreign body within the German State. Such foolhardy thoughts may be indulged in by a world which has as its goal economic power or purely territorial expansion of its frontiers, but never by a statesman thinking along organic, racial lines whose main care is the preservation of the greatness and along with it the essential unity of his people held together by the ties of blood relationship.

For this reason, we have nothing in common with chauvinism and imperialism because we would extend to other races peopling the earth the same privileges we claim for ourselves: the right to fashion our lives and our own particular world according to the requirements of our own nature.

And if National Socialism would wish to see the unrestricted mixing of blood avoided for the individual, there is nothing in this to suggest contempt. After all, we Germans ourselves, viewed ethnologically, are a mixture. The National Socialist demand is only that the claims of the blood and the laws of biology should be more closely observed in future.

Here again our standpoint is not so very far removed from that of other people with a sound mental outlook. The American Immigration Laws, for instance, are based on definite racial discrimination. The Europeans and the inhabitants of India, the Pacific Islands, etc., have instinctively held aloof from a mingling of the blood, and both sides genuinely regard any transgression as very bad form. Nevertheless, this natural attitude in no way detracts from the possibility of close co-operation and friendly intercourse. And, speaking on behalf of the new Germany, let me once more emphasise:

We do not wish our people to intermarry with those of alien race since through such mingling of the blood the best and characteristic qualities of both races are lost. But we will always have a ready welcome for any guests who wish to visit us whether of kindred or foreign civilisation, and our racial views only lead us to a fuller appreciation of their essential peculiarities in the same way as we would want our own peculiarities respected.

On the basis of this reasoning, the National Socialist State was bound to object to the imperialistic designs of the Jewish people on German soil. Thus it is purely an internal concern of the German people who could no longer tolerate the domination – a result of political errors in the past – of an alien race having neither sympathy nor understanding for them. During the political regimes of the past the Jews had managed to obtain an increasing hold on politics, art, culture and commerce. Since 1910, as many as 13 of them had immigrated every day into Germany from the East. Thus Berlin had –

32.2 per cent. Jewish chemists
47.9 ” “ doctors (60 per cent, panel doctors)
50.2 ” “ lawyers
8.5 ” “ newspaper editors
14.2 ” “ producers and stage managers
37.5 ” “ dentists

No people on earth with a vestige of pride in itself and its national honour will be willing to put up with such domination of the key professions by members of a completely alien race. At the same time, the Jews were a determining factor in those political parties which were against any reconstruction on national lines. As to the so-called State Party, for instance, 28.6 per cent. of its parliamentary members were Jews, and in the Social Democratic Party the figure was 11.9 per cent. It is of some political significance that the founders of the German Communist Party, a branch of the Moscow Comintern, that destructive force, were Karl Liebknecht and Rosa Luxemburg, both Jews.

This predominance of alien influence foreign to the German nature in politics, science and things cultural, provided the objective for the law for the restoration of professionalism in the Civil Service and what has since come to be known as the Nuremberg Laws. The Jews in Germany constitute a group of aliens who can expect to enjoy the hospitality of the country just like the members of other races. But no Frenchman would wish to have his leading offices of State occupied by Englishmen, and no Englishman would want to see the key positions in the politics, art and culture of his country occupied by, say, Japanese. Who then can reasonably object to the Germans removing the Jews from the prominent positions in their country? As to the higher percentage of crime which is an additional factor of importance in judging the Jewish question in Germany, it may be mentioned that the majority are immigrants from Eastern Europe, whose cultural and moral ideas could never be in harmony with those of the German people. The Nuremberg Laws, therefore, exclude members of the Jewish race from obtaining Reich citizenship. Persons of mixed parentage – some 300,000 in all – can become citizens of the Reich, but are excluded from holding office in the Civil Service, the Army and the medical and legal professions. Exemptions are possible as provided for in the Laws. The regulation forbidding marriage between a Jew and a German and making illicit intercourse liable to punishment was designed primarily with a view to preventing the birth of further individuals of mixed blood whose fate is a sorry one everywhere in the world, because they are neither one thing nor the other. For those already in existence a distinction is made between those having two Jewish grandparents and those with only one. The former require the approval of the authorities for contracting marriage with someone of German or allied blood. The latter may not marry a Jew or a member of the former category. They may only marry people of German blood and their children are exempt from the restrictive regulations (Army Laws and the Law for the restoration of professionalism in the Civil Service, etc.). In short, their children become full members of the German community.

These measures were necessary because we realised that a nation or a people can only preserve its culture and its intellectual individuality by keeping the blood pure. It has been said that “every race is a divine inspiration” – a shaft incidentally aimed at the racial policy. We would re-join, however, “just because every race is a divine inspiration, the foremost task of civilisation is to keep that inspiration pure and reject the least contribution towards detracting from its purity.”

The Manifesto for the Abolition of Enslavement to Interest on Money

With explanations provided by Gottfried Feder, Dipl. Engineer


The Manifesto for the Abolition of Enslavement to Interest on Money

  1. What is Mammonism?
  2. What is the cure for Mammonism?
  3. The nine points of the Manifesto.

Implementation and Rationale

  1. Because of failed promises of the German Revolution of 1918 the people are tending more and more toward Bolshevism.
  2. The German folk are sick with Mammonism.
  3. Mammonism derives its power from interest on loans.
  4. The way to cure Mammonism is by abolishing interest on loans, especially war-bonds.
  5. The vast majority of Germans holding war-bonds really lose money because of them, because they have to pay taxes to cover the interest payments; only the largest holders of war-bonds have a net profit from them.
  6. Germany’s real wealth consists not in any material assets but in the productivity of the German people.
  7. If the obligation to pay interest on public debt were ended, the Bavarian state could abolish all direct and indirect taxes and fund itself entirely on the revenues from state-owned industries.
  8. Interest-payments are the reason why the state cannot do without taxes; those receiving the largest sums of interest pay relatively little in taxes. The Reich is financially in a much worse situation than the federal states.
  9. Comparison of the affluent bondholder, the working-class bondholder, and the dependent bondholder. Expansion of social welfare for the dependent bondholder after cancellation of interest.
  10. Instead of repaying the principal of war-bonds under cancellation of interest the state could simply declared the bonds to be currency.
  11. For other fixed-interest assets, including mortgages, repayment under cancellation of interest is recommended. This should solve the housing problem.
  12. A history of opposition to interest-slavery.
  13. Curtailment and prohibition of interest before the 19th century.
  14. Enshrinement of interest under the developing global order during the 19th century.
  15. Cancellation of interest will dissolve the interest- community within Germany and enables the German nation to unite against the Gold International.

The Conversion of War-Bonds into Bank-Credit

Rather than simply declare war-bonds to be currency, a better idea is to require that they be surrendered for conversion into bank-credit.

Special Comments on the Demand for Laws in the Manifesto

Elaboration of the nine points.

The Objections and their Refutation

Objections from various perspectives are addressed.

  1. Three objections based on a failure to comprehend how conditions would change under abolition of interest-slavery.
  2. A question from the perspective of a large bondholder.
  3. How is depriving investors of interest supposed to help the worker? d. What about the importance of inheritance in holding families together? e. Three objections from officials of the current system.
  4. The Communist complaint that abolition of interest will not abolish economic inequality.
  5. Social-Democracy is doomed because it is based on Marxist ideology, which does not recognize the radical difference between industrial capital and loan-capital. Social-Democratic government, as a moderate application of Marxism that fails, paves the way for Communism.
  6. The contemptible bourgeois and two objections from the bourgeois perspective. Won’t abolition of interest adversely affect savings? No. Is big loan-capital really not in some way productive? Only labor is productive.

Further Program

  1. Abolition of interest-slavery is the prerequisite for establishment of the social state.
  2. Reconstruction of the German state according to the true spirit of socialism.
  3. Liberation of the entire world from Jewish control.

Manifesto for the Abolition of Enslavement to Interest on Money

Mammonism is the heavy, all- encompassing and overwhelming sickness from which our contemporary cultural sphere, and indeed all mankind, suffers. It is like a devastating illness, like a devouring poison that has gripped the peoples of the world.

By Mammonism is to be understood: on the one hand, the overwhelming international money-powers, the supragovernmental financial power enthroned above any right of self-determination of peoples, international big capital, the purely Gold International; on the other hand, a mindset that has taken hold of the broadest circle of peoples; the insatiable lust for gain, the purely worldly- oriented conception of life that has already led to a frightening decline of all moral concepts and can only lead to more.

This mindset is embodied and reaches its acme in international plutocracy.

The chief source of power for Mammonism is the effortless and endless income that is produced through interest.

From the thoroughly immoral idea of interest on loans the Gold International was born. The mental and moral constitution grown from the lust for interest and profiteering of every kind has led to the frightening corruption of a part of the bourgeoisie.

The idea of interest on loans is the diabolical invention of big loan-capital; it alone makes possible the lazy drone’s life of a minority of tycoons at the expense of the productive peoples and their work-potential; it has led to profound, irreconcilable differences, to class-hatred, from which war among citizens and brothers was born.

The only cure, the radical means to heal suffering humanity is the abolition of enslavement to interest on money.

The abolition of enslavement to interest on money signifies the only possible and conclusive liberation of productive labor from the hidden coercive money- powers.

The abolition of enslavement to interest signifies the restoration of the free personality, the redemption of man from slavery, from the curse whereby Mammonism has bound his soul. Whoever wishes to fight capitalism, must abolish enslavement to interest.

Where must the abolition of enslavement to interest begin? With loan-capital! Why? Because loan-capital, compared to all industrial big capital, is so overpowering that the great money- powers can only be fought effectively through the abolition of interest-slavery.

20:1 is the proportion of loan-capital to industrial big capital. The German people must annually raise more than 12 billion in interest for loan-capital in the form of direct and indirect taxes, rent, and the rising cost of living, while even in the boom-years of the war the sum- total of all dividends distributed by the German joint-stock companies amounted to only 1 billion.

The avalanche-like growth of loan- capital surpasses all human capacity for calculation, through eternal, endless, and effortless income from interest, and from interest on interest.

What blessing does the abolition of enslavement to interest bring for the laboring folk of Germany, for the proletarians of all countries of the Earth? The abolition of enslavement to interest gives us the possibility of pursuing the repeal of all direct and indirect taxes. Hear this, you value-producing men of all lands, all states and continents: all state revenues flowing from direct and indirect sources pour constantly into the pockets of big loan-capital.

The profits of state-owned businesses, including the postal service, telegraph, telephone, railroad, mines, forests, and so on, suffice entirely for the funding of all essential state commitments for schools, universities, courts, administrative agencies, and social welfare.

Thus no true socialism will bring any blessing to humanity as long as the profits from public enterprises remain tributary to big loan-capital.

Therefore we demand as a fundamental law of the state, first for the German peoples, then as a fundamental law for all those kindred peoples that wish to enter with us into the cultural community of a league of nations, the following:

§ 1. War-bonds, along with all other debt-instruments of the German Reich, along with all other debt-instruments of the German federal states, especially railroad-bonds, as well as debenture-bonds of all local governments, are declared, under cancellation of the obligation for interest, to be legal tender for the face-value [or rather are to be converted into bank-credit].

§ 2. With all other fixed-interest papers, covered bonds, industrial bonds, mortgages, etc., the obligation for interest is replaced by the obligation to repay the principal; thus after 20 or 25 years, depending on the interest- rate, the lent capital is repaid and the debt retired.

§ 3. All real-estate debts, mortgages, etc., are to be paid off on installments of the same amount as the payments required hitherto, in keeping with the charges recorded in the land-register. The property in houses and land freed from debt in this manner becomes partly the property of the state or of the local government. [In this way the state becomes better situated to control and to lower rents.]

§ 4. The entire monetary system should be under the state’s central bank. All private banks likewise; postal-check banks, savings banks, and credit unions, all become affiliated as branch-operations.

§ 5. All credit for real estate is awarded only through the state’s bank. Personal credit and commercial credit are mandated to private bankers under a concession from the state. This concession is granted based on consideration of need, with a ban on the establishment of branches for certain districts. The scale of charges is fixed by the state.

§ 6. Equity-securities are paid off in the same manner as fixed- interest papers at the annual rate of 5%. Excess profits are paid out in part to the stockholders as compensation for “risked” capital (in contrast to fixed-interest and coin-backed papers), while the remaining surplus, by the sovereign right of labor, is either socially distributed or applied for the reduction of the prices of products.

§ 7. For all persons who for physical reasons (advanced age, illness, physical or mental work- disability, extreme youth) are not in a position to earn their livelihood, the interest-incomes from present capital assets continue to be paid as a pension at the same, and eventually even increased levels, in return for delivery of securities.

§ 8. In the interest of a reduction of the current inflation of paper money, a universal, strongly graduated tax on war-bond certificates and other debt- instruments of the Reich and of states is enacted. These papers are to be pulped.

§ 9. Through intensive enlightenment of the people, it is to be made clear to the people that money is and should be nothing other than a voucher for completed labor; that while every highly developed economy of course has need of money as a medium of exchange, the function of money also ends with that, and in no case should money be lent a supramundane power to grow of itself by means of interest, at the expense of productive labor.

Why have we not already done all this, which is so self-evident, which must be regarded as the Egg of Columbus for the social question? Because in our Mammonistic blindness we have unlearned how to see clearly that the doctrine of the sanctity of interest is a monstrous self-deception, that the gospel of the loan-interest that alone makes one blessed has entangled our entire thinking in the golden web of international plutocracy. Because we have forgotten and are deliberately kept in confusion by the omnipotent money- powers about the fact that — except in the case of a few rich people — the interest that seems so lovely, and is so beloved of the thoughtless, is completely offset by taxes. All of our tax-legislation is and remains, so long as we do not have liberation from enslavement to interest, only a tribute-obligation to big capital, and not, as we would imagine, a voluntary sacrifice for the accomplishment of labor for the community.

Therefore liberation from enslavement to interest on money is the clear motto for the global revolution, for the liberation of productive labor from the chains of the supragovernmental money-powers.

Implementation and Rationale We stand in the midst of one of the most grievous crises that our impoverished folk has had to endure in its painful history. Seriously ill is our folk; seriously ill is the entire world. Helplessly the nations stammer; a passionate longing, a cry for redemption passes through the gloomy masses. With laughter and dancing, with cinema and pageantry, the folk seeks to forget its own lamentable destiny — to forget about its disillusioned hopes, about the deep inner pain, about the terrible disappointment over what one would so gladly call “gains of the revolution.” But how did we imagine it all differently? How did all the fine promises run differently? All that we hoped to gain in the dark of night, in the darkness of our military collapse, seemed to be glistening gold, but now, when the gray day illuminates the find, it is all rotten bits of wood. Now we stand here at a loss. For the sake of these rotten bits of wood that shone so finely in the night, we have thrown away everything that hitherto was dear and valuable to us, and have stuffed all our pockets with this lamentable trove. No wonder that the rage of despair grips precisely the poorest of the poor, and that they rage in senseless wrath against their own brothers, and in their deep longing for redemption seek to destroy all that stands in the way. This condition must lead to utter madness, if consciencelessness and stupidity goad the people further.

And whither this madness leads, we see in Bolshevik Russia. Nationalization, as socialization is called in Russia, has proven to be a failure, declares an unperturbed Lenin. The economy is destroyed, the buying-power of money down to nothing, the intelligentsia killed, the laborer without bread. Despair in the entire people; only bloody terror based on Chinese and Latvian mercenaries is able to protect the Red dictators from the vengeance of the betrayed folk. Among us too the development will follow this course, if international speculators, obsessed party-fanatics, representatives of the most grievously burdened bourgeoisie, and members of a race most deeply alien in nature to the German folk, continue to be allowed in the government.

What indeed were those pretty, pretty words that one whispered into our ear? Negotiated peace, League of Nations, parliamentarism, sovereignty of the people, democracy, dictatorship of the proletariat, socialism, destruction of capitalism, liberation from militarism, and other such pretty slogans. A new free people was supposed to arise, which should determine its own destiny.

None of any of that has come true, was able to come true, or ever could come true, if we do not with the highest moral seriousness investigate all these apparitions, all these slogans — if we do not conscientiously test the symptoms of the illness like an intelligent, concerned physician, and painstakingly diagnose the present condition of the sick person, sparing no effort to ascertain whence this serious critical illness arises.

* * * * *

The sickness of our age is called Mammonism.

What is Mammonism? Mammonism is the sinister, invisible, mysterious reign of the great international money-powers. Mammonism is however also a mindset; it is the worship of these money-powers on the part of all those who are infected with the Mammonistic poison. Mammonism is the unlimited hypertrophy of the — in itself healthy — human drive for acquisition.

Mammonism is the lust for money grown into a madness, which knows no higher goal than to pile money on top of money, which seeks with unequaled brutality to coerce all forces of the world into its service, and must lead to the economic enslavement, to the exploitation of the work-potential of all peoples of the world. Mammonism is the mindset that has led to a decline of all moral concepts. Mammonism considered as a worldwide phenomenon is to be equated with brutal, ruthless egoism in man. Mammonism is the spirit of greed, of boundless desire to rule, of the mentality entirely focused on seizing the goods and treasures of the world; it is at its core the religion of the purely worldly- oriented human type.

Mammonism is the direct opposite of socialism. Socialism, conceived as the highest moral idea, as the idea that man is not in the world only for himself alone, that every man has duties toward the community, toward all humanity, and that he is not only responsible for the momentary wellbeing of his family, of the members of his tribe, of his folk, but that he also has unshakable moral obligations toward the future of his children and his folk.

More concretely, we must see Mammonism as the conscious collusion of the power-hungry big capitalists of all peoples. Noteworthy in this has always been the hidden arrival of Mammonism.

The big tycoons lurk indeed as the ultimate driving force behind world- encompassing Anglo-American imperialism; nothing else. The great money-powers indeed financed the terrifying mass-homicides of the World War. The great money-powers have indeed, as owners of all great newspapers, woven the world into a web of lies. They have with satisfaction whipped up all lower passions, have diligently fostered the growth of present tendencies, and have through clever press-propaganda brought French revanchism to a boil. They carefully nurtured the Pan-Slavic idea, the Serbian conceit of being a great power, and the need of these states for money, to the point that the world conflagration must ignite.

Even among us in Germany the spirit of Mammonism that wanted to know only more export-figures, national wealth, expansion, big bank projects, and international finance deals, led to a rout of public morality, to the decline of our ruling circle into materialism and hedonism, to a superficiality in our national life, all factors that share blame for the terrifying collapse.

* * * * *

With astonishment we must ask ourselves whence Mammonism, whence international big capital derives its irresistible power.

It is not to be overlooked that the international collaboration of the great money-powers represents a completely new phenomenon. We have no parallel for this in history. International obligations of a monetary nature were practically unknown. Only with the rising global economy, with general global commerce, did the idea of international interest-economy establish itself, and here we touch the deepest root, here we have hit upon the innermost source of strength from which the Golden International draws its irresistible power.

Interest, the effortless and endless influx of goods based on the mere ownership of money without any addition of labor, has caused the great money-powers to grow. Loan-interest is the diabolical principle from which the Gold International was born. Loan- capital has firmly attached its blood- funnel absolutely everywhere. Like the arms of an anemone big loan capital has ensnared all states, all peoples of the world.

Government loans, government bonds, railroad bonds, war bonds, mortgages, covered-bond obligations — in short loan-instruments of every kind have in a manner ensnared our entire economic life, so that henceforth all the peoples of the world wriggle helplessly in the golden webs. For the sake of the interest-principle, in keeping with a thoroughly mad political delusion that every kind of possession carries an entitlement to earnings, we have submitted to enslavement to interest on money. Not a single real, valid moral reason can be given as to why mere possession of money should bring an entitlement to perpetual interest- payments.

This inner opposition to interest, and to income of every kind without any occurrence of productive labor, extends through the soul-life of all peoples and times. But never has this deep inner resistance to the power of money become so conscious for the nations as in our time.

Never has Mammonism been prepared in such a world-encompassing manner to begin world-domination. Never yet has it placed in its service all baseness, lust for power, lust for revenge, greed, envy, and falsehood in such a cleverly concealed and yet brutally pushy manner as now. The World War is at its inmost core one of the biggest decisions in the evolutionary process of humanity in the struggle to decide whether in the future the Mammonistic-materialistic worldview or the socialistic-aristocratic worldview should determine the fate of the world.

* * * * *

On the surface, the Mammonistic Anglo- American coalition has without a doubt been initially victorious. As a reaction against it, Bolshevism arose in the East, and if one wishes to see a great idea in Bolshevism, it is without a doubt the position diametrically opposed to the Mammonistic worldview. The methods that Bolshevism seeks to employ for this however are the botched cures of a Dr. Eisenbarth. They are the attempt to help someone sick from internal poisoning with a scalpel, by amputating his head, arm, and legs.

Against this rampage of Bolshevism, against this senseless overturning, we must present a workable new idea that with unifying force unites all laboring classes, so as to drive out the poison that has made the world sick.

I see this means in the abolition of enslavement to interest on money.

There are three factors that make interest on loan-capital conspicuous as the authentic and true cause of our financial misery.

First, the monstrous disproportion of fixed-interest loan-capital, thus of capital that grows of its own accord without application of creative labor, and indeed grows on forever. Among us in Germany this loan-capital has already reached a level that we do not consider too high at 250 billion. In contrast to this enormous sum, the industrial working capital of our entire German industry stands at only 11.8 billion. In addition there is the 3.5 billion in capital of the 16,000 industrial limited-liability companies [G.m.b.H], so that altogether we have only about 15 billion in industrial capital to tabulate. 20:1is the first fundamental finding. [* Obviously 17:1 is more accurate, but maybe Feder is allowing for the likelihood that the proportion will increase.] This appraisal means that in financial problems of the largest importance, all measures concerned with loan-capital must prove 20 times as effective as measures directed at industrial big capital.

Second: the interest-payment on the loan-capital above, estimated at 250 billion, considered in its totality for all times, amounts to about 12½ billion annually. By contrast, the sum-total of all industrial dividends distributed in the year 1916 amounted in the year 1915 to about one billion marks. In the preceding decades this number was, on the average, about 600 million. In the last two years of the war [1914-1918] it may very well have gone up considerably, but will record an all-the- greater crash for the current year [1919].

The average profitability of all German stock-corporations [A.G.] was 8.21%; thus only about 3½% higher than the average return on fixed-interest loan- values.

Thus, I recapitulate, in the future the German people will have to pay about 12.5 billion [annually] for the various eternal interest-charges of big loan- capital, while the yield from industrial capital in the greatest boom-year was 1 billion, and in times of undisturbed prosperity only 0.6 billion. Thus we see again here a proportion on the orders of magnitude of 20:1 to 12:1.

The third and most dangerous factor is the enormous growth beyond comprehension of big loan-capital through interest and through interest on interest. I must here digress a bit more and hope through a small excursion into higher mathematics to explain the problem. First some examples.

The charming story of the invention of the game of chess is well known. The rich Indian king Shihram granted to the inventor, as thanks for the invention of the royal game, the fulfillment of a wish. The wish of the wise man was that the king should give him one grain of wheat on the first square of the chess-game, two on the second, four on the third, and thus always on each square twice as many as on the one before. The king smiled at the seemingly modest wish of the wise man and ordered that a sack of wheat be brought so that for every square the grains of wheat could be apportioned. As we all know, the fulfillment of this wish was impossible even for the richest prince in the world. All the world’s harvests in a thousand years would not suffice to fill the 64 squares of the chessboard.

One more example: many will still remember from their schooldays the torture of calculating compound interest; how the penny invested at the time of the birth of Christ multiplies at compound interest so that it doubles every 15 years. In the year 15 after the birth of Christ the penny has grown into 2 pennies, in the year 30AD to 4 pennies, in the year 45AD to 8 pennies and so on. Very few will remember what value this penny would represent today: a volume of gold equivalent to the volume of the Earth, the Sun, and all the planets combined would not be adequate to represent the value of this penny invested at compound interest.

A third example: the fortune of the House of Rothschild, the oldest international plutocracy, is valued today at about 40 billion. It is well known that in Frankfurt around the year 1800, old Mayer Amschel Rothschild, without wealth of his own worth mentioning, laid the foundation for the gigantic fortune of his house through fractional- reserve lending of the millions that Count Wilhelm I of Hesse had entrusted to him for safekeeping.

Had the accretion of money through interest and interest on interest with Rothschild succeeded only at the modest rate of the penny, the curve would not have climbed so steeply as it has. But assuming that the Rothschilds’ collective wealth increased only at the rate of the penny, the Rothschilds’ fortune in the year 1935 would be 80 billion, in 1950 160 billion, in 1965 320 billion, and with that it would already exceed by far the total German national wealth.

From these three examples a mathematical law can be derived. The curve that represents the rise of the Rothschild fortune, the curve that can be derived from the number of wheat-grains for the chessboard, and the number that the multiplication of the penny produces at compound interest, are simple mathematical curves. All of these curves have the same character. After initially modest and gradual increase the curve becomes ever steeper and soon practically approaches being almost tangential to infinity.

Altogether differently, however, does the growth-curve of industrial capital proceed. Likewise sprung mostly from small beginnings, soon a strong escalation of the curves appears, until a certain saturation of capital is reached. Then the curves run flatter, and in certain industries will perhaps even decline slightly, if new inventions have led to the devaluation of existing factories, machines, and so on. I would like to select only one example here, the development of the Krupp works. In 1826 old man Krupp died almost without assets. In 1855 Alfred Krupp received his first order for 36 cannons on behalf of the Egyptian government. In 1873 Krupp already employed 12,000 workers. In 1903 Frau Berta Krupp sold the entire works and property to the Alfred Krupp joint-stock company for 160 million. Today the total value of the stock-capital amounts to 250 million. What does the name Krupp connote for us Germans? The acme of our industrial development. The world’s first maker of [steel] cannons. A vast sum of the most tenacious, purposeful, intensive productivity. For hundreds of thousands of our folk-comrades the Krupp endeavor has meant bread and work. For our nation, weapons and defense – and yet it is a dwarf compared to the Rothschild billions. What significance does the growth of the Krupp fortune during a century have compared to the growth of the Rothschild fortune through effortless and endless accretion from interest and interest on interest?

The two curves drawn in bold lines represent loan-interest and indeed the upper curve shows the development of the Rothschild fortune and the lower curve, at first flat and then rapidly rising, shows in a very general way the characteristic development of all such curves, in which a small advance on the horizontal axis can produce a doubling of the value on the vertical axis. The hatched line shows the development-curve of our total industry in the course of the last 40-50 years. The differently hatched fine lines show the development of several randomly selected big industrial enterprises from which the general character of the hatched curve of industrial capital is derived.

It must be expressly remarked that the curves of loan-capital are shown strongly compressed. Thus for example the curve of the Rothschild fortune must be set 80 times so high as the Krupp curve. The purpose of showing the curves of course is only to demonstrate the fundamentally different character of the two types of capital. The curves of loan-capital show at first a quite gradually rising development; the development then goes faster until, ever wilder and dragging everything with it, it raises itself far beyond human concepts and strives toward infinity.

The curve of industrial capital by contrast remains in the finite! However strong the divergences that a trace may show in detail, overall the fundamental character of industrial development will always be such that after strong initial development a certain period of maturity, of saturation, follows, after which sooner or later the decline ensues.

Nothing shows us more clearly the deep essential difference between loan- capital and industrial capital. Nothing can make the difference clearer for us between the devastating effects of loan- capital and the business-profits (dividends) of business-capital put up and risked in large industrial enterprises, than this comparison.

It cannot be emphasized enough that the recognition of the mathematical laws that loan-capital and industrial capital follow, alone shows us the clear path where the lever is to be applied for setting aright our wrecked finance- economy. We recognize clearly that not the capitalistic economic order, not capital in itself and as such, is the scourge of humanity. The insatiable interest-need of big loan-capital is the curse of all laboring humanity! Capital must be! Labor must be! Labor alone can do little. Capital alone can do nothing! Capital without labor can only be sterile! Therefore the most important demand, the most noble task of the revolution, the most sensible meaning of a world-revolution, is the abolition of enslavement to interest on money.

The House of Rothschild today is valued at 40 billion. The billionaires of American high finance, Misters Cahn, Loeb, Schiff, Speyer, Morgan, Vanderbilt, and Astor, are valued together at 60-70 billion at the least. At an interest-rate of only 5% this means an income for these eight families of 5-6 billion, which, according to the researches of Karl Helfferich, is roughly 75% of the annual income that all taxpayers in Prussia had in the year 1912. (There were at that time around 21,000,000 taxpayers, 75% of that would be about 15,000,000. For every taxpayer there are on the average 1.56 relatives; hence 23 million relatives.) Around 38,000,000 Germans thus have had to live on what the afore-mentioned billionaires have as a yearly income. Certainly the American billionaires are not pure loan-capitalists in the same sense as the House of Rothschild and so on. I do not care at all to argue about whether the American billionaires are really “100-million-dollar millionaires” or “1000-million-mark billionaires”; in the former case one would just have to reckon in one or two dozen additional Croesuses. Or let us simply accept Rathenau’s “300”; then our inventory will certainly be in order. Here it is not important to give an exact number, but the acknowledged ratio of 300 to 38,000,000 opens our eyes about the brutal reign of international loan-capital.

Therefore let us cast off these terrible chains that can only strangle all energetic labor; let us tear away from money the power to bear interest, and ever again to bear interest until all humanity has become entirely obligated for interest to international loan-capital.

Thus it is these three points that make clear to us for the first time where alone the lever may be effectively applied for the alleviation of our internal financial distress.

For another thing, we recognize that the assault of the entire socialist world of ideas against industrial capital has been completely off the mark, because even an intended complete regulation or socialization of all entrepreneurial profit – assuming an unweakened economy – would yield a laughably meager sum, compared to the enormous financial burdens of the budgets of our Reich and our State.

Through the abolition of enslavement to interest on money the entire financial malaise can be eliminated with one blow. At once we feel solid ground under our feet again; at once it must and will become clear to us that we have only deceived ourselves in the most grotesque manner with this wretched bond-economy.

For what else is loan-capital, but debts? Loan-capital is debts! One cannot repeat that often enough. What form of madness is it when the German people in its totality have borrowed 150 billion for its war? When it has even promised itself for this a quantity of 7½ billion in interest and now feels itself shifted into the awkward situation, inevitable from the start, of trying to collect this 7½ billion from itself in the form of entirely fanciful taxes?

* * * * *

The tragic thing about this self-deception meanwhile is less the stupidity of this whole war-bond economy, of which we have always made so much better use than the rest of the world, than the fact that only a relatively small number of big capitalists derives enormous benefit from it, while the entire laboring folk, including the medium-sized and smaller capitalists, as well as business, trade, and industry, must pay the interest. And here the political side of the whole idea comes to light. Here they can recognize that in fact big loan-capital and only this [i.e. not industrial capital] is the curse of all laboring humanity. One may twist and turn the thing as one wishes, but always the mass of all hard-working people must in the end bear the cost of interest- payments on loan-capital. The middle- sized and smaller capitalists have nothing to show for their lovely interest-payments; can have nothing to show, for the sums of interest must be entirely taxed away. Whether in the form of direct taxes or indirectly in the way of indirect taxes, stamps, tariffs, or other burdens on commerce, the hard-working folk is always the sucker and big capital the beneficiary.

It is now quite astonishing to see how the socialist idea-world of Marx and Engels, from the Communist Manifesto to the Erfurt Program (especially Kautsky), and even the current socialist leaders, spare the interests of loan- capital as if on command. The sanctity of interest is taboo; interest is the holy of holies; no one has yet dared to call it into question. While property, nobility, security of person and possessions, the laws of the Crown, privileges and religious conviction, honor of officers, fatherland, and freedom are more or less outlawed, interest is holy and unassailable. Confiscation of wealth and socialization, thus outright violations of the law that are only somewhat sugarcoated, insofar as they are committed ostensibly in the name of the totality of individuals, are the order of the day: all of that is permitted, but interest, interest is the noli me tangere, the “touchmenot.” The interest payment on the Reich’s debt is the alpha and omega of the state budget. Its gigantic weight drags the ship of state into the abyss and yet … it is all a big swindle … a monstrous self- deception, fostered only and solely for the benefit of the great money-powers.

Here I would like to touch briefly now upon the objections relating to small pensioners, to be discussed later, so that one does not get hung up thinking about them. In the consideration of the very big questions these are not considered, but it goes without saying that these compensations will be provided through the broadest expansion of social-welfare services.

Swindle, I said! Interest-swindle! A strong word. But if this word has justification, which during the war was perhaps the most used word in the field and at home, it has the most justification in regard to the interest-swindle.

But what about the war-bonds? With the first 5 billion, the Reich took out of the pockets of the people savings that actually existed. The money flowed back again. Then came the new loan to suck up the money again, and with that the last residual savings. And again came the pump and sucked up the billions, and again they ebbed back again, until merrily, after this charming game was repeated nine times, the Reich had incurred 100 billion in debt.

In exchange the people of course held in their hands 100 billion in finely printed paper – at first we imagined that we had become so much richer – but then comes the state and says, “I am facing bankruptcy.” Yes, but why? – I myself certainly cannot go bankrupt even if I occasionally take a hundred-mark note from the right upper pocket and put it into the left. Certainly it would be the biggest folly of all if we continued the folly of our war- bond economy by declaring bankruptcy. [* Feder here is regarding the German nation as a unified entity rather than a mere aggregation of individuals: the money that has been transferred from some Germans to other Germans remains within the German nation, which means that it is within the power of the German government to adjust the distribution, perhaps to the immediate disadvantage of some individuals but for the good of the nation as a whole.] Let us break the enslavement to interest on money! Let us declare the war-bond certificates to be legal tender with interest canceled, and the nightmare of state bankruptcy will melt away from us like March snow under the Sun.

People say to me, the cancellation of interest-payments is a disguised state bankruptcy. No, that is not true! – The specter of state bankruptcy is really only a fairytale and a bogeyman invented by the Mammonist forces.

The book by Franz Röhr, Was jeder vom Staatsbankerott wissen muß [What Everyone ought to Know about State Bankruptcy], is completely stuck in Mammonistic ways of thinking. Although the author in general quite clearly recognizes the economic problems that threaten us through socialization, and although he advises emphatically and correctly that in the end only a rebuilding of our economy can save us – he cannot free himself from the superstitious belief in the sanctity of interest, and therefore he depicts state bankruptcy entirely in accord with the interest of Mammonism, as a completely terrifying catastrophe.

It is interesting to observe that Röhr, in spite of better historical knowledge, cannot free himself from the Mammonistic view, and notes in his closing word: “If the ruinous economic catastrophe is not averted, no one will be spared by it,” while on page 81 he admits that the consequences of public financial mismanagement have been partially reversed very quickly, and on page 68 he says that in any case there should be no doubt that Russia (in the last century) overcame these currency- crises without lasting problems. On page 76 he says, while examining the effects of state bankruptcies, that although of course profound economic problems etc. have occurred, by and large neither the destruction of the state nor that of its economic strength resulted. On the contrary a rapid revival of the national economy and a recovery of public finances have been observed often enough. When the author then continues for three more lines saying that state- bankruptcy absolutely means economic catastrophe and causes infinite misery; I regret being unable to follow this logic.

But back to our particular case! Which would be more honest? To speak pharisaically of the unassailability of war-bonds while oppressing the people with an egregious tax-burden? Or, if a finance-minister had the courage to approach the people openly and to declare, “I cannot make the interest- payments on the war-bonds, or I can only if I collect exactly the same amount in taxes from you. “. . . . But back then during the war I absolutely needed money; nothing more clever (see England) occurred to me, and so I did the swindle with the high-interest war- bonds. You must forgive me, beloved folk; it was ultimately all for you, but if we wish to play hide-and-seek no more … I, the state, shall pay no more interest, and you, the taxpayer, need not pay taxes to cover these interest payments…. That thoroughly simplifies our transactions; we avoid the enormous tax-bureaucracy and likewise the enormous interest- paying bureaucracy, thus conserving an immense quantity of money and work- potential.” I have lingered long on exposing this swindle, but I consider it absolutely fundamental here at no point to lose sight of the big picture.

* * * * *

According to Bavarian tax-returns, the circle of people that would suffer — let us say, precisely those that according to their tax-returns received over 30,000 marks in interest-payments — are 822 people, which is only 0.4% of those obliged to pay taxes (Bayr. St-Z. 1913) in all Germany, therefore, approximately 10,000. (The upper 10,000!) Let us clarify for ourselves now as briefly as possible the most important aspects of this revolutionary demand, and indeed let us consider the questions first from our national perspective.

For this there is first need of a clear look at our current situation. Secretary of State Eugen Schiffer, in his big speech in the Berlin Chamber of Commerce, has declared it “impossible to ignore.” That is only partially correct. Possible to ignore is the enormous indebtedness of our national economy, and the unprecedented devaluation of our currency — in short, the fact that we have become an impoverished people overnight.

The burdens that are being imposed on us through the peace-treaty, however, cannot be ignored. The currently existing certificates of indebtedness, as we have seen, amount to around 250 billion. Let us assume first that the Entente imposes on us an additional 50 billion in war- reparations in some form: that makes a total of around 300 billion in debt.

However heavily it may strain the narrow confines of this treatise, nonetheless some words must be said about the magnitude of German national wealth. The investigations of Helferrich and Steinmann-Bucher assess the German national wealth at around 350 billion. One can only attribute very limited value to such findings, however carefully they may have been derived. They are valid only for times of undisturbed economic activity. But they are also quite misleading since state and municipal properties are included, thus for example also road-repairs, waterway-modifications, and so on. It is clear that although the production of such works may have cost enormous money, nonetheless they have strictly speaking no intrinsic value. A better yardstick for national wealth is so-called taxable wealth as it emerges from the tax-returns for the defense-contribution or the wartime wealth-tax. For this a sum-total of 192 billion results, thus much less by far than Helfferich’s figure. To this sum nonetheless about 10% may be added, according to experience, for the legally tax-free small fortunes, and about an equal amount for “silent reserves.” [* “Silent reserves” are the result of underestimating positive values and overestimating negative values in accounting, so as to create the appearance of the lowest possible net- worth.] In any case it seems to me overly optimistic to speak of a national wealth of more than 250 billion. But even this number has only a very limited importance. The most correct thing would be to break away entirely from the idea of a national wealth that is at all numerically graspable, and to penetrate to the recognition that national wealth finds its expression exclusively in the mental and physical work-potential of the entire nation, and thus belongs to orders of magnitude that have no relation to the narrower concept of capital.

Indeed we must still see a further source of national wealth in the presence of mineral resources, the riches of the forest, and fertile soil, but these things also cannot be grasped numerically, since their value fluctuates between zero and infinity, depending on whether the mineral resources lie unexploited, or, based on a geological report, can be reckoned for billions of tons of coal and so on.

Let us not forget that Germany really is a poor country. Of monopolies it possesses almost none. In wealth of mineral resources it stands far behind most of its neighbors, to say nothing of the unparalleled mineral resources of the Chinese, Indian, and American empires. In fertility of the soil it falls far short compared to the blessed fields of Russia’s black soil, and compared to the effortlessly productive stretches of tropical and subtropical land. Therefore in the end we have always only the potential and will of our people to work, as well as the availability of sufficient work, and we must understand clearly that in this state of affairs there can be no talk of secured debts, of collateral for our debt-instruments…

Whether interest-bearing war-bonds or non-interest-bearing Reich banknotes, behind them stands only and solely the tax-potential of the entire people – and what is tax-potential other than a function of the work-power of the total working population? * * * * * We must now clarify for ourselves yet another relevant complex of questions, and of course the chief entries of our state revenue-sources and expenditures. There is a remarkable contrast between the broad space that the concern for making money occupies in our private lives, and the attention that we give to the great questions of our state financial management, and yet between individual economy and national economy no essential difference exists whatsoever.

The chief entries for state revenue are: first, the net profits of the post-offices and railroads; second, those of the mines, forestry-administrations, and other state enterprises; third, tolls and indirect taxes; fourth, direct taxes.

So as not to foster purely theoretical discussions in such eminently practical questions, I want to elucidate the individual entries from the Bavarian state budget[1] of the year 1911 according to their order of magnitude.

Post, telegraph, and railroads[2] brought 120 million; forests, mines, etc., around 40 million; indirect taxes, 53 million; direct taxes, 60 million. An additional 67 million flowed from stamp-duties, fees, inheritance-taxes, land-taxes, revenue-transfers from the Reich, and so on.

What about expenditures? We find here in the first place the payments for interest on the state debt including the railroad-debts with 85 million. For the royal house, 5 million; administration of justice, 27 million; internal administration, 40 million; churches and schools, 51 million; financial administration, 13 million; expenditures for Reich-related purposes, 50 million; pensions, 36 million. Miscellaneous expenditures 5 million. Back then in this fortunate year of Bavarian finances the annual budget left a revenue-surplus of 27 million.

In the scope of our thought however only those expenditures concern us that can be omitted through the abolition of interest-slavery. Here the interest- payment on the state debt naturally stands in first place at 85 million marks; add to that the greatest part of our payment for financial administration at about 10 million; furthermore a large part of the payments for Reich-related purposes, of which let us add half, 25 million, and finally the 5 million in payments for the royal house are now gone: a total of 125 million.

The disappearance of these entries means the possibility of renouncing imposition of all direct and indirect taxes, which, as we saw, brought in 53 million and 60 million marks, a total of 113 million marks! We are now not at all of the opinion that one should entirely abolish direct and indirect taxes; unquestionably within reasonable limits they serve on the one hand to educate, on the other hand to regulate. It is certainly not more than right and fair that the profits from property owned free and clear remain subject to a moderate, graduated tax, since the state of course must also maintain secure ownership with its policing agencies. It seems just as advisable that trade and industry be required to make tax-contributions corresponding to their working profits, since the state also has to care for the maintenance and development of public paths of commerce for them. A corresponding minimum poll-tax for every citizen entitled to vote is likewise a requirement of fairness, since care for the security of the person and his property is also required from the state.

In the area of indirect taxes a strong expansion of all pure luxury-taxes has a regulatory effect in the best sense, while all simple foodstuffs and necessities of the people should be kept free of taxes! The result of such a tax-policy would be found less in high revenues – about which there can be no talk, since for the great mass of the population taxation should be not a real burden but only a reminder that the person is not only an individual essence but also a citizen of the state, and that in addition to civil rights he also has civil duties.

Tax-revenues should be less necessary for paying off the debts of state-owned businesses, whose net-profits, as we have seen, suffice to cover the normal expenditures of the state for schools, universities, administration of justice, internal administration, etc. Tax- revenues should be used to advance special cultural tasks of the state for which adequate resources were never available in the scope of the normal state budget. Here I am thinking primarily about orphanages, institutes for the blind and the crippled, daycare centers, care for expectant mothers, the battles against tuberculosis, alcohol, and venereal diseases, and the construction of garden- cities and settlements, especially for the accommodation and humane care of our war-disabled.

* * * * *

Our view broadens. We see virgin land. Could the abolition of interest-slavery mean the cancellation of all taxes? It would mean that, if we had come out of this gigantic struggle as a victorious people. As things are, let us not celebrate too early; the burdens imposed on us by our enemies will make sure that we do not. But in any case we see virgin land based on the indeed quite simple example of our Bavarian state budget that we just used…

In general we find quite similar relationships in the other German federal states, and it is not too much to say that from the surpluses of the state-owned businesses, the railroads, post-offices, telegraphs, forests, mines, and so on, all state expenditures for the entire administration of justice, for all internal administration, including state construction-projects, all outlays for schools and universities, just as for cultural purposes, could be covered without difficulty. Thus a perfectly ideal condition.

Why is that not the case? Interest has crept in. Because of the payment of interest the population’s foodstuffs become expensive; because of interest sugar and salt, beer and wine, matchsticks and tobacco and countless other necessities of daily need carry indirect taxes. Because of interest, direct taxes must be raised, which are divided into land-taxes that are passed on in the form of higher prices for grain, house- taxes that drive up rent, business-taxes that burden productive labor, income- taxes that unavoidably depress the living-standards of civil servants and people on fixed salaries, and finally at the very end, modest in giving but insatiable in taking, loan-capital pays taxes on capital dividends. According to the tax-returns of the year 1911, out of 253 million in capital dividends received in Bavaria, all of 8.1 million was paid in state taxes.

We have seen that all capital dividends, all interest on capital, ultimately must be raised through the labor of the entire people. We have seen that the interest- payment on public debts constitutes the largest entry in our state budget, and we have seen that those obliged to pay taxes on interest-payments make only an extremely limited contribution to state revenues.

In terms of relative magnitude, the capitalist paid 8 million out of a total of 60 million in direct taxes, which is only an eighth to a sixth of the direct state taxes paid in Bavaria in 1911. Direct taxes however are only about a fifth of the total state revenue. Therefore loan- capital contributes only about a thirtieth to a forty-eighth share of the state’s total needs.

It should not be denied that tax- legislation during the war, especially in the last years, resorted to a stronger tax on capital dividends, but stronger indirect taxation has more or less kept pace with it, so that the relative size has hardly changed.

The picture becomes dire when we consider the budget of the Reich. Here the proportions in themselves are already much less favorable. The Reich does not have the same tax-sources as the individual federal states. Direct taxes are reserved to the federal states; the enterprises of the Reich are limited to the Reich’s post-office and railroad (note that this does not include the Prussian state railroads), and consequently only tolls and indirect taxes remain.

The orders of magnitude of the Reich’s revenue-sources (see Statistisches Jahrbuch für das Deutsche Reich for the years 1917 and 1918) were, in the year 1915, 1 billion in indirect taxes, 0.8 billion in special revenues (war- contribution, matricular fees), and so on. Here too the same picture again. More than a third, 1.3 billion to be specific, was devoured already in the year 1915 by payment of interest on the Reich’s debt. Here too loan-capital pushed its way in again. Here too it requires all direct taxes to satisfy it. Sugar pays 163 million, salt 61 million, beer 128 million, tobacco, schnapps, sparkling wine, lamp-fuel, matches, playing cards, and countless other items had to be taxed in order to scrape together a billion marks that then flows completely into the pockets of the capitalists.

Today, how to pay the interest on the Reich’s debt is a riddle. Interest- payments alone devour 8 billion [annually], based on 100 billion in war- bonds plus other war-credits. Revenues from the post-office and railroad can hardly be further increased. A further increase in tolls will hardly be tolerated; therefore probably only a five- or ten- fold increase in indirect taxes is left — an impossibility! — or the clear insight that only and solely the abolition of enslavement to interest on money can bring us salvation. An enormous self- deception is what the entire war-bond economy was. The German nation borrowed a hundred billion from itself for its war. For that it promised 5 billion in interest to itself; it must therefore pay 5 billion in taxes. All benefit goes to the big capitalist, who draws so much in capital dividends that he cannot possibly use it up, and yet only a quite modest percentage is taken away through the tax on capital dividends, as we have seen.

* * * * *

I hope now through the main thrusts of my presentation already to have dispelled the humanly comprehensible terror that many readers may have of eventually losing the interest-income from their pretty certificates. Let it just be demonstrated very briefly with one example that the whole interest-economy is a big self-deception, and along with that I want to look at an upper level of solid middle-class income.

Assume that the head of a household has an income from labor of 10,000 marks, and on top of that another 5000 marks from capital dividends. In the first place about 1500 marks of this will be paid in direct taxes; then at least 1000-1200 marks in the form of high rents will be stripped away for eternal interest. Another 1000 marks are likely to be drained off in the form of indirect taxes for a family of five or six, and already now one realizes that not much is left of the lovely capital dividends that the small and middle-sized capitalists enjoyed under the happy tax-rates of earlier years. Indeed, already today there can be no more talk of “surplus”; on the contrary, if one examines for oneself today the current fantastic tax- proposals, considerably more income from labor will probably be taxed away.

Naturally the situation seems to be quite different for the big capitalist, who, let us say for example, collects only 1 million in capital dividends. (Such people are fairly numerous in Germany today.) Of the tax on capital dividends this fortunate man pays at the most 50-60 thousand marks. Of indirect taxes he also pays no more than the family-father of the previous example. On his budget after all he can still live quite comfortably indeed with 40-50 thousand marks, even in the current expensive era. If roughly a nice 900,000 marks cash remain to him, for that with 5% interest on loans he will get another 45,000 marks in the next year and that, by law, at the expense of the working population.

The small pensioner who only lives on his interest undoubtedly would be harmed. If he is able to work, then he must of course resolve to earn an income from labor. With that he then situates himself very much better than the millions of his folk-comrades who have nothing other than their physical or mental work-potential. If he does not want that, then he must eat into his wealth. Ultimately he has 20 years to nibble at it again and again, if he continues to consume the annual sum that he has been receiving at 5% interest. For persons that are not in a position to work, or are weakened by illness or age, obviously an appropriate livelihood must be arranged through the development of social welfare for all segments of the population.

I visualize social welfare as follows: Let us assume that an older lady, a widow, who hitherto had to live on the interest from a capital investment of 60,000 marks, is, through the legally proclaimed abolition of interest-slavery, deprived of her source of income. Here, through the broadest expansion of the pension-system, opportunity would be given the afore-mentioned person to draw a pension corresponding to her capital, wherewith the annual pension could even be increased relative to the previous interest-yield, so as also to give a certain compensation for the diminished value of money even to this circle of people. Thus, for example, in exchange for the surrendered 60,000 marks in debt-instruments of the Reich, of the states, or in covered bonds, an annual lifelong pension of 4000 marks could be given. If the widow has children and she wants to will a portion of the wealth to them, then it can be allowed to her that only 40,000 marks be transformed into a pension, while the remaining 20,000 would be kept for the children. Out of the 40,000 marks, depending on the age of the pension- applicant, up to 1/12 of the received capital could be given annually.

Furthermore, let it also be noted here that, with the discontinuation of oppressive taxes as a result of the abolition of interest-slavery, the widow’s cost of living will be quite considerably decreased.

It would greatly exceed the scope of this essay to examine in detail the personal interests of each stratum of the population. Such a revolutionary demand cannot be about personal interests; nevertheless as the idea takes effect one will find that the healthful consequences personally benefit every individual in the end.

Precisely by the problem already isolated above, of how to achieve release from interest on war-bonds, I have tried to make it clear already that small capitalists — by which I mean all the hundreds of thousands that have been induced through a hyper-American advertising-campaign to devote their savings for subscription to war-bonds — not only receive no benefit from interest, since of course they must pay for it themselves with taxes, but, with tax- legislation tailored for the protection of big capital, must support interest- payments for million-mark subscriptions.

It seems to me that, apart from these immediate considerations, an appeal to all for the sake of their children’s wellbeing must in itself persuade the anxious bondholder to accept as completely natural the renunciation of eternal interest from the Reich’s debts. In this case, what does the patriot, who has given 10,000 marks to his fatherland in direst need, really lose, other than a usurious claim to draw 50,000 marks in interest within a hundred years, without even diminishing the principal? Eternally his children and grandchildren must work, just to pay all the interest.

* * * * *

The question of repayment of the lent sums can be solved in various ways. In my briefly stated main ideas about the problem at hand, which I submitted to the government of the People’s State of Bavaria [under Kurt Eisner] on 20 November of last year [1918], I proposed simply to have repayment take the place of interest-payment at the rate of 5% annually for 20 years. I believe that in what follows I can even make a much better suggestion, which because of its simplicity certainly deserves preference: “The war-bond certificates upon cancellation of interest will be declared to be currency.” That is the Egg of Columbus. The advantage of this measure is in the first place that nobody really feels anything from it. The war- bond certificates continue to lie at rest in the depots; but no young people get them, any more than a book, or a cabinet, or some otherwise useful object that somebody would lend to his friend.

If one needs money, then one simply whips out a war-bond note and pays with that. War-bond notes have, after all, just as much beauty and paper-value as our other 10, 20, 100, and 1000-mark notes. There can certainly be no talk of the market’s being flooded with currency in such a bump-free transition from the interest-economy into the interest-free national economy. All the war-bond certificates are indeed already well protected and stored in bank-vaults, or other places of concealment considered secure by the people, such as a woolen stocking or a manure-heap. Indeed it cannot be denied that our issued paper currency, as much as about 40 billion, is also not in circulation but for the most part is hoarded in the manner described above. Our need for currency in the times of economic boom before the war was also only about 4-6 billion, and it is inconceivable that we would need more than twice that much today in the ever more customary cashless economy.

[In a later section Feder states that he has decided that simply letting war-bond certificates be used as currency is not the best idea. He proposes that they should be converted into bank-credit instead.]

* * * * *

The cancellation of interest is to be done in precisely the same manner for all fixed-interest assets. For these assets, just as for dividend-yielding assets, the originally proposed “repayment” in 20 or 25-year annual pensions is recommended, especially for mortgages.

The abolition of interest-slavery for mortgages means without a doubt the solution of the housing problem, the liberation from exorbitant rents. It is not at all evident why the holder of a mortgage should have the eternal benefit of interest from a sum lent once, why an effortless and endless influx of goods should be granted to him, why the great mass of a people, only for this unhealthy principle of interest, should pay high rents year in, year out. Let it be interjected very briefly that self- evidently there can be no talk of a complete cancellation of rent, since of course the management and upkeep of houses demands constant labor and money. A lowering of rents thus can only occur so far as it results of its own accord through the accomplished repayment of mortgages.

Only one thing should be sharply emphasized, that the abolition of enslavement to interest has not the slightest thing to do with our total value- producing labor, insofar as no hindrance is posed in any way to the entrepreneurial spirit, to productive labor, to the manufacture of goods, to the acquisition of wealth. On the contrary, as we have seen, the entire working folk is liberated from a stifling, unreasonable, heavy burden; our soul- life is purged of an intoxicating poison.

* * * * *

We can tell how correctly the fruitfulness of the interest-problem has been recognized in the course of history, by the fact that minds in all ages and all peoples have been occupied with it…

In various passages of the Old Testament, such as Leviticus 25 and Deuteronomy 15, we find regulations about the cessation of interest in the form that the seventh year should always be an acceptilation or jubilee, in which all debts of folk-comrades should be abated.

Solon in the year 594B.C. abolished personal debt-slavery through legislation. This law was called the great Seisachtheia (shaking off of burdens).

In ancient Rome the Lex Gemicia of the year 332 B.C. abruptly forbade Roman citizens entirely from charging any interest.

Under Justinian a prohibition on compound interest was enacted, with the regulation that no more interest whatsoever should be demanded when overdue interest has accumulated to the level of the sum originally lent.

Pope Leo I (the Great) decreed in the year 443 a general prohibition on taking interest; until then only clerics had been prohibited from demanding interest on a loan. The ban on interest was now part of Canon Law and also a binding regulation for the laity. Secular legislation also gradually fell in line with canonic views, and even threatened punishment for charging interest. We find this in the police ordinances of the Holy Roman Empire for the years 1500, 1530, and 1577.

Of course such laws were now much opposed and frequently circumvented, and in this quite short historical retrospective it may only be mentioned as an astonishing historical fact that although under the canon law of the 11th to 17th centuries the charging of interest was forbidden to Christians, it was permitted to Jews.

It would be extraordinarily charming to investigate in each instance what economic tumors led to these powerful shedding of burdens. It would be especially valuable to see which powers and forces have violated the prohibitions on interest again and again.

In the Middle Ages certainly short work was often made of usurers; the farmers or citizens having been bled dry got together and beat the profiteers to death. Today we have entered into a completely different phase of the interest-problem. Such pogroms are most deeply disapproved.

Also it is no longer a matter of individual locally confined symptoms of illness that could be combated by excising the pus-pocket; what is happening is a serious sickening of all humanity.

* * * * *

It should be most emphatically stressed that precisely our contemporary culture, precisely the internationality of economic relations, make the interest- principle so murderous. The foregoing historical retrospective should also not be regarded as providing an analogy for the circumstances of today. When the Babylonians overcame the Assyrians, the Romans the Carthaginians, the Germans the Romans, then there was no continuation of enslavement to interest; there were no international world- powers. The wars were also not financed through borrowing but with treasures accumulated during peace.

David Hume gives a very nice overview of this in his Essay on Public Credit. Only the modern age with its continuity of ownership and its international law allows loan-capital to escalate into infinity. The penny that was invested at interest at the time of the birth of Christ exists no more, because since then all rights of ownership have had to give way to violence several times; by contrast the penny that old Rothschild invested at interest still exists, and will exist, if there is international law, for all eternity.

In addition it ought to be considered that broad stretches of the Earth have only in the modern age gone over from natural economy to money-economy. It is quite especially important in this connection that only in the middle of the 19th century were all restrictions on charging interest, and likewise all prohibitions on interest, abolished: thus England in the year 1854, Denmark 1856, Belgium 1865, Austria 1868.

Thus today’s concept of interest as inseparable from the possession of money is not much older than half a century. But precisely this interest- concept has for the first time caused money to turn into the demonic power of such universal coercion that we have come to know.

The incipient and then ever-increasing indebtedness of states to capitalists likewise dates only to the middle of the 19th century. Only since that time do we see the state degraded from being the trustee of the folk-community into being the trustee of capitalistic interests. This development has reached its highpoint in war-bonds, which we encounter in all lands, which exclusively, as we have recognized, serve only Mammonistic interests, which should be crowned with the gigantic credit-edifice of a world- loan.

* * * * *

These brief retrospectives should make it easier for us finally to break away from the supposition that unto loan- capital must be lent the supramundane power to grow eternally and interminably from itself. Gifted with a terrifying potential for sucking dry. We must break away from the notion that loan-capital, unaffected by worldly deeds and misdeeds, should be able to sit enthroned above the clouds, unaffected by transitoriness, unaffected by the forces of destruction, unaffected by the shots of our giant guns. For, should even houses and huts, railroads and bridges shattered by shells sink into dust and ash, the mortgages will still exist; the railroad bonds and public certificates of indebtedness are not thereby erased. Should villages and cities, entire provinces fall victim to the insane destruction of war, what is the result? New certificates of indebtedness are what it means. With eyes flashing greed the Gold International enthroned above the clouds watches the mad rush of humanity. And not long distant is the time when all humanity finally shall serve only as interest-slaves to Mammonism.

The idea is international; it must liberate the entire world. Hail to the nation that first dares the bold step. Soon others will follow.

The question often directed to me, whether the idea is nationally realizable at all, I answer with yes. We are internally indebted.

Against foreign interest-claims we are naturally powerless for now; these must simply be paid. Excessive capital- outflow must be blocked to the extent possible, but, as little as the lawgiver refrains from working out laws against murder, manslaughter, fraud, etc., because there would still always be scoundrels, just as little should a people in its totality restrain itself from taking a step recognized as necessary for the healing of its public finances, just because of the fact that not exactly the best elements of the folk are trying to carry their loot into safety outside the country. If we assume that hundreds of millions, even billions in war-bond certificates would be spent abroad; even this could still not be a significant impetus for failing to abolish interest- slavery; for proportionally, of the more than 250 billion marks in fixed-interest domestic investment-assets, by far the majority must still be in the country.

Let us again summarize briefly. – The abolition of enslavement to interest is the radical means for the final and permanent healing of our public finances. – The abolition of the interest- community means the possibility of renouncing oppressive direct and indirect taxes, because the state-owned businesses, especially after the socialization of further suitable sectors (inland navigation, electricity, air- traffic, etc.), will give sufficient surpluses to the public coffers to support all social and cultural tasks of the state.

Aside from this financial consideration, the abolition of the interest-community will grant to productive labor in all fields of endeavor the priority that it deserves. Money is returned once again to the role appropriate to it, to be a servant in the powerful drive of our national economy. It will become again what it is, a voucher for completed labor, and therewith the path is cleared for a higher goal, for abstention from the raging money-lust of our age.

The idea points toward the establishment of a united front of the entire working population: from the unpropertied laborer who, as we have seen, is very heavily burdened with indirect taxes for the satisfaction of loan-capital, through the entire bourgeois class of civil servants and employees, of the farming and small-trades middle class, which get to feel the pitiless tyranny of money in the form of wretched housing, farmland- rental, bank-interest, and so on, all the way up to the leading heads, inventors, and directors of our big industry, who are one and all more or less stuck together in the claws of big loan-capital, for whom the first task of life is always to work for the sake of pensions, dividends, and interest for the money- powers playing behind the scenes. No less do all circles of the intelligentsia – artists, writers, actors, scholars, as well as other independent professionals – also belong to this group.

Although big loan-capital, as a group of natural persons or as the personification of the interest-principle, seeks consciously or instinctively to conceal the fact of its boundless lust for control, and although our entire legal tradition based upon Roman law, thus upon law serving for the protection of a plutocracy, has ever so strongly emphasized the protection of property and therewith permeated our people’s sense of justice, the abolition of enslavement to interest on money must come, as the only way out of the threatening economic enslavement of the entire world by the Gold International, as one of the ways to drive out the poison of Mammonism with its corruption and contamination of the mentality of our age.

The Conversion of War-Bonds into Bank-Credit The demand in § 1, for the conversion of war-bond certificates etc. into legal tender, has on numerous occasions been met with the objection that it would mean excessively flooding the market with currency. This objection is in itself quite erroneous. Inflation occurs through the mere existence of war-bond.

It is however true that, in spite of its wrongheadedness, the concern about the physical presence of these papers declared to be currency is not going away, and therefore despite being unrealistic this concern might generate unfortunate side-effects, as if in fact a new inflation had taken place. Therefore, amending § 1, we demand, after legislative cancellation of the obligation to pay interest, conversion of war-bond certificates, along with other public debenture-bonds, [not into currency but] into bank-credit.

This formulation has the great advantage that the physical existence of war-bonds as paper would cease; the war-bond certificates would be delivered to the Reichsbank by banks, bankers, thrift- institutions, etc., and would be destroyed after a credit-note for the face-value is issued. Therewith nearly every person in Germany would receive a bank-credit, an open bank-account that he could use.

Such a procedure would also have the great advantage that the retention of larger investments in private possession would not be possible, since after the expiration of a specified deadline the undelivered certificates would be declared void.

Furthermore it would at least be possible to control how much war-bond is spent outside the country [thus affecting Germany’s trade-balance]. The last point however must not in any way block fulfillment of the abolition of enslavement to interest. Since we really feel too weak compared to foreign countries, we must satisfy (only) the interest-demands that confront us from abroad. Personally I am entirely of the opinion that we should also uphold the cancellation of interest even for foreign bondholders. We need not fear that foreign interest-claims would be enforced by force of arms, since there has been so much progress in returning [from war-madness] to something resembling self-awareness, and never yet in history has a warlike action been undertaken against a great state because of financial measures affecting private persons. It also ought not to be imagined that even the French people would issue an ultimatum to Germany because of the interest-claims of Messrs. Mayer, Schulze, and Cohn from Germany, based on their German war-bonds carried across the border.

Beyond this it would be possible, so as to avoid even the appearance to the rest of the world of a state bankruptcy, to conduct a lottery of the war-bond, which then of course could easily be rigged based on statistics obtained through the required delivery of certificates, so that at first just the numbers presumably belonging to people abroad would be drawn and paid off in Reich banknotes.

Yet a third thing would be the welcome ascertainment of the distribution of war- bonds, and the accompanying opportunity that still exists for an extraordinarily simple collection of the wealth-tax, while the bursaries of course would need only to instruct the Reichsbank offices to charge the account of Mr. N.N. with so and so many marks in tax. In this manner tax-payments would be more painless by far — although of course the taxpayers’ right of appeal would continue to exist in its full extent.

With such a transformation (conversion) of war-bonds into bank-credits a certain social leveling could also be accomplished, insofar as smaller investments in war-bonds, thus all small subscriptions of all of those for whom the subscription of war-bonds really is to be accounted a patriotic deed; let us say up to 5 or 10 thousand marks, would be made good at par, while all larger subscriptions could be credited at a rate to be established. The credits for all other government paper would be handled precisely the same.

Special Comments on the Demand for Law in the Manifesto On § 1 It is completely indispensable that all state and municipal debt-subscriptions be treated in the same way, since only such a unitary large-scale regulation of our entire monetary system, hand in hand with the abolition of interest-slavery, can be implemented.

On § 2 It is already clear that the abolition of interest-slavery must be applied simultaneously to all the other fixed-interest papers, so as not to cause an absurd boom in these papers, which obviously would occur if the public papers alone were declared interest-free. The reduction of the debt as such would be accomplished through annual repayment, whereby a constant and consistent un-debting of all debt- laden objects would be accomplished.

On § 3 This paragraph is very closely related to the preceding ones, as well as with the demand for nationalization of mortgage- lending in § 5. The farmer or homeowner burdened with mortgages continues, after as before, to pay the amount that he had to pay to his creditors, but no longer as eternal interest, rather as repayment. Thus after 20, 25, or 30 years, depending on the preexisting interest- rate, ownership of land and home will be freed from debt. (The mortgage-bank for its part can naturally likewise only during this time continue correspondingly to pay interest on covered bonds to covered-bond- holders.) Hand in hand with this liberation from debt arises the community’s right of ownership in the real-estate freed from mortgages.

A universal registry of dwellings, or rather a real-estate cadaster, would have to come first; because debt-free real- estate ownership naturally also has the right to repayment of invested capital, and also a permanent claim on a portion of the rent, to pay all the charges, expenses, and so on that come with real- estate-ownership, as well as appropriate compensation for work that the owner himself does. [* The connection between the registry of dwellings and the rights of debt-free owners is puzzling, unless the idea is to manage the growth of rental property so as to keep it reasonably profitable.] Let us consider this in broad outlines with the example of an urban apartment- house. The house has a value of 100,000 marks. Against that is recorded a mortgage-bank’s investment of 50,000 marks at 4% in position 1, a noncorporate investment of 20,000 marks at 5% in position 2, and 30,000 marks is the amount put up by the house- owner himself. The revenues from rent are 7000 marks. From this must be paid 2000 marks for the first mortgage, 1000 marks for the second mortgage, and 1000 marks for expenses, outlays, and so on: in all 4000 marks. Thus 3000 marks remain to the house-proprietor as an interest-payment [so to speak] for his own invested capital of 30,000 marks.

Following implementation of the legal abolition of interest on money the situation after ten years is as follows: 1s t mortgage 30,000 marks, 2nd mortgage 10,000 marks. The house-owner has completely recovered his capital- investment, but on the other hand there is a new, public right of ownership in the amount of 50,000 marks. With that the right of the state to have a say about further income from rent and to determine the amount of rent begins. [* Feder does not state how he derives the figure of 50,000 marks: it is half the value of the apartment-house, but also equal to the amount of the corporate mortgage. Probably the most important fact is that it is not more than the amount owed in mortgages, and therefore causes no pain to the house-owner. Presumably, given the emphasis that Feder puts on painless transition, if the amount owed on the house were less than half the value, the state according Feder’s plan would still not claim a share of ownership greater than what is owed on mortgages.] It would be unjust now, in regard to repayment, to put the house-proprietor on the same level as mortgages. For his capital is not pure loan-capital in the narrower sense that should be affected by the abolition of interest-slavery; here we are talking about “risk” capital, specifically about money converted into a valuable good, specifically a house. It is therefore up to the owner of the house whether to grant a longer duration of payments, or a corresponding percentage permanently included in the operating expenses of the house.

It cannot be the purpose here to make any binding proposals; here only suggestions are being made as to how a frictionless transition of the interest- economy into the interest-free economy could occur even in the area of real- estate.

So as to complete the example, let the status after 25 years be presumed as follows: by that time all mortgages are paid off; only the permanent expenses are the same or, because of the greater age of the house, increased from 1000 marks to perhaps 1500 marks. Let the return afforded to the house-proprietor from this sum also be about 1000 to 1500 marks; thus accordingly it appears that around 3000 marks of the rent- revenues go to cover non-negotiable charges, while the remaining 4000 of the original 7000 in rent-revenues would be freely disposable. The state thus has the possibility of lowering the rents by more than half; it will do this e.g. in workers’ dwellings, or the state may cut rents by only 20, 30, or 40%, and thus gain from the difference an enormous source of revenue for other public necessities, above all naturally for publicly conducted home-construction. For mansions the rents are not lowered, or not lowered much, whence very great additional means become available also for the better construction of homes, or for special social purposes. This future state of affairs however reveals – and I hold this for a very fruitful prospect – the inner justification for the community (state) even now to take part in determining the amount of rent in the manner that I sketched above, with a lowering of rent for workers’ dwellings.

In the growing right of the state to participate in real-estate-ownership also lies the foundation for a sound bank of issue, and issue of credit to mortgage- creditors.

On § 4 and 5 These paragraphs demand the socialization of the entire monetary system. Money is only and exclusively a voucher for completed labor issued by a community that has its own state. To issue money-tokens is one of the sovereign fundamental rights of the state. The counterfeiting of the state’s money- tokens is subject to the most severe punishments; thus it is a quite forceful social demand that the monetary system be placed under the control of the collectivity. The work-power of the collectivity is the sole substrate of money-tokens, and only the failure to appreciate this fundamental fact has led in general to the deterioration of our public finances and to complete anarchy of the monetary system in general.

With the surrender of personal and commercial credit by private bankers, proposed in § 5, a deeper incision is made into the total credit-system. For the state credit-system, as well as for municipal and even real-estate credit, one must cleave to the abolition of interest-slavery with utmost rigor and energy, because it is the indispensable prerequisite for the social state in general.

The situation is different with personal credit. We also demand, in and for itself, the interestlessness of personal credit; yet this demand does not carry the same enormous and principal importance. We remember the 250 billion in fixed- interest loan-capital compared to the only 12 billion in dividend-paying stocks.

All such credits, stocks, participation- certificates, mining shares, equity- holdings, and so on, are risk capital. The yield of this capital depends on the industry and efficiency of those persons to whom the money was entrusted. Here the element of risk and danger of loss thus comes into play, along with the question of personal trust. For that, a certain compensation of a special kind still appears indispensable. The owner of stocks and so on is in no way compensated or benefited if the enterprise to which he entrusted his money earns nothing. He loses his money entirely if the enterprise collapses.

It is otherwise with, for example, the owner of debenture-bonds of the Reicheisenbahn. The Reich’s railroads [in Elsaß-Lothringen] are completely lost with the loss of Elsaß-Lothringen. Nonetheless the holder of railroad- bonds continues to receive his interest- payments. From whom? From the taxes of the collectivity. The railroads may work with a deficit balance of any magnitude as in Prussia and Bavaria in the last year; yet the bondholders receive their interest-payments just the same. From whom? From tribute paid out of the work-potential and consumption of the working population.

One would just like to make this fundamental distinction perfectly clear, in order finally to recognize where it is that the vampire sucks from the work- potential of the people.

Thus personal credit should remain, or rather be allocated again, to personal dealing through the private bank. The personal efficiency of the credit-seeker, with which the banker is personally familiar, should again become the determining factor for personal credit. The fees set by the state will regulate themselves by themselves, in accord with the fluidity of money that will in any case commence with the abolition of interest-slavery.

On § 6 The main point of § 5 is also valid for dividend-assets in particular. In the interest of the social state-community it must be demanded that a repayment of the capital once lent be attempted also for the great industrial enterprises – in order to bring about here too a reduction of the indebtedness of the individual industrial works toward those that are only investors.

For in fact what we were able to observe in the relationship of loan- capital toward all peoples repeats itself here on a smaller scale. Here too the capitalist exploits the worker, the foreman, the engineer, the entrepreneur, all equally, because the compulsion to have to earn dividends takes priority. [* This is a problem of joint-stock companies. Companies owned free and clear by families, as is common in Germany, do not have this characteristic.] If however we attain the liberation of industries and businesses from the eternal interest-sucker, then the way is clear for the lowering of prices of products, and for the delivery and distribution of surplus value, partly to the community, partly to the laborers, middle management, and boards of directors of the particular enterprises, thus to those that really alone create manufacturing and values.

On § 7 In this paragraph naturally the entire field of insurance also comes into play, which can be constructed on an analogous interest-free basis. The premiums paid cannot grow through addition of interest; rather the insurance- companies will become thrift- institutions; in other words the risk and advantage of insurance are retained. For this the political community has to be responsible.

On § 8 With regard to the devaluation of our money, which has resulted only through the enormous mass of our innumerable certificates of indebtedness, we demand a strongly graduated wealth-tax. We lay the emphasis in this on “strongly graduated.” A [flat] wealth-tax [for the purpose of] reduction of the number of notes and so forth would be nothing but a self- deception whereby one throws sand into the eyes of the people. For if I also confiscate half of all of the wealth everywhere and receive payment in bonds and pulp these, all that is really accomplished thereby is a diminution of the amount of paper, while in return a conversion-factor will increase the fictive value of the totality of circulating paper to the same level as before. Real value belongs always only to goods for consumption and goods for use, never to the paper vouchers for completed labor.

Another question is whether the foreign exchange-rate of our mark-currency can be improved. But even this improvement of the exchange-rate is again in the final analysis only dependent on work- potential and production, in other words the possibility for production of our total national economy.

The Objections and their Refutation Never yet has an idea been able to establish itself without opposition, least of all an idea that makes such a radical departure from the long-established assumptions about the sanctity and inviolability of interest. With the objections already raised and those expected there is always a two-fold observation to be made: it must be asked, first, what part of the objections being made is based on deliberate distortion of the idea of abolition of interest-slavery, and second, what ought to be said in response to all sincere and fact-based misgivings? The most frequent objection is the assertion: without the charging of interest nobody will lend money.

We do not in fact want anyone to lend his money anymore. Credit was the trick, was the trap, into which our economy entered, and in which it is now helplessly ensnared.

If the folk really urgently needs greater capital, then it gets the needed moneys interest-free at the central state treasury, with only repayment required. Eventually it will issue new banknotes. Why should it issue interest-bearing certificates?! Whether the paper bears interest or not makes no difference! Its only and sole backing is the work- potential and tax-potential of the folk. Why burden every public expenditure from the beginning with the leaden weight of eternal interest? Yes, but how should the state fulfill its cultural labors for the community? It still needs money and can be fair in this task only by way of loans that charge interest.

This assertion is based on an entirely Mammonistic way of thinking. It would have to be deliberately calculated for misdirection after thorough reading of this Manifesto; for in the first place we have proven that after the abolition of interest-slavery all cultural and social tasks of the state can be covered out of state-owned businesses, out of the revenues of the postal service, railroad, mines, forests, and so on, without anything further. In the second place the sovereign people’s state [Volksstaat] has the power, at any time, to take care of special cultural tasks through the issue of interest-free value-tokens in lieu of the interest-bearing certificates declared to be the rule in the Mammonistic state.

It is thoroughly impossible to see why the state should make special cultural tasks, e.g. railroad, canal, and hydroelectric construction, more costly for itself with an eternal promise of interest that is completely unnecessary. If it cannot pay the costs of construction from the revenues of its current state- owned businesses, then there is no reason to see why the state should not create the money; the sovereign people must indeed pay for it, while it recognizes precisely this money as a means of payment. Why however should the folk, with its entire work- and tax- potential, stand behind another slip of paper (the interest-bearing loan), which imposes on the folk in its totality only an eternal interest-obligation for the benefit of the capitalist!? Therefore away with this obsession of the Mammonistic state! The capitalists then will just take up the issued paper notes and accumulate paper money.

This is refuted in two ways. First, the demand that mere possession of money should be rendered unprofitable would then of course be already fulfilled, and the abolition of interest-slavery voluntarily undertaken by the capitalists themselves, since the capitalist renounces interest of his own accord if he piles up his paper notes at home. Second, the capitalist’s fear for his money makes it unlikely; one need only imagine the sleepless nights of the currency-hoarder who keeps great sums of money piled up at home and must constantly see his possession threatened by thieves, robbers, burglars, house- searches, fire, and flood. I am convinced that the upright citizen would become tired of these worries in a short time, and would soon find his way to the state bank. The state bank issues a receipt and is now legally responsible for the account, but not for any interest- payments. Otherwise of course a third possibility still remains open to everyone, specifically to work with his money, to create values and to manufacture goods, to participate in industrial undertakings, to render his life ever richer and finer, to support art and scholarship, in short to make beneficial use of his money while rejecting the Cult of Mammon.

It can however still happen that private need of capital for some goals urgently presents itself, e.g. for testing of inventions, founding of businesses by young, competent craftsmen or businessmen, etc.

To begin with, this has nothing whatsoever to do with the abolition of interest-slavery! For, in the first place, one must logically assume that the capitalist, who after the abolition of interest-slavery of course has no more opportunity to invest his moneys in a bombproof manner and to expect idle consumption of interest, will rather, as in an earlier age, be inclined to risk his money for such purposes, so that a lack or need in this direction will therefore occur much less than hitherto. Or has one not heard on the contrary again and again from the efficient businesspeople, from the cleverest inventors, precisely the complaint of how difficult it is to get money in the Mammonistic state for such purposes unless a “dividend” could be guaranteed? In the second place, it must be the task of the coming state to foster every competent force through generous support. There were indeed even before now already beginnings toward this in the old bureaucratic state, but so small- hearted that, instead of a stimulus, an inhibition and reluctance resulted, because of the harassing regulations that accompanied the granting of public support. In the third place let it be noted that with the allocation of several million marks, enormously much could be achieved. The joy of labor, the industriousness and tenacity of the German inventor, engineer, craftsman, etc. is so great that, through the state’s right of participation in the results of fortunate inventions, the expenditures most likely would be richly rewarded (England as an example).

The abolition of interest-slavery leads necessarily to the exhaustion of wealth.

Oho! Who claims that? But of course! Whoever has adapted his life to the consumption of his interest-payments on capital and cannot resolve to work, with him it is certainly true: consuming 5% annually he will have completely exhausted his wealth in 20 years. Of course, but that is indeed completely in order! What we want is precisely the abolition of interest-slavery; we want living on a pension to cease being the citizen’s highest ideal. We want to end this Mammonistic decadence; indeed we want no longer to tolerate that one, that many, can live in comfort permanently only from interest-payments on loans — in other words at the expense of others! I repeat: it is also not true at all that the abolition of the lordship of interest would lead to the elimination and exhaustion of wealth. On the contrary, the abolition of interest-slavery would promote the creation of wealth based on labor that manufactures goods and produces value, unburdened and liberated from eternal interest-outlays. The abolition of interest-slavery leads, as we have seen, to a comprehensive lowering of costs in all of life; it unburdens us from the excessive weight of taxation so that for every working man the possibility of accumulating savings must be greater in the future than hitherto. One more thing! The goods- and values-producing national-economic labor of industry, commerce, and trade is in no way hindered, but fostered to the utmost through the abolition of interest- slavery.

What does the worker get if capitalists receive no more interest-payments? This question really ought not to be coming up anymore! In the first place, of course it was the constant battlecry of labor that the capitalists would exploit the workers; in the second place we have indeed clearly and plainly seen that it is the laborer more than anyone else that is required to pay the interest on loans. [In other words, what the worker gets is lower taxes and a lower cost of living.] The bonds of family are weakened and damaged if one can leave no wealth behind for the children.

Yes what is the reality here? Quite generally I think that money has little or nothing to do with the sense of family. Or has one heard that the children of wealthier parents cleave to their parents more than those of poor parents? Or do rich parents love their children more than the less propertied? What is likely to be more important for the children, that their parents arrange for them the best possible upbringing and have them learn some discipline, raising them into industrious and healthy and courageous people, or that they leave behind for them the biggest possible moneybag? In particular cases a justified striving to secure the children’s financial future undoubtedly will have to be acknowledged. This striving, and thus the thriftiness of the parents for their children, will be in no way adversely affected by the abolition of interest- slavery; on the contrary. The possibility of saving will become greater, when our national economy will be liberated from the all-encompassing pressure of interest-slavery.

We have seen from the example of the man with earnings of 10,000 marks and pension-income of 5000 marks that all medium-sized and smaller fortunes are in fact robbed of any beneficial effect by the circuitous route of the direct and indirect taxes of housing-rent and so on.

I cannot repeat often enough: interest on bonds for possessors of small and medium amounts of wealth is a swindle, a self-deception, a running around in circles, but big capital through its devoted press has quite diabolically propagated and proclaimed in all the world the faith in the sanctity and inviolability of interest. It allows everyone seemingly to take part in the lovely, anaesthetizing consumption of interest, in order to lull to sleep the bad conscience that must invariably accompany idle, laborless consumption of interest – and in order to recruit comrades for the struggle, for the defense of this highest good of Mammonism.

The civil servant, the statesman, will say: the state cannot renounce the obligation that it has undertaken toward its creditors.

What does “obligations” mean? Is it in any way moral to enter into obligations about which the state must know from the beginning that it can only fulfill these obligations if it takes the interest away from the creditors through direct and indirect taxes in precisely the same amount? Where is the morality in that? Or is it not perhaps more honest to admit: “I can only pay the interest if I collect just as much in taxes – but back during the war I absolutely had to have money, and for that I did the swindle with the war-bond; you have to forgive me, beloved folk; it was ultimately for you, and now we want to play no more hide-and-seek; I the state am paying no interest and you, the taxpayer, need not pay taxes for the interest; that will substantially simplify our transactions. Thus we shall do without the enormous tax-bureaucracy and likewise the extraordinary interest-serving bureaucracy. Right? Do we have a deal?” And you, Herr Scheidemann, do not again post your name on every advertising pillar as the secretary of state of the old compromised government amid foolish declarations relating to the security and inviolability of the war-bond. You only embarrass yourself: the benefit of the entire swindle has indeed gone only and solely to big loan-capital.

Financial officials and banking professionals are declaring that the abolition of enslavement to interest on war-bonds and public debts is impossible because it is synonymous with public bankruptcy.

You will forgive me: according to your speeches we are indeed publicly bankrupt anyway, or must become so. An overt declaration of public bankruptcy however would be the greatest stupidity that we could commit: to the actual incompetence of the current power- holders it would add prematurely the historical confirmation of this incompetence.

Why declare bankruptcy? If I have put 3 marks from the right pants-pocket into the left, I must still not on that account declare the bankruptcy of the right pants- pocket! It was indeed no different with the war- loan! The Reich took out of the people’s pockets the first actually present billions, then the moneys flowed back again; then came the new loan and again the money streamed back; once again came the pump and sucked the billions and again they ebbed back, until, after the game had been repeated nine times, the state had merrily generated 100 billion in debt. For that the people had 100 billion in finely printed paper in their hands. At first the folk imagined that it had become so much richer; then came the state and said: “It is horrible; I have 100 billion in debt and face bankruptcy.” – Yes but why? That is in any case only a self-deception! I myself can indeed never become bankrupt if every so often I take my money from the one pocket and place it in the other. Therefore we can rest at ease about state bankruptcy in regard to our internal war- bond debts. Therefore we really need not declare public bankruptcy and we can really spare ourselves the gigantic labor with the stupid interest-payments and the big, but even stupider, taxes.

Let us indeed finally free ourselves from doing the bidding of big loan-capital! Only big loan-capital benefits from this loan-interest tax-swindle, since a lovelier lump of gold is left over for it and the laboring folk pays this surplus in the form of indirect taxes; meanwhile, however, the small and middle-sized capitalist simply chases his own tail.

The global economic official says: The abolition of interest-slavery is not possible for us to accomplish in Germany alone; it must be done internationally; otherwise we shall lose all credit, capital will flow away, and we will still have to fulfill our interest- obligations toward the rest of the world.

I confess that I myself was at a loss about this question for the longest time.

It is the most difficult question because it involves our relationship with the rest of the world; meanwhile the matter has two sides. On the one hand, the idea of the abolition of interest-slavery is the battlecry of all productive peoples, against international enslavement to interest on money; on the other hand it is the radical cure for our internal financial woe. But it is really no reason to refrain from using a cure, just because the equally sick neighbor does not employ it at the same time. It would however be added stupidity if we in Germany continued to run in a crazy circle and pay taxes and interest when we have clearly recognized that this ridiculous activity benefits only the big capitalists and nobody else. Therefore let us lead the way by our liberating example; let us liberate ourselves from the enslavement to interest on money, and we shall soon see that the force of this victorious liberating idea will stimulate the peoples of the world to follow us.

I am actually convinced that our initiative – if this initiative is not suppressed by the German Mammonists – will sweep the other peoples along with irresistible necessity.

The Spartacist says: The whole idea only amounts to a protection of capital; it still remains then as it was: the poor man has nothing and the rich remain.

Yes, my friend; it is in general very hard to have a discussion with you — if you really are in the depths of your soul a Communist, and will therefore actually maintain that “all things belongs to all men” [* Peter Kropotkin, The Conquest of Bread], and if along with that you are indeed familiar with the actual ideas of the great Bolshevik leaders in Russia, especially Lenin, and regard them as correct, and accordingly regard the next tasks of the Soviet Republic designated by Lenin, “universal tendering of accounts and control of all production and distribution,” as humanly possible.

If however you are completely clear about the fact that this task is really only feasible, if at all, under a horrible tyranny, and you still remain at the bottom of your heart a convinced Communist or Spartacist and so on, then let us not dispute further with each other; we just do not understand each other and are speaking different languages, and the future will decide, either for the strait- jacket state that can ultimately result from the chaos of Bolshevism, or the new state for which I hope, with a national economy liberated from interest-slavery.

But if, at the bottom of your Communist heart– if you are honest — you find that you still think about, still long for wife and child, for a human soul that stands closer to you than an Eskimo or a Zulu kaffir, if during factory-labor commanded by the soviet-director you think that it would still be nice to possess your own little cottage, a little garden-plot, if indeed in the very depth of your soul it would really give no true satisfaction that you should be entitled like a dog on the street to use every bitch that crosses your path, if you want to call somebody your wife, if you merely think about saving something from your wage, which then should belong to you alone, then you are already no longer a Communist; then you have already in your heart broken from your so loudly proclaimed catchphrase, “All things belong to all men”; then precisely what you do not want is that all things should belong to all men; you want that precisely what you wish for yourself — wife, child, house, farm, savings — whether you already have it or only hope to get it, even then should belong to you alone.

And do you see, my friend, if you only suspect in your heart that it might make a difference to you, if some random individual came and simply took your savings away from you in the name of “all,” and if he brought another child for you and took with him yours because all children belonged to “all,” then my friend, let us not continue to speak completely past each other.

Perhaps I could ask you to contemplate whether in fact the Communist message that all things should belong to all men would not necessarily mean the end of every culture, because the lack of any concept of ownership must with compelling logic force man down to the level of the beast.

If all things belong to all men, if a tendering of accounts and control of all above-ground production and distribution in Lenin’s sense could be coerced, then in the best-case scenario an ant-colony would result. But in that case we can also do without language, soul, and thought; mutely and instinctively we can perform our forced labor. The end of man is there. [* “The End of Man” is from Ezekiel. There it means the purpose of man but here it could have a double meaning. Man’s purpose under Communism becomes mindless slavery, which is the destruction of man.] But enough now, friend Spartacus. Let this fundamental consideration sink deeply into your head and heart. A more exact answer to your question will then result during conversation with the other parties.

And now, you comrades of the two socialist orientations, moderate and independent! [* Feder refers here to the Social-Democratic Party and its pacifist offshoot, the Independent Social- Democratic Party.] I cannot imagine that serious contradiction or objections against the abolition of interest-slavery would come from your side, and yet I must deal with you categorically, along with the entire socialist world of ideas, from Marx up to the current leaders Ebert, Scheidemann, Kautsky, and so forth.

  1. The socialist will: elevation of the working class is an idea unconditionally bound to prevail; so far we are in agreement.
  2. The paths trodden for the attainment of this great goal are almost entirely wrong, because they 3. are based on false assumptions.
  3. The [Marxist] socialist idea of the state leads necessarily to Communism, thus to decline.
  4. Because however Social- Democracy has a different goal, the elevation of the working class, of all working people in general, it faces a terrible inner conflict, because the logical consequences of Marxism lead to the direct opposite of the practical goal of the workers’ movement.
  5. From this inner division results the overt uncertainty in the direction of the government.
  6. For the sake of the great practical goal (elevation of the working class) a sharper line must be drawn against Spartacus and Bolshevistic Communism, and their methods must be combated with all our might. But Social- Democracy, organized through labor-unions, feels weak today before these radical groups, because it has taken up Marxist thinking as its fundamental principle of education, and because all Marxist ways of thinking logically lead to Communism.

Now the proof: point 2 says that the paths trodden by Social-Democracy are almost entirely wrong.

The whole agitation conducted throughout the country has led to a deep division within the population of our nation. The constantly repeated slanders against employers of every kind, indeed of every bourgeois calling whatsoever, as exploiters and bloodsuckers of the manual laborer working ostensibly unassisted, have led to an unjustified embitterment and to the haughtiness of labor, which today necessarily finds its expression in the demand for the “dictatorship of the proletariat” (Communist Manifesto). The essential demand of the Erfurt Program – the transfer of the means of production from private ownership into the ownership and operation of the community – has today been compressed into the cry for “socialization.” It is completely clear to every serious politician that full socialization of our economic ruin would mean complete state bankruptcy. But one dare not confess this openly and freely to the people.

Not socialization but desocialization would have to be the motto now. Thus one attempts to compensate the blatant miscarriage of every socialization through delusional tax-projects and by this route to “expropriate the expropriators” for the second time. All of that means nothing other than abandoning the entire national economy to utter ruin. Instead of growth (a doubling of production, as the entire socialist literature for the period after the revolution promised, is out of the question) the exact opposite has occurred.

The worst thing however would be if the current socialist government thought of accepting big foreign loans. With that not only would our economic decline be sealed, but we would furthermore quite entirely deliver ourselves into interest-slavery to the Entente, from which there would be no return.

The fundamental failure, the basic error, upon which this whole wrong chain of treaties, demands, and promises to the people has been constructed, is an entirely wrong attitude toward industrial capital and loan-capital. The Communist Manifesto, the Erfurt Program, Marx, Engels, Lasalle, Kautsky, have not recognized the radical difference between industrial capital and loan- capital.

On this point the entire Social- Democracy must relearn; this fundamental error must be clearly recognized and frankly admitted without reservation. Then however one must also relentlessly draw the only possible conclusions. These however signify radical renunciation of the pointless, because completely mistaken, rage against industry, against the employer. Worker and work-giver belong together; they have the same goal — work, production; for without production, without work, there can be no life, no culture, no forward, and no upward. The self-evident and unavoidable oppositions that exist among humans, just because they are humans, are much less important than the great shared interest of employer and employee. These oppositions are and have been resolvable by means of wage- contracts and trade-organizations to the mutual satisfaction of both sides.

But let us not pursue further these questions that are trivial in the scope of our treatise on the largest political lines of force, and let us only emphasize that the interest of labor collectively is perfectly aligned with our national industry, with the national economy of our people.

Whoever teaches otherwise and presents the oppositions between employer and employees as more important reveals himself as irresponsible precisely in regard to the workers; for he thereby lays the axe to the roots of the tree that nourishes and supports the worker.

Social-Democracy however has done that, and with that it has incurred eternal guilt before German labor; with that it has brought unspeakable misery upon our folk, because it cannot keep all its promises, because it cannot bring to us the peace of mutual understanding, because it cannot create work for us, because it must even set up an armed force against us, because it cannot get by without the civil service, because it must demand the obligation to work, because universal equal and direct suffrage for men and women over the age of 20 helps nobody to earn a living, because without the state’s guarantee of the security of person and property chaotic circumstances must occur, because without integration and subordination of the individual into society no vitality of the state is possible.

Thus a deep, despair-filled wave of disappointment passes through the entire people. If individuals still do not understand it, ministers, members of parliament, and people’s delegates continue cheerfully lying to each other that the “gains of the revolution” must be defended against “reaction”: what these two terms mean, if anything, no sincere statesman would be able to tell the people clearly.

The negative actions of the revolution, the deposing of a series of antiquated dynasties, deposing of officers, abolition of the nobility, dissolution of the army, in short the “Great Demolition,” is indeed no “gain.” And reaction?! The swept-away, rotten doctrine of divine right does not have anywhere in the entire folk enough moral support to result in any forceful action; the bourgeoisie, as regards the real bourgeois, is much too cowardly, much too morally corrupt, to rally against class-conscious labor: therefore it is not necessary for the ruling class of the workers to be worried about a dynastic or bourgeois reaction.

But the deep disappointment of the people about the so-called gains of the revolution, in other words about the lack of any real improvement of the people’s situation, that is the great danger. This disappointment leads to the streaming away of great masses ever farther to the left, where the promises already made are outbid by far.

Ultimately one can no longer make promises such as “all things to all men.” That is pure madness, but every idea, every phenomenon, every activity stretched and exaggerated to the extreme becomes madness in the end, and then changes into its opposite. So goes it likewise with the Communist idea that all should belong to all, for this ultimately comes to an end and resolves into all … having nothing. Hunger, despair, misery, sickness, and need have arrived in Russia; people have lost the last remnant of courage and joy in living.

I repeat: the enormous fundamental error in the socialist idea-world is ultimately to be traced back to the failure to recognize the deep essential difference between industrial capital and loan- capital. Interest-devouring loan-capital is the scourge of humanity. It is the eternal effortless and endless growth of big loan-capital, not productive, goods- manufacturing, industrial working- capital, that leads to the exploitation of peoples.

I cannot forgo here the examination of the question of why this essential difference has not been recognized; whether it really has not been recognized, or whether it perhaps has been obscured for the benefit of big loan-capital; whether the leaders and chiefs in the struggle against Capitalism, whether the authors of the Communist Manifesto, of the Erfurt Program, and the current leaders always have proceeded with the necessary conscientiousness.

It is the most grave and terrible thing when one casts doubt on the absolute earnestness and firm conviction of another; it seems all the more grave, the more carefully one seeks after the causes and relationships pertaining to life’s occurrences. I want therefore also to give no answer at all to this question itself, rather only to allude to big, obscure connections by citing an utterance of Disraeli, the greatest English Prime Minister, Lord Beaconsfield. This he writes in his novel Endymion: “No man will treat with indifference the principle of race. It is the key of history, and why history is often so confused is that it has been written by men who were ignorant of this principle and all the knowledge it involves.” [Baron Sergius to Endymion] The bourgeois.

The bourgeois, to whom rest appears as his bourgeois duty, is certainly disturbed by every new revolutionary demand, as always with every new idea. It means unrest for him; for perhaps he would even have to think something about it.

All change is odious to him; he wants to have his rest, and woe unto him that covets his moneybag. Now indeed one does want from him his interest- payments, his income from rent on houses, the interest-payments from his covered bonds, the interest that he collects on mortgages; in short, what constitutes his rest, his contentment, and his good fortune.

Even so, we must inquire what the members of the classes owning loan- capital will have to say. They form, apart from the true bourgeois…. Bourgeois is a human type, with which nothing further is to be initiated; the bourgeois is a branch on the tree of humanity that should be lopped off, the sooner the better. These are the smug, self-satisfied Babbitts with their deplorably narrow horizons, who are capable of no enthusiasm. They while away their days in eternal monotony with coffee, morning newspaper, morning drink, noon paper, lunch, afternoon nap, coupon-clipping, afternoon drink, friends at the pub, and occasionally the movie-house. Lacking comprehension for all that moves the world, all for which youth longs, all that distresses the folk, the state, and society, untroubled about war and victory, they vegetate and decay, simultaneously arrogant and obsequious – but the bourgeoisie is such a broad class that it cannot be ignored.

Thus, through the abolition of interest- slavery, thrift is destroyed; people end up in the poorhouse.

That the abolition of interest-slavery quite generally may have its influence on thrift must be decisively denied. Thrift has just as little to do with the prevailing economic views as e.g. wastefulness. Thrift and wastefulness are human qualities that either are present or not, indifferent to whether an age approves or frowns upon the idea of interest.

In times of transition perhaps an increase or diminution of thrift can be promoted. In the given case however I tend much more to the view that a rational, economically minded person will say to himself the following: “I can no longer in the future count on living on my interest alone. I want however to live in later years and also still leave something behind for my children; therefore I must now save more.” The abolition of interest-slavery must, in my opinion, exert this effect on the majority of people. As for the elderly, of course they will be referred to public support.

Here too I must once again stress emphatically that, given the current burden of direct taxes on property and the burden of indirect taxes on every lifestyle, nothing of the lovely interest- payments remains, except in the case of that person for whom – and it is indeed something iniquitous and to be combated – all income flows only from eternal interest-payments. Therefore a decline in thrift is probably not to be feared.

Is (loathsome) big capital really so utterly unfruitful? Has it not also created the means to large-scale progress that bears fruits for humanity greater than what the interest on loan- capital destroys? No! The posing of the question only proves that Mammonistic phraseology has clouded our clear vision.

Big capital has not created the means to large-scale progress; rather big capital has grown from labor! All capital is accumulated labor. Big capital is in itself unproductive, because plain money by itself is a thoroughly unfruitful thing. From mind, labor, and available or already developed raw materials or mineral resources, values are produced and goods are manufactured – through labor and only through labor.

For if one pours so much money onto the most fertile farmland, into the richest coalmine, the farmland does not on that account bear grain, nor the coalmine spit out coals by itself! Let us conclusively affirm this.

If people have invented money, it is accordingly quite useful and reasonable; for in every complex economy one needs this (universally recognized) “voucher for completed labor.” But that a potential should inhere in these “money- empires” to grow eternally from themselves into enormity – and money does that, if it can bear interest – it is that against which the core of our being rebels; it is that which exalts money far above all other earthly manifestations; it is that which makes money into an idol. And all of that is indeed only the most enormous self-deception of humanity! Nothing, nothing at all, can come from money alone. Table, cabinet, clothing, house, tool, in short everything around us has some value; in the end one can still use a broken piece of furniture as firewood to warm oneself, but with a twenty-mark note one cannot do anything; I cannot even wrap a piece of cheese in it. Only after people have sensibly agreed on the facilitation of the exchange of goods for consumption, to write vouchers for completed labor, only with that does the slip of paper receive meaning and purpose, and it is very reasonable that the farmer for his grain receives from the coalmining company not coal but money; thus a voucher for other completed labor, e.g. pitchforks, crockery, plough, and scythe. But with that the power of money should end.

Thus the large-scale progress of humanity has been made not by money but by the men themselves, their bold spirit, their proud daring, their clever mind, the strength of their hands, their shared, therefore social, industrious labor. So proudly and so clearly must we see. The men were the thing, certainly not the pitiful pieces of paper that men invented for the simplification of commerce.

Further Program Although the abolition of interest- slavery is not the final goal of the new statecraft; it is truly the most incisive deed, the only deed that is able to unite all peoples into a true league of nations, against the tyranny of Mammonism that encompasses all peoples. But it is not the end. On the contrary, the abolition of interest-slavery must lead to further steps, because, as we have seen, it lays hold of the global evil by the root, and indeed by the main root.

Only when the groundlaying demand for abolition of interest-slavery is fulfilled, is the path cleared for the first time ever for the social state. This must be clearly recognized, and it must be accomplished in spite of all Mammonistic powers. The cry for socialization [while interest-slavery persists] is nothing more than the attempt to bring about the formation of a trust of all industries and to create giant conglomerates everywhere, over which big loan-capital, in spite of all wealth- taxes, will naturally also have the deciding influence again in the future. A socialistic state on a Mammonistic foundation is an absurdity and leads by nature to a compromise between Social- Democracy, already strongly contaminated with Mammonism, and big capital.

We, by contrast, demand radical rejection of the Mammonistic state and a reconstruction of the state according to the true spirit of socialism, in which the ruling basic idea is the obligation to nourish — in which an old basic demand of Communism can find its rational and useful satisfaction — in the form that every member of the folk shall receive his assigned entitlement to the soil of the homeland through the state’s allocation of the most important foodstuffs.

We further demand, as a skeleton for the new state, a representation of the people through the Chamber of People’s Representatives, which is to be elected on the broadest basis, and next to that a permanent Chamber of Labor, the central council in which the nation’s workers have a voice in proportion to their distribution by profession and economic class. Finally we demand the highest accountability for the directors of the state. This new construction of the state on a socialist-aristocratic basis will be treated in an additional work that will appear soon from the same publisher.

The prerequisite for all this construction however remains the abolition of interest-slavery.

My unshakable belief, nay more, my knowledge makes me recognize clearly that the abolition of interest-slavery is not only enforceable but will and must be taken up everywhere with indescribable jubilation. For bear in mind: in contrast to all other ideas and movements and endeavors, however well intentioned, that aim at the improvement of mankind, my proposal does not want to try to improve human nature; rather it applies itself against a toxic substance, against a phenomenon that was artfully – no, diabolically – invented, completely contrary to the deepest feeling of man, in order to make humanity ill, in order to ensnare humanity in materialism, in order to rob from it the best thing that it has, the soul.

Hand in hand next to it goes the frightful, pitiless tyranny of the money-powers, for which people are only interest- slaves, exist only to work for the dividend, for interest.

Deeply troubled we recognize the frightful clarity and truth of the old Biblical proverbs, according to which the god of the Jews Yahweh promises to his chosen people: “I want to grant to you to own all treasures of the world; at your feet shall lie all peoples of the Earth and you shall rule over them.” This global question is now laid out before all of you. Global questions are not solved with a wave of the hand, but the idea is clear as day. And the deed must be diligently propagated; we must understand clearly that we face the most formidable enemy, the world-encompassing money-powers. All force on the other side, on our side only justice, the eternal justice of productive labor.

Extend your hands to me, working people of all countries, unite! Publisher’s Afterword While repetitive at times, this Manifesto clearly stresses the importance of ending interest-slavery and presents some of the many benefits that would arise from such a radical departure of what we know as the “norm.” What most Americans are unaware of is how much emphasis the Nazis placed on uplifting the working class. This lack of awareness comes in spite of the NSDAP name : National- Socialist German Worker’s Party.

Concern and struggle for the working class continues today, as does the movement to end profits without work – interest-slavery. Such modern struggles have been far more successful in Europe than in the United States, but there is a single American organization calling itself the “American Nazi Party” ( ) that continues to harp on very similar economic principles as Feder and the NSDAP. In fact, due to the ever increasing wage disparity in the US, coupled with high unemployment rates nationwide and general dissatisfaction with the current government, such movements are currently seeing relatively strong growth.

It is clear as to why Feder’s ideas have not taken root in modern society, and that is because of the influence that the international banking powers wield over most nations. In the US, the Federal Reserve is a private banking entity that is not accountable to the US Government, yet they hold tremendous power over the American economy. Had Feder’s ideas been implemented here in the States, Ceteris paribus, it is almost certain that the recent mortgage crisis of 2007, which led to deep recession, high unemployment, and the big bank “bailouts” wouldn’t have occurred.

This publisher hopes that the Manifesto was read with an open mind, free of any preconceived ideas about “Nazism” or the horrors of war that are so often associated with the 3rd Reich. Clearly there was much more to the ideology and practices of National- Socialist Germany than the History Channel or even most “history” books provide. Modern governments have taken much from Nazi Germany such as laws protecting animal rights, the “green” movement (see Richard Walther Darré), paid vacations and other labor comforts that we take for granted today. Would it be too absurd to suggest that maybe their economic policies held some merit as well? [1] The following declarations about the Bavarian state budget are in rounded figures taken from the Bavarian State Yearbook of the year 1913. This is the last statistical yearbook that appeared before the war, which gives exhaustive reporting about Bavarian finances. During the war no more recent reports appeared.

[2] The unceasing increase in interest-rates and material-prices has led to the fact that the net yield of the Bavarian state railroad in the year 1918 has declined to 3 million marks, compared to an average of 80 million in preceding years. In Prussia, according to the reports of Finance-Minister Simon, the previously customary average profit of 700 marks has even been replaced by a deficit of 1,300,000,000 marks. We will therefore be less able than ever to think about continually increasing direct and indirect taxes; we must think more than ever about immediately reducing the new debts that have grown through catastrophic finance-economy by very strong requisitioning of wealth, especially from the very large fortunes.

Dr David Duke & Brian Ruhe – The Goyim Know

David Duke exposes the Jews helping ISIS.

The Jewish Gold Rush

By Dr. William Pierce

A subject we’ve discussed often enough for many of you to be tired of hearing about it is the continuing – make that the escalating – Jewish effort to extort reparations from the rest of the world for claimed injuries done to Jews of past generations by Gentiles of past generations. I would drop the subject, except that every week Jewish leaders make new demands which surpass all previous bounds for greed and arrogance. You wouldn’t believe the arrogance and pushiness of these Jews when they smell gold – except that it’s all documented, all in your daily newspaper for you to read. Therefore, this Great Jewish Gold Hunt makes a wonderful educational tool for helping others to understand the nature of the Jews, and I cannot resist using it.

You remember, this current gold hunt began early last year, when Jewish leaders came up with the idea of expanding their claim for reparations from the 1930s and 1940s to include countries besides Germany. They already had bled Germany for $60 billion since 1948, most of which went to Israel. That averages out to about $60,000 for every Jewish family of four now in Israel. Getting that money from Germany was relatively easy, because the Allied governments had an occupation army in Germany that was ready to squeeze the Germans whenever the Jews gave the word. All they had to do to keep the Germans from complaining about these massive extortion payments was step up their whining about gas chambers and about the soap and lampshades supposedly manufactured from the corpses of gassed Jews. When they really wanted to shut up the doubters and the questioners, they would have Steven Spielberg crank out a new Hollywood dramatization of the so-called „Holocaust,“ which would have the effect of making anyone so „insensitive“ as to think of denying the poor, persecuted Jews anything they demanded seem like a real heel to the public.

A few years ago they added a new twist to their racket by implying that it was not just the Germans who owed them reparations for having run Aunt Sarah and Uncle Abe through a crematorium at Auschwitz: everybody owed them for permitting the wicked Germans to „Holocaust“ Sarah and Abe. The United States and the other Western countries who fought against Germany during the Second World War could have stopped the „Holocaust“ if they really had wanted to, the Jews complained. The Allies could have bombed the rail lines leading to the German concentration camps, but they didn’t, the Jews complained. The Allies could have taken in many Jewish refugees fleeing from Germany before the war, but they didn’t: they turned the refugee ships back, and the Jews aboard them consequently perished in the „Holocaust,“ the Jews complained. „You could have saved millions of us if you really had wanted to, but you didn’t want to. It was your anti-Semitism which made you insensitive to our needs back in the 1930s and 1940s. So now you owe us.“

After a good, long whine along this line intended to soften up and „sensitize“ the Gentile world, and after a law prohibiting negative comments about identifiable ethnic groups was passed in Switzerland, the Jews became much more specific in their complaints. They claimed that many Jews who had stashed their money in secret, numbered Swiss bank accounts during the 1930s and early 1940s in anticipation of difficulties with the German authorities, subsequently died during the war, and their money still remained in the secret accounts. The Swiss had not done all they could to try to locate heirs of the depositors. They owed all of that money in dormant

accounts to the Jews – plus interest, of course. The head of the World Jewish Congress, Edgar Bronfman, who also belongs to the family who owns the world’s biggest liquor company, Seagram, took charge of the effort to force the Swiss to pay up. Bronfman estimated that the amount owed to the Jews by the Swiss is $7 billion. Later the Jews expanded their claims to include insurance policies held by Jews who disappeared during the war and also gold used by the Germans to pay the Swiss for various commodities imported by Germany during the war. The Swiss should have known, claim the Jews, that some of that gold had come from confiscated Jewish assets. „Giff it back to us,“ the Jews now demand.

Of course, every large bank does have some dormant accounts, and in the case of Swiss banks, which always have taken pride in the confidentiality they offer to their customers, it is understandable that today Izzy and Rebecca may not have been able to get their hands on or even find the money that they believe Uncle Abe may have stashed in a secret account 60 years ago.

The Swiss bankers pointed out that they always have treated their Jewish customers just like everyone else, and that any heirs who establish their claims in the normal manner would receive whatever was in Abe’s account. The Jews feigned outrage at this response and accused the Swiss of being „insensitive“ for failing to take into account the fact that there were no death certificates or other documents for many of the Jews who disappeared during the war. Of course, with the widespread destruction that occurred during the war, the same is true for non-Jews.

A few Swiss officials recognized these Jewish claims for the shameless extortion effort that they are and publicly denounced them as such. Most Swiss politicians and bankers, however, were more concerned with not jeopardizing their public image by having the Jews unleash their media weapon, and so they took a conciliatory approach to the Jews. They made a special search of their accounts and then took the unprecedented step of publishing the names of all their depositors whose accounts had been dormant since the Second World War, so that Jews could more easily file claims. It turned out that only a very tiny percentage of these dormant accounts belonged to Jews. Of course, this was largely ignored by the media. And of course the Jews continued to whine about how the Swiss had wronged them. They added to their list of grievances the fact that the Swiss had interned Jews who came across the Swiss border during the war in their effort to avoid being arrested by the Germans. The Swiss put them into work camps for the duration of the war. One might think that the Jews would be grateful to the Swiss for this, but if you thought that then you don’t understand the Jewish mentality. Instead of being grateful to the Swiss for saving them from the Germans the Jews publicly lamented the fact that the Swiss made them work for their room and board. The media only occasionally mention that all able-bodied Swiss citizens were also forced to work during the war.

The Swiss are a bit naive when it comes to dealing with Jews, and so they have continued to try to appease them, even as the Jewish demands have escalated. The Swiss bankers and politicians got together recently, estimated the most the Jewish assets they might be holding could amount to is in the neighborhood of $150 million, multiplied that figure by four, and then offered to pay the Jews $600 million to settle all of their claims.

Now, if you understand the Jewish mentality, then you don’t have to be told how Bronfman and the other Jewish leaders responded to this offer. The Jews simply escalated their demands again. They feigned shock and outrage that the Swiss offered them only $600 million. Liquor czar and

World Jewish Congress boss Edgar Bronfman scoffed at the $600 million offer and said that the Swiss owe his people billions of dollars, not millions. Israeli spokesman Yoram Dori called the Swiss offer „offensive“ and said: „If we were not dealing with such a tragic story, this would be laughable.“ Bronfman’s colleague in the World Jewish Congress, Israel Singer, claimed to be „pained“ by the Swiss offer and said that the offer had been made in a „shabby“ manner. Rabbi Marvin Hier of the Simon Wiesenthal Center in Los Angeles said of the Swiss offer: „We consider it a lack of seriousness on their part.“ He added that the offer „will be unanimously refused.“ New York Jewish lawyer Edward Fagan, who is representing more than 30,000 Jews claiming to be heirs to dormant accounts, called the Swiss offer „insulting“ and said, „My 31,000 clients will not stand for this… A billion dollars is not enough.“

Behind all of this pretended outrage and these claims of feeling insulted by the Swiss offer of

$600 million is a lot of very cold-blooded calculation by the Jews. They simply believe that by using their media power and their virtually total control of the Clinton administration, the U.S. Congress, and several state legislatures they can squeeze substantially more than $600 million out of the Swiss. The Jews’ number-one step’n’fetchit in the Congress is New York Republican Senator Alphonse D’Amato, chairman of the Senate Banking Committee. He is running for re- election in November and is counting heavily on Jewish support. After the Jews let their displeasure with the latest Swiss offer be known, D’Amato threatened to use the Senate Banking Committee for reprisals against Swiss banks operating in the United States. He said: „If they continue to proceed in this manner, whereby they are ducking their responsibilities, we have no other course in the Congress of the United States than to go forward.“

New Jersey state Assemblyman Joel Weingarten has introduced legislation to bar New Jersey from investing state funds in Swiss banks, and similar measures are moving forward in New York City and in the New York state legislature. In California, the Chinese State Treasurer, Matt Fong, also is eager to prove his loyalty to the Jews.

So confident are the Jews that ultimately they can pressure the Swiss into yielding to their demands that World Jewish Congress boss Edgar Bronfman already is talking publicly about other countries on the Jews’ hit list. „It’s not just the Swiss banks,“ he said in a published telephone interview with the New York Jewish newspaper Forward. „We still have problems with the Poles, with the French, the Dutch, the Belgians, the other neutrals.“ It’s pretty clear that after the Jews have sucked the Swiss dry they will be looking for blood from a long line of other countries they believe haven’t done enough for them recently.

A new line of attack which the Jews are using is that the European countries which claimed neutrality during the Second World War and refused to join the Jewish-American-Soviet crusade against Germany weren’t really neutral: they provided aid to the Germans, and so now they owe reparations to the Jews. Switzerland also had business dealings with the Allies, but this is ignored. A Jewish official in the Clinton administration, Stuart Eizenstat, has been especially active in pushing the idea that the neutral countries were guilty of not doing enough for the Jews. He has prepared a report for the U.S. State Department in which he strongly criticizes Sweden, Spain, and other neutral countries. Eizenstat concludes: „It is clear that these countries were committing unneutral acts, even by the standards of the times.“

The arrogance of Eizenstat’s complaint is really breathtaking, considering the fact that under Jewish pressure the Roosevelt administration, in 1939, 1940, and 1941, at a time when the United States was officially „neutral,“ was committing unneutral acts against Germany which dwarfed into insignificance anything the Swedes and the Spaniards might have been doing to help Germany. Not only was the Roosevelt government supplying first Britain, and later the Soviet Union, with vast supplies of war materiel, but Roosevelt was trying everything he could to provoke the Germans into some action that would give him an excuse to enter the war on the Jewish side. In September 1941, three months before the official entry of the United States into the war, he went so far as to order the U.S. Navy to shoot on sight at any German naval vessel encountered in the Atlantic.

Unfortunately, the historical facts of the behavior of all the parties involved in the Second World War are not presented to the American public by the mass media, but just the facts the Jews want the public to know about. The average citizen listens to the complaints of the Jews about the unneutral behavior of Switzerland, Sweden, and Spain and believes that there may be some justification to the Jewish demands for reparations. It never occurs to the average couch potato to ask, „Hey, what about reparations for all of the other peoples who were looted during the war?

Why are the Jews the only ones entitled to reparations? And if the Jews are entitled to reparations for losses that occurred 60 years ago, why shouldn’t the Palestinians be entitled to reparations for what the Jews stole from them much more recently?“

No, unfortunately, it doesn’t occur to the average American to ask such questions. He just accepts at face value whatever he reads in his newspaper or sees on his television screen. And as long as his newspaper and his television screen are controlled by the Jews, he’s not likely to see anything which would cause him to question the current Jewish demands for gold from the rest of the world.

You might wonder how anyone could possibly be as arrogant as the Jews are in their quest for reparations. I think that the best explanation for that is to be found in the Jews’ view of themselves and their relationship to the non-Jewish peoples of the world. This view is best expressed in documents the Jews themselves have written: documents such as their Talmud and their Old Testament. I understand, of course, that most Jews today are entirely secular and do not regard such documents with any special reverence or awe. Nevertheless, they provide wonderful insight into the Jewish mentality.

More than 3,000 years ago, when the immigrant Jew Joseph managed to become the most powerful bureaucrat in the Egyptian government by claiming to be able to interpret dreams for the superstitious pharaoh, according to the Old Testament book of Genesis, he acquired a monopoly control over the Egyptian grain market and doled out grain to the hungry Egyptian people or withheld it, according to his policy – although he invoked the name of the pharaoh in exercising his policy. He then invited his fellow Jews to come into Egypt and to „eat the fat of the land.“ Not surprisingly, this policy caused resentment toward the Jews by the Egyptians, and eventually the Egyptians, under a new pharaoh, threw the Jews out.

Now, it’s not really important whether or not this account in Genesis is historically accurate. What’s important is the Jews’ attitude toward this account, and their attitude is that it was right

and proper for them to exploit the Egyptians, and that the Egyptians were persecuting them in expelling them. It was the Jews’ right to exploit the Egyptians, because whatever the Egyptians had really belonged to the Jews as God’s Chosen People.

One sees this attitude of „what’s yours is really mine, because I am a member of the Chosen People“ expressed over and over again in the Old Testament. In the book of Isaiah it is perhaps most explicit. Isaiah presents to his fellow Jews a vision of the future in which the Gentiles of the world will deliver all of their wealth to the Jews and will become the servants of the Jews. And anyone who refuses to pay reparations to the Jews will be punished severely: „The nation and kingdom that will not serve thee shall perish.“ This is spelled out in detail in the sixtieth and sixty-first chapters of Isaiah.

Observant Jews focus their consciousness of their Jewishness on this assumed obligation of the Gentile world to turn its wealth over to them. They have a custom of attaching a little box to one of their doorposts, with a piece of parchment, called a mezuzah, in the little box. The parchment is inscribed in Hebrew characters with 22 lines from the Old Testament which epitomize to them what it means to be a Jew: that is, with the 22 lines they regard as the most important in all of their religious writings. These 22 lines are from the fifth book of Moses, also known as Deuteronomy. They stress the importance of Jews adhering to the contract they have with their tribal god. The interesting thing is that immediately following these 22 lines in Deuteronomy is spelled out what their god will give to them as his obligation under the contract. And what is promised to the Jews is essentially all the wealth of the world: specifically, all the wealth now in the hands of non-Jews. „Thy god shall . . . give thee great and goodly cities, which thou buildedst not, and houses full of all good things, which thou filledst not, and wells digged which thou diggedst not, and vineyards and olive trees which thou plantedst not… Every place whereon the soles of your feet shall tread shall be yours.“ Remember, religious Jews regard this promise, this contract, as the core of their religion.

As you know, it is not my custom to bring religion into these broadcasts. I certainly don’t want to start any religious arguments among my readers. But I do think that a consideration of the nature of Jewish religious belief, as expressed in their religious writings, can shed some useful light on their attitudes today. Whether they are religious Jews or non-religious Jews they all seem to have the attitude that they have some god-given right to exploit the rest of us. If there are Jews who dissent from this policy of collecting reparations from the rest of the world, I would like to hear them speak up. So far they seem to be rather unanimous in their support of the notion that the Swiss owe them billions of dollars – and the Swedes and the Spaniards and, in fact, all the rest of us.

The New World Order



This video shows the New World Order that our chosen overlords have brought to fruition after destroying Europe’s best and brightest.

Narrated by Truth Media Films and Edited by The Impartial Truth. Check out the new site:

Dr. David Duke on Harvey Weinstein & Race Realism

Topics David Duke lectures about: The rapes by Hollywood Jewish mogul Harvey Weinstein are critical in exposing Jewish domination of America.

What the Jewish press in Israel writes for themselves is very different than what the Jewish owned press writes for the gentiles.