How the Democrats fell for Mussolini

This parallels the alarming transformation of the US Democratic Party, the putative “party of the people” , now increasingly a subsidiary of the corporate elite. Among financial firms, communications companies and lawyers, Biden outraised Trump by five-to-one or more. Today’s oligarchs are particularly keen on the progressive non-profit sector, which provides important support for their political and social advocacy — a means for them to make politically correct statements about climate change, gender and race, while still obtaining enormous profit margins and unprecedented wealth.

But whereas the old fascism sought greater prosperity, its new form, at least in the West, supports only an expanded welfare state that keeps the beleaguered middle and working classes both quiescent and stripped of aspiration. Worthies such as former Bank of Canada and Bank of England chief Mark Carney even embrace “de-growth,” a conscious slowing of the economy and embrace of declining living standards.

Indeed, the widely hailed Club of Rome report in 1972 — “The Limits to Growth” — was financed not by green activists but by the Agnelli family from Fiat, once a linchpin of Mussolini’s original corporate state.2 The Report predicted massive shortages of natural resources, slower economic growth, less material consumption and ultimately less social mobility.3

Fast forward to today’s new economic order, and it’s clear that not all economic animals are equal. There are opportunities galore for Wall Street investors, Silicon Valley tech oligarchs, cobalt miners, electric car manufacturers and renewable energy producers through the massive subsidies for producing green.

And these woke oligarchs, like their fascist counterparts before them, see little use for democracy. Eric Heymann, a senior executive at Deutsche Bank, suggests that to reach the climate goals of Davos, corporations will have to embrace “a certain degree of eco-dictatorship”.4 After all, it would be difficult to get elected officials to approve limits on such mundane popular pleasures as affordable air travel, cars, freeways and suburbs with single-family houses, unless they were imposed by judicial or executive fiat.