“This patchwork of largely fictional works makes the Protocols an incoherent text that easily reveals its fabricated origins. It is hardly credible, if not in a roman feuilleton or in a grand opera, that the “bad guys” should express their evil plans in such a frank and unashamed manner, that they should declare, as the Elders of Zion do, that they have “boundless ambition, a ravenous greed, a merciless desire for revenge and an intended hatred.” If at first the Protocols was taken seriously, it is because it was presented as a shocking revelation, and by sources all in all trustworthy. But what seems incredible is how this fake arose from its own ashes each time someone proved that it was, beyond all doubt, a fake. This is when the “novel of the Protocols” truly starts to sound like fiction. Following the article that appeared in 1921 in the Times of London revealing that the Protocols was plagiarized, as well as every other time some authoritative source confirmed the spurious nature of the Protocols, there was someone else who published it again claiming its authenticity. And the story continues unabated on the Internet today. It is as if, after Copernicus, Galileo, and Kepler, one were to continue publishing textbooks claiming that the sun travels around the earth.
How can one explain resilience against all evidence, and the perverse appeal that this book continues to exercise? The answer can be found in the works of Nesta Webster, an antisemetic author who spent her life supporting this account of the Jewish plot. In her Secret Societies and Subversive Movements, she seems well informed and knows the whole story as Eisner narrates it here, but this is her conclusion:
The only opinion I have committed myself is that, whether genuine or not, the Protocols represent the programme of a world revolution, and that in view of their prophetic nature and of their extraordinary resemblance to the protocols of certain secret societies of the past, they were either the work of some such society or of someone profoundly versed in the lore of secret society who was able to reproduce their ideas and phraseology.
Her reasoning is flawless: “since the Protocols say what I said in my story, they confirm it,” or: “the Protocols confirm the story that I derived from them, and are therefore authentic.” Better still: “the Protocols could be fake, but they say exactly what the Jews think, and must therefore be considered authentic.””

In other words, it is not the Protocols that produce antisemetism, it is people’s profound need to single out an Enemy that leads them to believe in the Protocols.
I believe that-in spite of this courageous, not comic but tragic book by Will Eisner- the story is hardly over. Yet is is a story very much worth telling, for one must fight the Big Lie and the hatred it spawns.
Umberto Eco, Milan Italy December 2004 translated by Allesandra Bastagli, p. vi-vii
The Plot: The Secret Story of the Protocols of the Elders of Zion (10/2/2005)