The Credit Crunch and the Jewish Question


By Anshel Pfeffer
September 16, 2008
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The collapse of investment bank Lehman Brothers over the weekend prompted an interesting debate in the online forum of the white-racist website Stormfront. Some posters saw the demise of the financial institution, founded by America's grandest German-Jewish banking dynasty 158 years ago, as the ultimate triumph. "Who said Jews were ever good at money? They run a Con Game. Jews can't even manage their own banks," wrote one of them. Others were less jubilant, since "Jews didn't own Lehman Brothers, shareholders did. You me and anyone that has a pension scheme or an insurance policy has lost. The Jews will have known it was coming and moved their investments to a safer place months ago." Still others argued that, despite the bank not being family-owned for decades, this was still a debacle for the Jews as its senior management were hook-nosed.

Putting these rantings aside, it is still too early to say whether the subprime mortgage crisis is good or bad news for the Jews. Do the stories of Jewish-founded banks such as Lehman and Bear Stearns resonate differently than good ol' American household names like Freddie Mac and Fannie Mae? Have internal dog-whistles gone off? It would be encouraging to believe that in the 21st century, outside of the depraved imagination of supremacists, Jews are no longer the prime suspects in international financial disasters, and indeed there are no signs of that happening yet. But ancient stereotypes are double-edged. In today's politically correct environment, saying that Jews are good with money can cost someone their job and reputation. But let's admit the truth: many of our chosen people have done quite well out of that image when trying to attract investors over the centuries.

When the credit-crunch crisis is finally over, and the Chinese, Japanese and Gulf Arabs are energetically rebuilding the ruins of Wall Street and the City, will we finally be released from one of our oldest stigmas? The goons can always go back to using the blood-libel.

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