Compared with the events themselves, all explanations of antisemitism look as if they had been hastily and hazardously contrived, to cover up an issue which so gravely threatens our sense of proportion and our hope for sanity. One of these hasty explanations has been the identification of antisemitism with rampant nationalism and its xenophobic outbursts. Unfortunately, the fact is that modern antisemitism grew in proportion as traditional nationalism declined, and reached its climax at the exact moment when the European system of nation-states and its precarious balance of power crashed.