It’s a bit weird. As far as I can tell, it’s something that arose in anti-fascist circles in Germany using a sort of post-Frankfurt school marxist theory to arrive at a position that supports the state of Israel, is at least partially in favor of US miltiary interventions, and believes there’s a special German-ness that is a threat to Jews such that Germany is the main target to be stopped. Perhaps this all makes more sense in Germany. To me it looks really odd.
It’s been the subject of discussion on the aut-op-sy email list recently, one of the better discussions there in a while. (Interested folk, it’s archived here.) For an intro, see this piece from Mute. There was also discussion of it at interactivist about a year and a half ago, here and here. That discussion lists Postone’s “Anti-Semitism and National Socialism” as a key text for the anti-deutsch.