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While I am not political or even military historian, I tend to see Cobra, and especially Cobra Commander, as an organization willing to use whatever means necessary, including a country's own system against itself, and particularly if it meant being deceptive, in order to achieve its objective, which was, ultimately, political and military power over the populace on a global scale via a dictatorship.
I think some of the earliest imagery of Cobra in the comic books has to be partially dismissed as the concept was just finding its place and the characters were just being created.
Consider some of the following factors in determining what Cobra was about: Both the United States and the Soviet Union, then the two greatest super-powers in the world, had organizations specializing to one degree or another in dealing with Cobra. The main difference between the Joes and the Oktober Guard, and Cobra, is that the other two represented legitimate nations in possession of large areas of land. They had actual borders to protect, defend, control, whatever. All Cobra ever had was Cobra Island, which was nevertheless an impressive feat as it did legitimize them for a time. But for the most part, I think the definition of Cobra as a shadow or terrorist organization was the most accurate, with their objective indeed being "determined to rule the world", a line admittedly from the animated series, but nevertheless carried over into the comics as Cobra repeatedly tried to insinuate itself into the political and military machines of a great many fictional countries, and a few real ones, not to mention right into the general populace.
Consider one of the means Cobra garnered recruits AND earned the money necessary to fund its projects. Look at Springfield. Look at the town they took over while Mutt and Spirit came into it. They offered jobs, income, security, essentially claiming that the nation's leaders, government, and corporations were incapable of filling those needs, but Cobra could, and WITHIN the system that existed. They didn't have to use the Brainwave Scanner all the time, either. A lot of people were just fooled into thinking that Cobra was as American as apple pie, if not better.
I don't see Cobra or Cobra Commander as being either racist or necessarily specifically fascist. I think what happened was Cobra Commander took his own history as a used car salesman, applied the same sort of sales strategies to the founding of Cobra, took what he knew of military history, found what had worked to one degree or another, and just combined it all together. I'm not saying he came up with anything new per se, but he took what worked from various political philosophies, including capitalism, and built Cobra on that basis.
If anything kept Cobra from succeeding, it was probably Cobra Commander being too obsessive about the Joes from time to time, and too many of Cobra Commander's associates either working against him, as was seen more than once from Baroness, Major Bludd, Zartan, Dr. Mindbender -- or having their own agendas, which I think was certainly the case with Destro, who was probably less interested in ruling the world as he was selling it weapons. To him, Cobra was probably a means to two ends -- selling a lot of weapons in a short period of time, and having the license to develop unconventional weapons that smaller pseudo-military organizations wouldn't likely finance or be interested in. Destro's biggest "problem" was that his personal sense of honor kept him from subscribing too far into Cobra's "whatever it takes" attitude.
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