What if the Dwarves Are Like Jews?

Tolkien was very open about the fact that the dwarves are modelled on the Jews. He wrote, I do think of the dwarves like Jews at once native and alien in their habitations. So he didn't... Is it possible that he was just against the political side of it? You can still be really racist, but against killing someone from another race. Not every racist wants to murder someone who's brown or Jewish. They can just be really racist and horrible and want to restrict their rights and movement, but not want to kill them.