...But that's not socialism. Socialism rests on a firm theoretical bedrock: the abolition of private property. I haven't heard anyone this side of Barney Frank calling for any such thing. What is happening now-and Newsweek is honest enough to say so down in the body of the article-is an expansion of the state's role, an increase in public/private joint ventures and partnerships, and much more state regulation of business. Yes, it's very "European," and some of the Europeans even call it "social democracy," but it isn't.

It's fascism. Nobody calls it by its proper name, for two basic reasons: first, because "fascism" has long since lost its actual, historical, content; it's been a pure epithet for many decades. Lots of the people writing about current events like what Obama et. al. are doing, and wouldn't want to stigmatize it with that "f" epithet.

Second, not one person in a thousand knows what fascist political economy was. Yet during the great economic crisis of the 1930s, fascism was widely regarded as a possible solution, indeed as the only acceptable solution to a spasm that had shaken the entire First World, and beyond. It was hailed as a "third way" between two failed systems (communism and capitalism), retaining the best of each...