The pro-Gaza demonstrations that marked the summer of 2014 were trailed by a concern over the intensity of anti-Semitism among European Muslims and accusations of ‘double standards’ with regard to anti-Muslim racism. In the Netherlands, the debate featured a nexus between the Holocaust, anti-Semitism, Islamophobia, freedom of speech and the limits of tolerance, which beckons a closer analysis. I argue that it indicates the place of the Holocaust in the European imaginary as one of a haunting, which is marked by a structure of dis/avowal. Prescriptive multicultural tolerance, which builds on Europe’s debt to the Holocaust and represents the culturalized response to racial inequalities, reiterates this structure of dis/avowal. It ensures that its normative framework of identity politics and equivalences, and the Holocaust, Jews and anti-Semitism which occupy a seminal place within it, supplies the dominant (and in the case of anti-Semitism, displaced) terms for the contestation of (disavowed) racialized structures of inequality. The dominance of the framework of identity politics as a channel for minority populations to express a sense of marginalization and disaffection with mainstream politics, however, risks culturalizing both the origins and the solutions to that marginalization. Especially when that sense of marginalization is filtered and expressed through the contestation of the primacy of the Holocaust memory, it enables the state, which embeds Jews retrogressively in the European project, to externalize racialized minorities on the basis of presumed cultural incompatibilities (including anti-Semitism, now externalized from the memory of Europe proper and attributed uniquely to the Other); to erase its historical and contemporary racisms; and to subject minority populations to disciplinary securitization. Moreover, it contributes to the obfuscation of the political, social and economic dynamics through which neo-liberal capitalism effects the hollowing out of the social contract and the resultant fragmentation of society (which the state then can attribute to ‘deficient’ minority cultures and values).