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 goy States do not tear them off; they go on in persisting in putting more on to themselves so that they must inevitably perish, drained by voluntary blood-letting.

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 per cent, 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 baling out the last coppers of the poor taxpayers in order to settle accounts with wealthy foreigners, from whom it has borrowed money instead of collecting these coppers for its own needs without the additional interest.

So long as loans were internal the goyim only shuffled money from the pockets of the poor to those of the rich, but when we bought up the necessary person in order to transfer loans into the external sphere all the wealth of States flowed into our cash-boxes and all the goyim began to pay us the tribute of subjects.

If the superficiality of goy kings on their thrones in regard to State affairs and the venality of ministers or the want of understanding of financial matters on the part of other ruling persons have made their countries debtors to our treasuries to amounts quite impossible to pay it has not been accomplished without on our part heavy expenditure of trouble and money.

Stagnation of money will not be allowed by us and therefore there will be no State-interest bearing paper, except a one-percent series, so that there will be no payment of interest to leeches that suck all the strength out of the State. The right to issue interest-bearing paper will be given exclusively to industrial companies who will find no difficulty in paying interest out of profits, whereas the