Debunking Antisemitism: The Lie That Jews Control the Banks

In recent years, the rap artist Ye (formerly Kanye West) reignited a dangerous and false antisemitic trope: that Jews “own the banks.” This claim isn’t new—and neither is Ye’s repetition of it. He echoed the same sentiment during a very public mental health crisis a few years ago.

Yet the issue goes far beyond one celebrity’s inflammatory words. The accusation that “Jews control the banks” has circulated for over a century, rooted in exclusion, economic scapegoating, and deeply entrenched prejudice across both the West and the Middle East.

The Facts: Who Really Owns the Banks?

Let’s start with the truth. Most major financial institutions—such as JPMorgan Chase, Citigroup, Bank of America, HSBC, and Deutsche Bank—are publicly traded corporations. That means they are not privately owned by a single family or individual. Instead, ownership is spread across millions of shareholders, including mutual funds, pension plans, and everyday people with 401(k)s.

What about the leadership of these institutions? JPMorgan Chase is led by Jamie Dimon, a Greek American. Citigroup’s CEO is Jane Fraser, who is Scottish. Bank of America is helmed by Brian Moynihan, an Irish American. HSBC and Deutsche Bank are also headed by individuals who are not Jewish.

Yes, there are prominent Jewish figures in finance—David Solomon at Goldman Sachs and Larry Fink at BlackRock, for example. But their religious background does not imply the existence of a coordinated “Jewish agenda.” These are companies accountable to shareholders, regulators, market forces, and boards of directors. They don’t promote Jewish causes, nor do they operate differently from any other financial institution. BlackRock doesn’t fund kosher food programs; Goldman Sachs doesn’t demand support for Jewish education as a condition of investment.

The Roots of the Myth: Medieval Prejudice

The stereotype has medieval roots. In Europe during the Middle Ages, Jews were often legally barred from land ownership and many trades. However, they were permitted to engage in moneylending—often one of the only available occupations. Monarchs taxed Jewish lenders heavily, profiting off the practice while simultaneously stoking resentment against the Jewish community. Over time, this gave rise to the image of Jews as greedy outsiders, enriching themselves at the expense of others.

By the 1800s, as many European countries extended civil rights to Jews, new opportunities opened in business and finance. The Rothschild family became especially prominent, innovating international banking through a courier system and early wire transfers. Their success—and the visibility that came with it—sparked a backlash. Antisemites didn’t view the Rothschilds’ rise as the result of talent or innovation but as evidence of manipulation and control. Thus, the myth evolved: Jews weren’t just bankers—they were puppet masters.

Modern-Day Scapegoating: From Tsarist Russia to Nazi Germany

This myth was weaponized most famously in Tsarist Russia. In 1903, Russian authorities fabricated The Protocols of the Elders of Zion, a false document alleging a secret Jewish plot to dominate the world’s governments, media, and financial systems. It was designed to distract from Russia’s domestic problems by scapegoating the Jewish community.

Despite being exposed as a hoax by journalists in England and Germany, The Protocols gained traction. The Nazis republished it in Der Stürmer and referenced it in the propaganda film The Eternal Jew. It served as a pseudo-intellectual basis for the Nuremberg Laws and helped justify the systematic persecution—and eventual genocide—of European Jews.

Why the Lie Persists

Falsehoods persist because they’re easier to believe than hard truths. As Rabbi Jonathan Sacks once observed, when faced with adversity, you can ask, “What did I do wrong?” or “Who did this to me?” The former builds responsibility and resilience. The latter breeds blame and collapse.

Blaming Jews for economic hardships, societal changes, or personal failure is a choice rooted not in logic but in fear and hate. The persistence of the banking myth offers a convenient villain rather than an honest reckoning with reality.

Rejecting the Trope, Embracing the Truth

The claim that Jews control the banks is not just a meme or an edgy slogan. It’s a deeply harmful lie—one that has justified exclusion, discrimination, and violence. Today, social media platforms allow such lies to spread faster and farther than ever before. But we are not powerless. We can confront these myths with facts, context, and the courage to tell the truth.

The lie that “the Jews own the banks” isn’t just an edgy meme. This trope was used to justify hate and violence against Jews. Rejecting these types of falsehoods is essential for anyone who values truth, justice, and human dignity.

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