The Jewish problem has very ancient, diverse, and in some respects enigmatic origins. Anti-Semitism is a motif that has appeared in almost every stage of Western history. Even as far as Italy is concerned, it may not be devoid of interest to look at the Jewish problem with more than mere curiosity. The fact that the special circumstances which have caused the most direct and thoughtless forms of anti-Semitism in some countries are not present in Italy allows us to consider the problem with greater calm and greater objectivity. In these notes, the real factors according to which an anti-Semitic attitude can be consolidated are examined.