Malcom puts my feelings about the song better than I could, except I would add this: Generally speaking, folkies who are concerned about the political impact of what they sing--positive or negative--vastly overrate their own significance. I feel uneasy about the song, but it's still a good song I would sing to people if I knew they would not be offended.

Singing it does not promote anti-semitism, at least unless very explicit words are sung to a large and unsophisticated audience.