Is it desperation? The themes and instincts of the anti-Semitic radicals and extremists his campaign stews in? A “global conspiracy” of the political elites, international finance and the media who have “robbed our working class, stripped our country of its wealth and put the money in the pockets of a handful of large corporations and political entities.”

Whatever Trump is thinking or means, the white nationalists and neo-Nazis he’s activated will hear his speech with glee because he’s channeling text book anti-Semitic conspiracy theories, with all the code words and emotional tenor. I genuinely don’t know how much of this he even understands or cares about. But his rage and anger is in tune with these movements. And he’ll cast about for the most coherent and resonant storyline that captures it. It doesn’t matter what he thinks. It matters what he does.

It’s possible these are simply the tropes and storylines of international Jewish conspiracies repurposed with the Jews removed from the picture. But it hardly matters. The substrate of traditional anti-Semitism is just as toxic as what grows from it. These are the kinds of conspiratorial, revanchist fantasies that spur violence and attacks on the mundane ordinariness of democracy itself.

Read our write-up, with extensive excerpts, and decide what you think.