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Financial totalitarianism has subjugated the political powers. Financial totalitarianism is cold. It knows neither pity nor feelings. Political dictatorships are pitiful compared to this totalitarianism. A certain resistance was possible within the hardest dictatorships, no revolt is possible against a bank.

The economic dictatorship of the monopolies and the political dictatorship of the totalitarian state are the outgrowth of the same political objectives, and the directors of both have the presumption to try to reduce all the countless expressions of social life to the mechanical tempo of the machine and to tune everything organic to the lifeless machine of the political apparatus. Our modern social system has split the social organism in every country into hostile classes internally, and externally it has broken the common cultural circle up into hostile nations; and both classes and nations confront one another with open antagonism and by their ceaseless warfare keep the communal social life in continual convulsions.

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However, a great deal may be done without constitutional amendment. Here is another point at which we will do well to choose our words with caution. The words dictatorship and totalitarianism are used very loosely as perfectly synonymous. This is not so. The totalitarian government is one which possesses in itself the total sovereignty of the nation. In our government that total sovereignty resides in the people. Only parts of it are delegated through the Constitution to the federal government. A very great part of it— indeed the greatest part—is reserved to the states. And very vital portions of the sovereignty are delegated neither to federal government nor to states but are held wholly by the people.

From the vulgar bourgeois standpoint the terms dictatorship and democracy are mutually exclusive. Failing to understand the theory of class struggle, and accustomed to seeing in the political arena the petty squabbling of the various bourgeois circles and coteries, the bourgeois conceives dictatorship to mean the annulment of all the liberties and guarantees of democracy, tyranny of every kind, and every sort of abuse of power in the personal interests of a dictator.

Democracy represents the dictatorship of the exploiting classes.

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The mechanism of financial totalitarianism is constituted by the giant financial system of society, which is now conditioned above all by the infinite number of financial exchanges extending over all aspects of human life and society as a whole, including everything connected with capitalism.

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I have not included the Soviet Union in the above list of dictatorships, because the dictatorship there, although as ruthless as any other, is of a different type. It is not the dictatorship of an individual or a small group, but of a well-organised political party basing itself especially on the workers. They call it the 'dictatorship of the proletariat'.

Dictatorship is rule based directly upon force and unrestricted by any laws. The revolutionary dictatorship of the proletariat is rule won and maintained by the use of violence by the proletariat against the bourgeoisie, rule that is unrestricted by any laws.

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