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it is possible to develop conventional nationalism in the direction of any one of a number of racisms, for instance, by positing a 'core race' or 'hegemonic race' within the existing nation and proposing to enslave or expel the supposedly 'subaltern races'. Alternatively, and more sophisticatedly, it is possible to accept that the existing nation is a mere melange of 'races' but to argue that a sufficiently robust nationalism will allow the eventual merging through intermarriage of these 'races' to produce a new 'race'.
It is probably wiser not to think in terms of 'races' in the first place though, don't you think? there is an unhealthy materialist mysticism involved in the whole notion.
The problem with zionism, as I see it, is that via the mystification of religion it has been harnessed to a white supremacist form of racist evangelical christian american imperialism. In addition, Jews trying to expose this have been stigmatised as 'leftists.' However, they, or we, or whatever it is, are beginning to get our, or their, shit together and speak more clearly, as the imminent catastrophe itself becomes more and more obvious:
http://www.counterpunch.org/weitzel05142008.html
is pretty clear - and incidentally, since it discusses the Council for National Policy, I want to mention again that one of its leading members is also a luminary of the Lew Rockwell stable - Gary North.