There are past stereotypes of the Jew here that the Nazis drew from: the prominent nose, the beard, the association with money and the implication of greed and dishonesty.

The whip adds cruelty and heightens the suspicion that the gold coins were ill-got, that they were acquired as a result of the suffering of someone else. The Nazis have crafted a new association, a new link to add to the older stereotypes.

The hammer and the sickle on the image of the map, which may be Russia, above the man's left hand suggest that Jews were infecting the country with Bolshevikism, a form of communism promoted during the 1917 Russian Revolution.

In addition to making the man look physically different, misshapen, greedy, and cruel, this association with Bolshevikism suggests that he is a traitor, a serious threat to the homeland. Perhaps the gold coins come from selling out Germany.

The Great Depression had a devastating effect on Germany. There was a deeply-rooted fear in the country that it would follow the example of Russia, experience a revolution that would overthrow the government, and turn toward communism. Capitalizing on this reservoir of fear, the Nazis linked the Jews to the idea of an external threat, an international conspiracy. Along with all the other negatives, the poster seems to be saying that by definition Jews are inherently disloyal – perpetrators of foreign plots and traitorous intentions.

It is subtle here, but the shift is already visible from just asserting that the Jews are "other" to painting them as a serious threat that has to be confronted and eliminated. None of these propaganda elements is an accident. These are carefully crafted distortions and misrepresentations in an orchestrated campaign of misinformation.

Take a look at these additional Nazi posters:

The first makes the link to Bolshevikism and American Jews. (The red star was a Bolshevik symbol.) The second is entitled "Money is the God of the Jews." Compare them to the poster we've just discussed.

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