“A man who lusts for power should never have it.” – George Will, Conservative Columnist
One hundred years ago, the 20th Century kickstarted its fling with strongmen when Benito Mussolini twisted democratic Italy into fascist Italy. Eight years on, hard times created an opportunity for Il Duce’s more infamous counterpart to seize control of Germany. With Adolph Hitler in charge, the situation went from bad to better (for some), but eventually back to bad, and in the end terrible for everyone (here). Eighty years ago this month, the shadows of these dictators ceased to darken the world stage. The promised Thousand-Year Reich had lasted a miserable twelve, and Benito and Adolph were forever off the list of popular baby names.
Following World War II came eighty years of relative peace and prosperity. Veterans, home from the war, led business and government. These men were fathers and uncles, friends and neighbors, and role models for boomers like me. Black-and-white TVs featured westerns with men wearing black and white hats; we learned to spot the good, the bad, and the ugly. Overall, the spirit of the times included gratitude, humility, and respect for others. This was the world I grew up in.
But generations wax and wane, with each shaped by the lived experiences of its members. Memories fade and history is forgotten. Yesterday’s enemy was someone shooting at you; today’s enemy is someone who disagrees with you. And when the threshold for discomfort reaches a low point, ambitious men step in and seize the opportunity.
Discontent has grown around the world, and the discontented are once again ‘strongman curious’. Enter, stage right: opportunists promoting Vladimir Putin’s Russia and Viktor Orbán’s Hungary as model societies (here). This is of course self-serving nonsense. Oh, to be king … or a friend of the king … it’s a glorious thing if you can pull it off. For the lord and his court—the loyal .01%—it’s an extravagant banquet. For the king’s subjects—the remaining 99.99%—it’s table scraps at best. For a country perspective, here’s the scorecard:
GDP Per Capita*
Stock Market Capitalization*
In addition to a lust for power, autocrats tend to have ‘landmass envy’, a condition predating the Roman Empire. Mussolini had it (he invaded Ethiopia and Albania). Hitler had it big time (video clip here). If the ‘biggest man’ contest were measured in miles and not inches, Vladimir Putin would be today’s winner. Russia contains 6.6 million square miles spanning eleven time zones, which makes it the largest country on the planet.
Countries Ranked by Area (square miles)*
But for men of a certain temperament, enough is never enough. Adding more territory might boost Putin’s ego, but it doesn’t seem to be helping Russia’s citizens or soldiers. The competition may be heating up, however. With our president’s penchant for winning (here), grabbing number-two Canada by the ?%$$# would put him atop the leaderboard. Hopefully, someone will explain the benefit to the 99.99%, especially the ones enlisted to do the grabbing.
“We have met the enemy, and he is us.” – Pogo, by Walt Kelly
I may be old-fashioned, but I remember when Americans addressed issues with decency and respect for others. Yes, we have serious challenges; we’ve always had and always will. The question of how to deal with them was settled in 1789. And the system is sound. It’s We the People—both citizens and representatives in government—who ‘need improvement’. History shows that strong institutions with the rule of law work better than strongman shows with outlaws.
*International Monetary Fund Database (here), EuroNews (here), World Population Review (here), Worldometer (here).
Copyright © 2025 - Any opinions are those of James Aldendifer and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. Investing involves risk and you may incur a profit or loss regardless of the strategy selected. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.
