I've seen a bad trend of this sort (DaVinci Code). Once upon a time, "historical fiction" was a fictional story set against a verified, historical background. Now we have made-up history masquerading as the assumed-to-be-true background, while the more-obvious piece of fiction misdirects our attenton toward center stage.
As Card says, this works if people are ignorant of history. And most people are.
The Protocols of the Elders of Zion is a best seller in the Arab world, right up there with Mein Kampf and the Koran. Never underestimate the self deluding capacity of the hateful.
At least people will have to be able to read to be effected by this and that will leave out the bulk of our society under 35. Of course, it will probably be made into a movie in order to suck them in too.