Tolkien got the main symbols in The Hobbit from Richard Wagner's Ring cycle, but he was testy and sensitive whenever Wagner's name was mentioned. The problem was Wagner's anti-Semitism. The English had a long history of philo-Semitism that did not mesh with Wagner's views, leading to an artistic conflict that Tolkien could not resolve, and ultimately to an incoherent book. In purging Wagner's symbols of their anti-Semitism, Tolkien purged them of their meaning as well, for the real issue in Wagner's Das Rheingold is capitalism, not anti-Semitism. And if capitalism is the real issue, England must be the villain, which is unacceptable to Tolkien, an English patriot. Once rearranged to suit English sensibilities, though, those symbols lose their power, meaning, and coherence.
After reading E. Michael Jones's intellectual tour de force, you'll never view Tolkien's saga the same.
After reading E. Michael Jones's intellectual tour de force, you'll never view Tolkien's saga the same.