The attitude of the non-Jew toward the Jew is seen as a transference. Behind the frequently contradictory arguments there are pre-existent affects which are displaced upon the Jew. Why the Jew lends himself to such a displacement has not yet been sufficiently elucidated. The writer presents two case histories. In both patients the Jew represents that force which the anti-Semite feared most in his childhood, the omnipotent, threatening father. Displacement upon the Jew enabled the patients to avoid the resolution of their conflicts and to find a justification for refusing the demands of society (father). The expenditure of energy by the anti-Semite in hostile impulses against the Jews is made possible through the release of that psychic energy which normally cathects the ego in the control of instinctual drives. The problem does not lie in what the Jew is or does, but in what he symbolically represents or is thought to mean.