This was Finlay's take on the matter:

"But the nature of this anti-Jewish outlook must be probed, for it is doubtful whether 
it can be called anti-Semitism in the normal sense."
--

John L. Finlay, *Social Credit: The English Origins,* 
1972, pages 102-105.

(notes omitted)
...What made Douglas fear organization and what made 
him insist upon the organic was his bold analysis of 
human nature and especially of human motivation. 
While holding that most people were good, socially 
minded creatures, he allowed the existence of a 
minority whose driving force was the pursuit of 
power. It was here in the identification of the power 
complex that Douglas showed his originality.  In a 
pretotalitarian age it was difficult to conceive of 
anyone's being motivated by power for its own sake. 
Yet it was this point which Douglas had stressed from 
his earliest writings onwards, the second of his 
articles in the *English Review" was entitled "The 
Pyramid of Power."  In that article he described the 
"will to power" and noted that it was particularly 
virulent in Germany. The war had encouraged the 
development of this will, and not only in Germany, so 
that a new danger faced the world. It was not merely 
an intensification of previous conflict, for there 
was a qualitative difference too. "Strong and 
embittered differences of opinion resulting in some 
sort of conflict are nothing new in the history of 
civilization," Douglas noted, "they recur with dreary 
monotony ...But there is definitely novel component 
in the present upheaval ...the cleavage is in the 
main horizontal and the issue is impersonal." In 
Douglas's view, then, groups were of two kinds. There 
were traditional natural groupings which predated the 
emergence of the "novel component in the present 
upheaval" and which were to be preserved as essential 
protection against the coming storm. They would tend 
to be small, and in fact Douglas once declared that 
no organization should exceed three thousand. On the 
other hand there were artificial organizations which 
had no real purpose but to provide the means by which 
the power seekers could arrange the people into a 
perfect hierarchy of obedience. It was for this 
reason that Douglas was so distrustful of democracy. 
Not that he was prepared to give up the concept 
itself. He declared his belief in the "Democracy of 
the Common Will"; what he rejected was the "Democracy 
either of the Intellect or of the emotions, which 
lead directly to dictatorships." Thus he refused to 
distinguish between the extreme right and the extreme 
left. He sensed rather than understood that mass 
mobilization through the ballot box would lead to "a 
Mussolini and a Lenin or Trotsky who are identical in 
their contempt for Liberty and passion for the rule 
of centralizing force." The same intuition led him to 
oppose the Work Study philosophy and its later 
manifestation, Technocracy, two movements which 
maintained that a planned approach to the routine of 
work at all levels could lead to tremendous increases 
in output. Such methods demanded a high level of 
organization and therefore were to be feared. A 
typical Douglas judgment upon these movements was 
that they were "Syndicalist in essence and [did] not 
differ very widely...from ... Fascism."

It was inevitable that sooner or later Douglas should 
seek to identify more precisely the power-seeking 
conspiracy. In the beginning he was restrained in his 
attitude towards it. But from an early belief that it 
might, "Like Topsy, just have growed," he moved to 
attack "a very deeply laid and well considered plot 
of enslaving the industrial world to the German-
American-Jewish financiers." It was not long before 
the German-American element faded into the 
background, leaving the Jews as the real villains of 
the piece ...But the nature of this anti-Jewish 
outlook must be probed, for it is doubtful whether it 
can be called anti-Semitism in the normal sense.

In the early days Douglas always denied any animus 
against individual Jews. Even in the 1930s he wrote: 
"It must be emphasized that attacks upon the Jews as 
a body are wholly indefensible, except in cases where 
Jews act as a body while utilizing advantages which 
proceed from their incorporation as individuals in 
other nations. So far as this review is concerned, 
only their financial relationships are in question." 
On a latter occasion her asserted, "The very last 
thing which I should desire ...would be the 
association of the Social Credit movement with Jew-
baiting," and he acknowledged that the persecution of 
Jews would mean "an irreparable loss to the rest of 
the world." He could praise individual Jews and 
thought highly of Sidney Hillman, the Jewish leader 
of the American Clothing Workers, whom he met in 
America and whom he described as "one of the ablest 
labour leaders I have ever met." But later a harder 
line began to emerge. Conveniently, Douglas 
summarized his attitude towards the Jewish question 
as follows:  "If I have, for my own part, come to 
believe that there is a fundamental relationship 
between the troubles which afflict Europe and what is 
known as the Jewish problem I have formed that 
opinion with reluctance ...perhaps the first 
necessity is to explain beyond any risk of 
misunderstanding, the nature of the charge, and why 
it is a racial and not a personal indictment.  In 
this connection, Disraeli's description of his people 
as "a splendidly organized race' is significant. 
Organization has much of the tragedy of life to its 
debt; and organization is a Jewish speciality."  The 
most important point about the Jews was the extent of 
their exclusiveness. This meant a great amount of 
inbreeding and there was, too, a reliance upon a 
narrow tradition, especially upon an education which 
stressed a detailed knowledge of a restricted number 
of sacred books. The result of this way of life, 
thought Douglas, was the breeding of a race which was 
far more homogenous than any other , a race which 
tended to think in the same overall way. Because of 
this it was the ideal vehicle for those seeking 
power; it provided a ready disciplined army which 
could be manipulated into doing the will of the real 
rulers. In fact, to Douglas, the Jews were the 
unwilling and unknowing dupes of a conspiracy, the 
conspiracy itself; some, but not all, of the leaders 
of this conspiracy would be Jewish. This aspect of 
the argument was brought out clearly in the case of 
the Freemasons, who were likewise a tool of a 
conspiracy. "It must be remembered that the essence 
of Freemasonry is that 99% of Freemasons don't know 
what it is about, or what they are doing."

Evidently to Douglas, Jewishness was not a racial 
term at all, but a philosophical description. This 
point was made very clearly when he once divided 
systems into two, the characteristics of the first 
being "Deductive, Totalitarian, Machiavellian, 
Idealistic, Jewish, Love of Power, Planned Economy," 
and of the second and balancing group, "inductive, 
Democratic, Baconian, Realistic, Christian, Love of 
Freedom, Organic Growth." Anti-Semitism of the 
Douglas kind, if it can be called anti-Semitism at 
all, may be fantastic, may be dangerous even, in that 
it may be twisted into a dreadful form, but it is not 
itself vicious nor evil. It is merely an extreme form 
of religio-philosophic propaganda, to be classed with 
Coulton's anti-Catholic tirades. And finally it must 
not be forgotten that Douglas did not seek to 
discriminate against Jews as people; it was never 
suggested that the National Dividend be withheld from 
them.
--




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