Believe it. Fascism is here.

Even more confusing for those who like their politics to consist of nicely pigeonholed leftwingers criticising rightwingers, and vice versa, will be the incendiary essay that introduces Krugman's new collection of columns, The Great Unravelling, published in the UK next week. In it, Krugman describes how, just as he was about to send his manuscript to the publishers, he chanced upon a passage in an old history book from the 1950s, about 19th-century diplomacy, that seemed to pinpoint, with eerie accuracy, what is happening in the U.S. now. Eerie, but also perhaps a little embarrassing, really, given the identity of the author. Because it's Henry Kissinger.

"The first three pages of Kissinger's book sent chills down my spine," Krugman writes of A World Restored, the 1957 tome by the man who would later become the unacceptable face of cynical realpolitik. Kissinger, using Napoleon as a case study - but also, Krugman believes, implicitly addressing the rise of fascism in the 1930s - describes what happens when a stable political system is confronted with a "revolutionary power": a radical group that rejects the legitimacy of the system itself.

This, Krugman believes, is precisely the situation in the U.S. today (though he is at pains to point out that he isn't comparing Bush to Hitler in moral terms). The "revolutionary power", in Kissinger's theory, rejects fundamental elements of the system it seeks to control, arguing that they are wrong in principle. For the Bush administration, according to Krugman, that includes social security; the idea of pursuing foreign policy through international institutions; and perhaps even the basic notion that political legitimacy comes from democratic elections - as opposed to, say, from God.