A government with a permanent deficit and a bloated military. A bogus ideology pushed by elites. Poor health among ordinary people. Senescent leaders. Sound familiar?

By Niall Ferguson

But it only recently struck me that in this new Cold War, we—and not the Chinese—might be the Soviets. It’s a bit like that moment when the British comedians David Mitchell and Robert Webb, playing Waffen-SS officers toward the end of World War II, ask the immortal question: “Are we the baddies?

I imagine two American sailors asking themselves one day—perhaps as their aircraft carrier is sinking beneath their feet somewhere near the Taiwan Strait: Are we the Soviets?

Yes, I know what you are going to say. 

There is a world of difference between the dysfunctional planned economy that Stalin built and bequeathed his heirs, which collapsed as soon as Mikhail Gorbachev tried to reform it, and the dynamic market economy that we Americans take pride in. 

The Soviet system squandered resources and all but guaranteed shortages of consumer goods. The Soviet healthcare system was crippled by dilapidated hospitals and chronic shortages of equipment. There was grinding poverty, hunger, and child labor. 

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Total public cynicism about nearly all institutions.