“Dialogue in Hell:
probable resources. How are loans made? By the issue of bonds containing an obligation on the part of the government to pay a yearly interest proportionate to the capital which has been depleted. If the loan is at 5 percent, for instance, the state, at the end of twenty years, has paid a sum equal to the capital borrowed; at the end of forty years, a double amount; at the end of sixty years, a triple amount, and yet it always remains debtor for the total of the same capital. The modern states wished to put a necessary”

— Will Eisner

The Plot: The Secret Story of the Protocols of the Elders of Zion (10/2/2005)

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Will Eisner 87

American cartoonist 1917–2005

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“Protocols: What also indeed is, in substance, a loan, especially a foreign loan? A loan is an issue of government bills of exchange containing a percentage obligation commensurate to the sum of the loan capital. If the loan bears a charge of 5 percent, then in twenty years the State vainly pays away in interest a sum equal to the loan borrowed, in forty years it is paying a double sum, in sixty treble and all the while the debt remains an unpaid debt.
from this calculation it is obvious that with any form of taxation per head the State is bailing out the last coppers of the poor taxpayers in order to settle accounts…; instead of collecting
Graves: These two books were written 40 years apart from each other…why is the same interest rate employed by the “Protocols?””

Will Eisner (1917–2005) American cartoonist

Surely they must have changed during all that time.
Raslovlev: Very revealing…eh?
Source: The Plot: The Secret Story of the Protocols of the Elders of Zion (10/2/2005), p.85

“Protocols:
supplementary budget, and all this ends up in accordance with the sum of the total addition, the annual departure from the normal reaches up as much as 50 percent in a year, and so the annual budget is trebled in ten years….
Every kind of loan proves infirmity in the State and a want of understanding of the rights of the State. Loans hang like a sword of Damocles over the heads of rulers, who, instead of taking from their subects by a temporary tax, come begging with outstretched palm of our bankers…the Goy states go on in persisting in putting more on to themselves to that they must inevitably perish, drained by voluntary blood-letting.
Graves: Their interest calculations are the same to support the financial dangers of loans!”

Will Eisner (1917–2005) American cartoonist

Source: The Plot: The Secret Story of the Protocols of the Elders of Zion (10/2/2005), p.84

“Clearly, the power of the lender to command interest has nothing to do with the use to which the loan is put. Whether the borrower uses it to build a factory or acquire a dwelling house, whether he spends it on tools of his trade or gambling on horses, will make no difference… The coupling of interest with capital has been an unfortunate error prolific in its progeny of falsehoods. It arises from confusing the power to exact payment for loans with the use to which some of the loans are put… It gives to the idea of a loan a quality it should not possess, a suggestion of productiveness and of social benefit, obscuring the indebtedness and dependence which the loan so plainly advertises.”

Leon MacLaren (1910–1994) British philosopher

Leon MacLaren, Nature of Society and Other Essays, p169

“I can now present the first fundamental law of capitalism, which links the capital stock to the flow of income from capital. The capital/income ratio β is related in a simple way to the share of income from capital in national income, denoted α. The formula is
α = r × β
Where r is the rate of return on capital.
For example, if β=600% and r = 5%, then α = r × β = 30%.
In other words, if national wealth represents the equivalent of six years of national income, and the rate of return on capital is 5 percent per year, then capital’s share in national income is 30 percent.”

Thomas Piketty book Capital in the Twenty-First Century

Source: Capital in the Twenty-First Century (2013), p. 52.

“You cannot imagine how taxation has increased. Yet everyone is afraid to complain about it. The new State loans are nothing but confiscation of private property, because no one believes that the Government will ever make repayment, not even pay interest after the first few years.”

Günter Reimann (1904–2005) German economist

Source: The Vampire Economy: Doing Business Under Fascism, 2014, p. 7 (letter from a German businessman)

“Dialogue in Hell:
finally comes the liquidation which adds 15, 20, or 30 millions. In short, in the general reckoning, the total of the unforeseen expenses forms one-third of the estimated expenditures. It is upon this last figure that the legislative vote of the Chambers falls as a form of confirmation. In this way, at the end of ten years the budget can be doubles and even tripled….

Monsesquieu:… It is certain that there are few governments who are not obliged to have recourse to borrowing; but it is also certain that they are obliged to make use of them sparingly; they could not, without immorality and danger, encumber future generations with exorbitant burdens, out of all proportion to”

Will Eisner (1917–2005) American cartoonist

The Plot: The Secret Story of the Protocols of the Elders of Zion (10/2/2005)

“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.”

Gottfried Feder (1883–1941) German economist and politician

"Manifesto for the Abolition of Enslavement to Interest on Money" (1919)

“Capital has been made for man, and not man for Capital.”

David Lloyd George (1863–1945) Former Prime Minister of the United Kingdom

Speech to the Lancashire and Cheshire Federation of the League of Young Liberals in the Free Trade Hall, Manchester (28 April 1923), quoted in The Times (30 April 1923), p. 17
Leader of the National Liberal Party

“All state revenues flowing from direct and indirect sources pour constantly into the pockets of big loan-capital.”

Gottfried Feder (1883–1941) German economist and politician

"Manifesto for the Abolition of Enslavement to Interest on Money" (1919)

“For my part I think that capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself it is in many ways extremely objectionable.”

John Maynard Keynes book Essays in Persuasion

Source: Essays in Persuasion (1931), The End of Laissez-faire (1926), Ch. 5

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Will Eisner 87

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