2. We have taken advantage of the venality of administrators and slackness of rulers to get our moneys twice, thrice and more times over, by lending to the GOY governments moneys which were not at all needed by the States. Could anyone do the like in regard to us? .... Therefore, I shall only deal with the details of internal loans.

3. States announce that such a loan is to be concluded and open subscriptions for their own bills of exchange, that is, for their interest-bearing paper. That they may be within the reach of all the price is determined at from a hundred to a thousand; and a discount is made for the earliest subscribers. Next day by artificial means the price of them goes up, the alleged reason being that everyone is rushing to buy them. In a few days the treasury safes are as they say overflowing and there's more money than they can do with (why then take it?) The subscription, it is alleged, covers many times over the issue total of the loan; in this lies the whole stage effect -- look you, they say, what confidence is shown in the government's bills of exchange.

4. But when the comedy is played out there emerges the fact that a debit and an exceedingly burdensome debit has been created. For the payment of interest it becomes necessary to have recourse to new loans, which do not swallow up but only add to the capital debt. And when this credit is exhausted it becomes necessary by new taxes to cover, not the loan, BUT ONLY THE INTEREST ON IT. These taxes are a debit employed to cover a debit .... (NOW WE NOW OF THE PURPOSE OF THE CRY FOR BALANCING THE BUDGET!)

5. Later comes the time for conversions, but they diminish the payment of interest without covering the debt, and besides they cannot be made without the consent of the lenders; on announcing a conversion a proposal is made to return the money to those who are not willing to convert their paper. If everybody expressed his unwillingness and demanded his money back, the government would be hooked on their own files and would be found insolvent and unable to pay the proposed sums. By good luck the subjects of the GOY governments, knowing nothing about financial affairs, have always preferred losses on exchange and diminution of interest to the risk of new investments of their moneys, and have thereby many a time enabled these governments to throw off their shoulders a debit of several millions.

6. Nowadays, with external loans, these tricks cannot be played by the GOYIM for they know that we shall demand all our moneys back.

7. In this way in acknowledged bankruptcy will best prove to the various countries the absence of any means between the interest of the peoples and of those who rule them.

8. I beg you to concentrate your particular attention upon this point and upon the following: nowadays all internal loans are consolidated by so-called flying loans, that is, such as have terms of payment more or less near. These debts consist of moneys paid into the savings banks and reserve funds. If left for long at the disposition of a government these funds evaporate in the payment of interest on foreign loans, and are placed by the deposit of equivalent amount of RENTS.

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

10. When we ascend the throne of the world all these financial and similar shifts, as being not in accord with our interests, will be swept away so as not to leave a trace, as also will be destroyed all money markets, since we shall not allow the prestige of our power to be shaken by fluctuations of prices set upon our values, which we shall announce by law at the price which represents their full worth without any possibility of lowering or raising. (Raising gives the pretext for lowering, which indeed was where we made a beginning in relation to the values of the GOYIM).

2. IN OUR HANDS IS THE GREATEST POWER OF OUR DAY -- GOLD: IN TWO DAYS WE CAN PROCURE FROM OUR STOREHOUSES ANY QUANTITY WE MAY PLEASE.

3. Surely there is no need to seek further proof that our rule is predestined by God? Surely we shall not fail with such wealth to prove that all that evil which for so many centuries we have had to commit has served at the end of ends the cause of true well-being -- the bringing of everything into order? Though it be even by the exercise of some violence, yet all the same it will be established. (The motto of the Freemasons -- "Out of Chaos, Order"). We shall contrive to prove that we are benefactors who have restored to the rent and mangled earth the true good and also freedom of the person, and therewith we shall enable it to be enjoyed in peace and quiet, with proper dignity of relations, on the condition, of course, of strict observance of the laws established by us. We shall make plain therewith that freedom does not consist in dissipation and in the right of unbridled license any more than the dignity and force of a man do not consist in the right of everyone to promulgate destructive principles in the nature of freedom of conscience, equality and a like, that freedom of the person in no wise consists in the right to agitate oneself and others by abominable speeches before disorderly mobs, and that true freedom consists in the inviolability of the person who honorably and strictly observes all the laws of life in common, that human dignity is wrapped up in consciousness of the rights and also of the absence of rights of each, and not wholly and solely in fantastic imaginings about the subject of one's EGO.

2. Subjects, I repeat once more, give blind obedience only to the strong hand which is absolutely independent of them, for in it they feel the sword of defense and support against social scourges .... What do they want with an angelic spirit in a king? What they have to see in him is the personification of force and power.

3. The supreme lord who will replace all now existing ruler, dragging in their existence among societies demoralized by us, societies that have denied even the authority of God, from whose midst breeds out on all sides the fire of anarchy, must first of all proceed to quench this all-devouring flame. Therefore he will be obliged to kill off those existing societies, though he should drench them with his own blood, that he may resurrect them again in the form of regularly organized troops fighting consciously with every kind of infection that may cover the body of the State with sores.

4. This Chosen One of God is chosen from above to demolish the senseless forces moved by instinct and not reason, by brutishness and humanness. These forces now triumph in manifestations of robbery and every kind of violence under the mask of principles of freedom and every kind of violence under the mask of principles of freedom and rights. They have overthrown all forms of social order to erect on the ruins of the throne of the King of the Jews; but their part will be played out the moment he enters into his kingdom. Then it will be necessary to sweep them away from his path, on which must be left no knot, no splinter.

2. This confirmation will first and foremost be included in that which to this day has rested the force of conservatism by our learned elders of the conduct of the affairs of the world, in the directing of the education of thought of all humanity.

3. Certain members of the seed of David will prepare the kings and their heirs, selecting not by right of heritage but by eminent capacities, inducting them into the most secret mysteries of the political, into schemes of government, but providing always that none may come to knowledge of the secrets. The object of this mode of action is that all may know that government cannot be entrusted to those who have not been inducted into the secret places of its art ....

4. To these persons only will be taught the practical application of the aforenamed plans by comparison of the experiences of many centuries, all the observations on the politico-economic moves and social sciences -- in a word, all the spirit of laws which have been unshakably established by nature herself for the regulation of the relations of humanity.

5. Direct heirs will often be set aside from ascending the throne if in their time of training they exhibit frivolity, softness and other qualities that are the ruin of authority, which render them incapable of governing and in themselves dangerous for kingly office.

6. Only those who are unconditionally capable for firm, even if it be to cruelty, direct rule will receive the reins of rule from our learned elders.

7. In case of falling sick with weakness of will or other form of incapacity. kings must by law hand over the reins of rule to new and capable hands.

10. In the person of the king who with unbending will is master of himself and of humanity all will discern as it were fate with its mysterious ways. None will know what the king wishes to attain by his dispositions, and therefore none will dare to stand across an unknown path.

11. It is understood that the brain reservoir of the king must correspond in capacity to the plan of government it has to contain. It is for this reason that he will ascend the throne not otherwise than after examination of his mind by the aforesaid learned elders.

12. That the people may know and love their king, it is indispensable for him to converse in the market-places with his people. This ensures the necessary clinching of the two forces which are now divided one from another by us by the terror.

13. This terror was indispensable for us till the time comes for both these forces separately to fall under our influence.

14. The king of the Jews must not be at the mercy of his passions, and especially of sensuality: on no side of his character must he give brute instincts power over his mind. Sensuality worse than all else disorganizes the capacities of the mind and clearness of views, distracting the thoughts to the worst and most brutal side of human activity.

15. The prop of humanity in the person of the supreme lord of all the world of the holy seed of David must sacrifice to his people all personal inclinations.