There can be no question that violence and racism were essential traits of fascism. But for most Italians, Germans and other European fascists, the appeal was based not on racism, much less ethnic cleansing, but on the fascists’ ability to respond effectively to crises of capitalism when other political actors were not. Fascists insisted that states could and should control capitalism, that the state should and could promote social welfare, and that national communities needed to be cultivated. The fascist solution ultimately was, of course, worse than the problem. In response to the horror of fascism, in part, New Deal Democrats in the United States, and social democratic parties in Europe, also moved to re-negotiate the social contract. They promised citizens that they would control capitalism and provide social welfare policies and undertake other measures to strengthen national solidarity – but without the loss of freedom and democracy that fascism entailed.
Bill Fulkerson on 21 Jan 20Speaking of unicorns, the author says ..." Their eventual (and unavoidable) collapse may prove to be systemic, dragging down the market, not because of their size (which is insignificant), but because investors will reprice the market, taking the promise of an infinitely more efficient tomorrow out of the equation. Ray Dalio's dark prophecy may just be right: When the "dream companies" fail to deliver on their promise, and the only way for pension funds to make good on the obligations is to chase debt, there might be a moment when investors say "enough" and began pulling their money out of the system, causing massive repricing and a surge in rates."
