Debunking Antisemitism: The Lie That Jews Control the Banks

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May 26, 2025

4 min read

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This age-old antisemitic myth has fueled hate for centuries—from medieval Europe to modern-day social media. Get the facts, uncover the history, and expose the lie once and for all.

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.

Rejecting these types of falsehoods is essential for anyone who values truth, justice, and human dignity.

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BBS
BBS
6 months ago

This is a well researched and well written article that will hopefully help truth seekers see the light; however, hard-core antisemites would unfortunately not be swayed from their illogical hatred by so "minor" a fact as the truth!

Zahav
Zahav
6 months ago

I appreciate this information, I didn’t know most of these facts. It’s amazing, but not a great type of amazing that so much conspiracy theory has to be addressed. I often wonder after thousands of years why much of humanity doesn’t research what they hear or chooses to believe absolute crap, it’s almost like some people want to be very mean to a group of people they know absolutely nothing about. And there’s one more, most Jews I’m friends with or have known are not wealthy. So the tropes are just ridiculous to MANY of us. Some Jews are just getting by.

Kim
Kim
6 months ago
Pamela
Pamela
6 months ago
Reply to  Kim

Look at your source, Kim research each bank. Honduras Central Bank , it is 100% owned by the gov't. New Zealand: Reserve Bank of New Zealand fully owned by the gov't, Niger: Central Bank of West African States (BCEAO)owned by the member states not individuals etc! Ironically , because Jews were not allowed in many professions and guilds. Jews became merchants with relatives across the globe and being literate while most of Europe were illiterate serfs, European Monarchs invited Jews to settle in their countries to help them create economies. At the time the Catholic Church was Christendom. Even many priests were illiterate. The Church outlawed Christians from lending money. The illiterate priests satanized them .Everything unexplainable or catastrophic was blamed on the Jews.

Rhoda
Rhoda
6 months ago

You forgot to mention Henry Ford and his propagation of the Protocols. Ford's incitement fanned the flames of antisemitism in America.

Otherwise, this is a good and timely article.

Leah
Leah
6 months ago

I loved the contrast between “What did I do wrong?” vs “Who did this to me?” as ways of responding. It’s some really good food for thought. Great article — very well written!

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