(Why) Censorship is a Milestone in Authoritarian Collapse

Hi! How’s everyone? Welcome back old friends, welcome new ones, and here’s a hug from little Snowy.

Today we’re going to discuss authoritarian collapse, and what it means for finance and investment. “It’s not really free speech anymore,” said Trump, recently. Chilling words. Moments like these are milestones in authoritarianism.

Why?

Censorship is a shadow institution. When I use that term, I mean it in several ways. Shadow means it arises from, in, amidst, the rubble of democracies. And I also mean it in a psychological sense, a Jungian one: shadow institutions express our dark sides. In particular, the malevolence, the hyper malignant narcissism, of authoritarians.

What are shadow institutions? Some examples I’ve given you before are the Gestapo and the SS—classic ones. They express the shadow in both senses, psychological and social. Think of them for a moment. See how they are literal extensions, projections, of the autocrat’s very own personality. They are like his limbs and claws and teeth and screams made real.

When societies develop shadow institutions, alarm bells should ring. Does that make me an “alarmist”? If you’re not alarmed, you haven’t been paying attention. Shadow institutions point to societies crossing a threshold. The…