A spectre is haunting Europe, the spectre of fascism

A spectre is haunting Europe, the spectre not of communism, as Marx proclaimed in 1848, but of fascism or the far right. 

Spectre is the right word, for spectres are imaginary and the threat of fascism is imaginary, just as the threat of communism was in 1848

But, as in 1848, it's a fear of the people by their rulers.

In case you hadn't noticed, the left is nowadays terrified of the workers. Needlessly, as the workers are brainwashed too.

I do not think it is especially useful to call Islamists fascists as they are different in quite a few ways from Mussolini's movement, but if they are fascists then they are a fascist threat that is certainly not imaginary.

Steve Bannon may have been right when he said,

I think we are in a crisis of the underpinnings of capitalism and on top of that we’re now, I believe, at the beginning stages of a global war against Islamic fascism.