"Russian state capitalism has become the example for other nations as indicated in the rise of fascism and the growth of governmental control in all countries. However, this trend is no sign of ‘progress,’ as many people believe. It does not correspond to a ‘higher stage’ of capitalism, but indicates the decline of world capitalism. The trend toward bolshevization and fascization is only the political expression of the stagnation and decline of the capitalist system; it is barbarism."

“Frequently Lenin identified state capitalism and socialism... In Towards the Seizure of Power, he writes: “Socialism is nothing but state capitalist monopoly made to benefit the whole people; by this token it ceases to be capitalist monopoly.”

“There is, however, an apparent contradiction here; for if fascism must be regarded as the direct outcome of the previous capitalist development it should appear first in the oldest and most advanced nations. But this is not the case. Russia, in which we find the most complete totalitarian system, was one of the most backward nations, as was Italy which experienced the first ‘fascist revolution.’”

“Ideological conformity depends on conditions of prosperity; it has no staying-power of its own.”

“Coming to power with the help of a russified Marxian ideology, Trotsky, after he lost power, had no choice but to maintain the revolutionary ideology in its original form against the degeneration of Marxism indulged in by the Stalinists.”

“Rather, the war, and even the period preceding the war, will be marked by a general and complete military dictatorship in fascist and anti-fascist countries alike. The war will wipe out the last distinction between the democratic and the anti-democratic nations. And workers will serve Hitler as they served the Kaiser; they will serve Roosevelt as they served Wilson; they will die for Stalin as they died for the Tsar.”

“There is no longer any need to point to the many ‘misdeeds’ of Bolshevism in Germany and in the world at large. In theory and in practice the Stalinist regime declares itself a capitalistic, imperialistic power, opposing not only the proletarian revolution, but even the fascist reforms of capitalism. And it actually does favour the maintenance of bourgeois democracy in order to utilise more fully its own fascistic structure. Just as Germany was very little interested in spreading fascism over her borders and the borders of her allies since she had no intention of strengthening her imperialistic competitors, so Russia concerns herself with safeguarding democracy everywhere save within her own territory. Her friendship with bourgeois-democracy is a true friendship; fascism is no article for export, for it ceases to be an advantage as soon as it is generalised. Despite the Stalin-Hitler pact, there are no greater ‘anti-fascists’ than the Bolsheviks on behalf of their own native fascism. Only so far as their imperialistic expansion, if any, will reach, will they be guilty of consciously supporting the general fascistic trend.”