Eh, we've seen that kind of thing tried before. The dotcom bubble was before my time, and maybe yours, but it happened, a lot of "innovator" livelihoods collapsed because you can't defy economic gravity forever, and in the end the underlying technology found it's appropriate uses in it's own damn time.
Even the fascist regime thing seems to be happening the old-fashioned way, and will probably have an old-fashioned eventual fate.