When the fountains of government [borrowing] abundance began to dry up, when through lack of funds and the impossibility of negotiating fresh loans the state was forced to check the extension of bureaucracy and to put a stop to public works, then and then only did the Italians realize what it meant to have allowed themselves to be made one of the most heavily taxed nations in the world.

The enemy aggressor is always pursuing a course of larceny, murder, rapine, and barbarism. We are always moving forward with high mission, a destiny imposed by the deity to regenerate our victims while incidentally capturing their markets, to civilize savage and senile and paranoidal peoples while blundering accidentally into their oil wells or metal mines.

These code authorities could regulate production, quantities, qualities, prices, distribution methods, etc., under the supervision of the NRA. This was fascism.

Fascism is the consequence of economic jam and dictatorship is the product of Fascism, for Fascism cannot be managed save by a dictator.

In different countries the basis of resistance takes different forms, but it comes chiefly from the conservative groups. Hence it becomes increasingly difficult to go on spending in the presence of persisting deficits and rising debt. Some form of spending must be found that will command the support of the conservative groups. Political leaders, embarrassed by their subsidies to the poor, soon learned that one of the easiest ways to spend money is on military establishments and armaments, because it commands the support of the groups most opposed to spending.

But Fascism cannot continue in a modified form.

When the fountains of government [borrowing] abundance began to dry up, when through lack of funds and the impossibility of negotiating fresh loans the state was forced to check the extension of bureaucracy and to put a stop to public works, then and then only did the Italians realize what it meant to have allowed themselves to be made one of the most heavily taxed nations in the world.