Pardon me, but what I think made the joke so offensive was not that the joke was about Jews, but that the subject of the joke was about relocating the jews. Given the history of the Jewish people, that makes the joke not only in poor taste, but also anti-semitic. If the joke was about Jews and money, then the joke would have been in very bad taste and stereotyping the Jews, but not as offensive as the joke that was actually made.

I read some comments accusing the person who got upset as being too sensitive. Given the history of the Jewish people, it should be expected by the rest of the world that every Jewish person would find any joke about relocating them all highly offensive, not just in poor taste. It's the equivalent of making a joke about giving every American Indian a disease when so many died from smallpox and it almost killed off an entire race.