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

Fascism is not the result of dictatorship.

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.

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.

At the end of all this, Russia held in her hands a vast belt of land running from the Baltic sea in the north to the Black Sea in the south, comprising eleven nations with a population of 100 million people.

All that is needed to set us definitely on the road to a Fascist society is war. It will of course be a modified form of Fascism at first.