Tolkien based his dwarvish language on the linguistical pattern of Hebrew, but this has morphed into making the Dwarves based on the wandering Jew in recent years.LINK
however, the argument about Tolkien vs Wagner ignores that they both based their stories on the Nordish tales and sagas that long predate the presence of the Jewish diaspora in those areas.
A better argument would be that instead of the tale being inspired by Anti Semitism, that the stories of these evil outsiders who loved gold in the ancient Nordic literature was used subliminally and later overtly to identify with the Jews by anti Semites such as Wagner and other artists of the 19th and 20th century.
However, one does have to note that in the mid 1930's, such caricatures were subliminally spread by Nazi propaganda to help push their "Jews as untermensch" theme,..
but then, two creative men, Art Disney and JRRT, changed the subliminal image of Dwarves through their creative works:
and then The Hobbit, and Disney's Snow White changed the meme.
Did you know that J.R.R. Tolkien’s The Hobbit and Walt Disney’sSnow White and the Seven Dwarfs were both released in 1937? Coincidence? Or not? Join Corey Olsen and this Mouseketeer in a conversation about these two works and the men who made them in a new Tolkien Chat format called “Pipeweed on the Porch.”
Download: .mp3 (right click and choose “Save As…” to download)