I will preface this by saying I am a novice and only started reading theory a few weeks ago and could be way off, but this is my current understanding.

I read Parenti’s Blackshirts and Reds, and two quotes stood out to me:

What distinguishes fascism from ordinary right-wing patriarchal autocracies is the way it attempts to cultivate a revolutionary aura. Fascism offers a beguiling mix of revolutionary-sounding mass appeals and reactionary class politics. The Nazi party’s full name was the National Socialist German Workers Party, a left-sounding name. As already noted, the SA storm troopers had a militant share-the-wealth strain in their ranks that was suppressed by Hitler after he took state power.

Fascism is a false revolution. It cultivates the appearance of popular politics and a revolutionary aura without offering a genuine revolutionary class content. It propagates a “New Order” while serving the same old moneyed interests. Its leaders are not guilty of confusion but of deception. That they work hard to mislead the public does not mean they themselves are misled.

As I am British, I have been applying these ideas to the UK. It aligned perfectly with Reform.

'cause the thing is, fascists, more often than not, do actually see and talk about real problems, but then they misplace the blame to further their own interests. See the short snippets from this BBC Question Time where the Green party leader Polanski replies to Zia Yusuf, a higher up of the fascist Reform party: https://www.thecanary.co/trending/2025/10/10/zack-polanski-bbcqt/

The capitalist Tory government spent the last decade and a half gutting public services in the name of private profits, but instead of blaming current problems on that, Reform blame immigrants because they have no interest in fixing the problem, they just want to be the one to profit from it.

TLDR: The same factors that drove you to communism drives fascists too, the difference is communists want solutions but fascists want to profit from the problems.

The most important factor is the property crisis, especially notable in the imperial core. Most young people know conciously or unconciously that they will not be able to have a better life than the previous generation and the cultural war is used as a tool to channel the people’s grievances towards other topics.

Fascism is the result of capitalism in crisis, and is often referred to as “imperialism aimed inwards” or similar.
The crypto bubble followed by the even more rapidly expanding AI bubble are more symptoms than drivers, as there’s no longer much “free real estate” in the physical domain. A quantum tech bubble could conceivably happen but I don’t think the tech is developed enough to sell the concept. Besides, time seems to be running out.
The increased militarization and censorship (i.e. “fascism”) in the imperial core are likely proactive measures because the ruling class see the writing on the wall imo.

Well the shitty economy doesn’t help. But the biggest cultural factor is the idea that white people are on the downswing because so many immigrants (refugees) are coming to Europe and America from wartorn countries. That is far and away the biggest united narrative I see.