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I think this is generally correct, Robert:
The ruling class rules to benefit itself. Since the ruling class is small, compared to the mass it rules, it must persuade the mass that it is acting in ways that benefit the mass. Rulers like Elizabeth I were popular, for instance. Englishmen felt she was a good queen. They called her Good Queen Bess. They would die for her, and many did. In the final analysis, all rulers get into power and stay in power by general consent. No one has enough power to defy the masses. Stalin was loved by millions of Soviet citizens. Many mourned his passing. They wept when he died because they had lost their protector, their father. Stalin used terror, he killed more Russians than Hitler, but he was loved too. The French Revolution was not saved by The Terror. Napoleon ended the French Revolution. Frenchmen loved their new Emperor when he crowned himself. Everyone who comes to power in the name of the masses, starts acting like the ruling class did before very long.
In the West, we certainly are ruled by an oligarchy. Can our ruling oligarchy be traced back to Charlemagne? Possibly it can. There is absolutely no problem, whatsoever, on the other hand, tracing the oligarchy back to William the Conqueror (A.K.A. William the Bastard) who turned Anglo-Saxon Briton into a military dictatorship in 1066.  William's descendant, Elizabeth II, is sitting on the throne today. Her castle, Windsor, was built by William the Conqueror. Elizabeth's immediate ancestors are the Germans who came to the throne in 1688 with Mary, the daughter of James II (who was deposed), and William of Orange. They were succeeded by Mary's sister, Anne. BBC notes: "Anne died on 1 August 1714. Her only surviving son William had died in 1700, prompting parliament to pass the Act of Settlement (1701) to ensure a Protestant succession. Anne was therefore succeeded by the German Protestant prince George, Elector of Hanover."  No doubt the Germans can trace themselves back to Charlemagne, who came to power (768) about the same time as William the Conqueror. I would be amazed if they could not.
The United States is dedicated to the ideals of the Declaration of Independence in name only. The American oligarchy began with George Washington and his gang — who are known as The Founding Fathers. Daniel Boone  was a contemporary of Washington and the boys; he fought in the many French and Indian Wars, opened up the West, founded Kentucky, and is an American icon, but Boone was not part of the oligarchy. Boone's property was taken away from him (twice!) by the new American tax collectors (who worked for the gang in Washington) and Boone lived his remaining days, with his family, as the governor of a Spanish colony where he had been invited to go when he was forced to leave Kentucky. Boone was not part of the oligarchy. Neither was Thomas Paine  who inspired the Declaration of Independence, if he didn't actually write it himself. Unlike Boone, Paine and the peasant Americans who were enlisted to "fight for their liberty," George Washington had deep ancestral roots in the English aristocracy.
After the War of 1812, Great Britain and the U.S.A. became the best of friends. Canada remained an independent country with cooperative relations with the American colossus — unlike Mexico and the other Spanish countries south of the Rio Grande. When asked what the most significant fact of the 20th century would be, Bismarck answered, "In England and in the United States they speak English." The 20th century was about transferring power from London to Washington and New York, where power would be safe inside the American continental empire which was defended by the Strategic Air Command with its impregnable headquarters inside Cheyenne Mountain. Everything else that happened — along with several hundreds of millions who were slaughtered and the stories that are told over and over — was just part of the show.
The Jews? Some of them have always been part of the ruling class everywhere since time immemorial. (Readers of the Bible will remember Joseph who administered Egypt for the Pharaoh. Moses too was part of the ruling élite of Egypt before God recruited him to lead His people out of bondage.) Being downtrodden and oppressed has been part of Jewish culture since the Roman Empire adopted Christianity. This cultural relic actually dates back further — to the Assyrian Conquest and even to The Exodus. Being downtrodden and oppressed has worked for them, especially for those who are part of the ruling oligarchies. Other Jews have been slaughtered, along with everyone else, when that has served the interests of their rulers. 
The first Commandment says, "Thou shall have no other Gods before me." Yet, Man has thousands of Gods before Him, the foremost of which is the State and its rulers. These creations of Man may seem powerful — and they are powerful compared to any individual or inferior group — but they have never served Man well. They serve themselves well.
The happy news, as far as I am concerned, is that the objective of the 20th century — to establish our Anglo-American Empire as the permanent world hegemon — has failed. At least it looks that way right now. Today, it looks as if we will have to learn to play nicely with the other children in the sand box. That is my fervent prayer.