I ran into an interesting commentary on The Protocols ... over here.

In my opinion, the Protocols are neither a hoax nor a forgery. They are not what they claim to be, but
that does not make them a hoax or a forgery. What they are, technically, is a political feint.
What I mean by that is this: the Protocols appear to me to be a cloaked attack. They are an attack by the aristocracy upon the financiers that had just defeated them. More than that, they are a focused attack upon one party of the financiers: the Jewish financiers.

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As I have said before, when you get these warring parties, they often tell the truth about each other, but
lie about themselves. We see the same thing here. Like almost everything else promoted in the past
two centuries, this document is a strange mixture of truth and propaganda, and you have to enter the
bog with a pretty good map to make it to the other side. The aristocrats who wrote and promoted this
document are revealing a great deal of genuine information about how the world is being controlled,
and by whom. This is why when Henry Ford was asked about the Protocols, he said only, “They fit in
with what is going on.” True enough. A reader comes away with the idea—not promoted until then—
that the world was being run by a group of powerful and hidden financiers intent upon remolding the
world on a master plan. The reader also came away with the idea that this plan included destroying
religion, undermining education, quashing liberalism and Republicanism, and hiding behind Marxism.
In addition, this plan included controlling the press and all other information, lying as a primary form
of governance, and a total destruction of the individual.