Well, not really; certainly it's initial usage was totally 'racist' *; the Jews of Venice were forced to live in a small walled area of the city, formerly part of the city arsenal, which was called Geto - it is the setting for The Merchant of Venice. So although it certainly can mean what you say johnh, it usually does have that other connotation.
(*Last time I looked there was only one human race, so I hate the words "race" & racist". It's a bugbear of mine, I feel if we keep using the words we are encouraging the 'myth' that these lowlifes peddle. - Steps off soapbox & walks away

)