Does America Face the Risk of a Fascist Backlash?

By Robert Freeman, AlterNet. Posted March 19, 2009.

By the time of the Great Depression, Adolph Hitler's ironically named National Socialist Party had become the biggest vote getter in the nation. The Nazis had once been derided as the lunatic fringe of the far right. But the "respectable" right-wing power brokers who had started and lost the Great War anointed Hitler Chancellor in January, 1933.

He immediately suspended the constitution, abolishing most civil liberties. He outlawed opposition parties, began a massive military build-up and a relentless propaganda campaign, and set Germany and the world onto the path of the greatest destruction it would ever know.

America now faces its own "Weimar moment."

The failure of right wing policy and leadership over the past eight years, especially in matters economic, is comparable to Germany's right-wing failure in World War I. It is catastrophic, undeniable, and complete.

Consider:

According to the World Economic Forum, forty percent of the entire world's wealth has been destroyed in the recent financial collapse. In the U.S. alone, between housing and the stock market, more than $18 trillion in wealth has already been destroyed.

The private mega-banks that anchor the financial systems of the western world are bankrupt. This makes it all but impossible to jump-start the western world's economies which are heavily dependent on bank-system credit to operate.

More than 10,000 homes go into foreclosure every day. More than 20,000 people lose their job every day. And the collapse is accelerating, developing its own self-reinforcing dynamic. Job losses breed foreclosures, reducing demand, leading to more job losses and further degradation of the financial system. None of the stopgaps designed to stanch the bleeding have yet worked. There is no bottom in sight.