Why Financial Fascism Instead of Communism?
Thomas DiLorenzo
LRC Blog
October 14, 2008
- A d v e r t i s e m e n t
“Private ownership of savings . . . can be socially controlled. The social abuses connected with savings are encountered mainly in the mechanics of investment and financial management by the large banks, savings institutions, and insurance companies which handle savings. It is a relatively easy matter for the State to preserve the present de facto rights and interests of small savers while completely nationalizing the financial institutions which now administer their savings.”
“It cannot be repeated too often that what prevents adequate public regulation is liberal norms of law or constitional guarantees of private rights. There is no need to expropriate private ownership of . . . savings . . . in order to maintain adequate social control . . . . The fascist State can easily convert the . . . large corporations into State-controlled enerprises, the present owners and creditors of which will receive income bonds . . . . There is no real difference between being a yes-man official of a billion dollar bank and being an official of a State bureaucracy . . .”
From the pro-fascist American author Lawrence Dennis, in his 1936 book, The Coming American Fasicsm, p. 176, in the chapter entitled “Why Fascism Instead of Communism?”.
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