Obviously you are describing a corrupt form of Socialism which has existed in places like the Soviet Union and exists today in North Korea. But there are other very pure systems like that in Sweden, Israel, or even Cuba where there is not this wealty "elite" that you refer to. The average person in Sweden enjoys a higher standard of living than the average American.
Fascism is much more likely to occur in Capitalist countries where the corporations gain so much influence over the government that the policies of the government are made for the benefit of these corporations. This is what happened in Germany and Italy in the 1930s and is what today exists in many countries around the world today. The term "banana republic" that was used to describe many Latin American countries during the 1970s and 1980s was Fascism. And since WWII, the United States is moving closer and closer to this type of system. With all the corporate welfare, wars for corporate conquest, the gradual disappearing of the progressive income tax, and the crackdown on political opposition, we are moving dangerously close to this type of system.
Europeans have lived through this type of system before, and they recognize the signs and have warned us. Don't try to turn this into a conspiracy theory. When they protest Bush, they are simply expressing their hate for him as a leader -- it is that simple. They are not showing hate for America as a country, or for our citizens, or our way of life.