Yep! Has happened everywhere that fascism has taken hold, and has happened in a pretty much permanent state in the US Empire from the outset. Capitalism necessitates expansion to fight falling rates of profit, which is why developed countries imperialize others. It isn't just for more, it's for any profit. When there's nowhere else to plunder, and you can't exploit workers overseas even more, and profit rates are still falling, you turn to domestic reasons. Turn off the treat printers, stop bribing your domestic working class, take the mask off and murder dissent while you treat your domestic working class the same way you treat the international working class.

Capitalism can't escape this cycle. It even causes wars, that's why Nazi Germany kicked off World War II; it needed new colonies. Europe only opposed it because the Nazis were daring to colonize Europe and not just the global south. Only socialism, where we move beyond production for profit towards producing to satisfy needs, can solve this.