I suppose it's not much different than the reverse of the MERCURY dime that literally represented fascism. The fasces in this image included a blade attached at the top, making it an AXE. Imagery making it clear that the purpose of this fascism is for war (like the arrows), but it's wrapped in an olive branch indicating peaceful restraint. But that blade remains sharp and deadly!
Worth noting that the fasces didn't come to explicitly represent fascism until il Duce took it and ran with it. It is interesting that unlike the swastika, which became verbolten in the West after WWII, the fasces continues to be used here and there. Perhaps the powers that be think the public too ignorant to realize the meaning.