The Power of Nightmares: The Rise of the Politics of Fear is a BBC television documentary series by Adam Curtis. It mainly consists of archive footage, with Curtis narrating. The series was originally broadcast in the United Kingdom in 2004. It has subsequently been aired in multiple countries and shown at various film festivals, including the 2005 Cannes Film Festival.

The film compares the rise of the neoconservative movement in the United States and the radical Islamist movement, drawing comparisons between their origins, and remarking on similarities between the two groups. More controversially, it argues that radical Islamism as a massive, sinister organisation, specifically in the form of al-Qaeda, is a myth, or noble lie, perpetrated by leaders of many countries—and particularly neoconservatives in the U.S.—in a renewed attempt to unite and inspire their people after the ultimate failure of utopian ideas.

The Power of Nightmares was praised by film critics in Britain and the United States. Its message and content have also been the subject of various critiques and criticisms from conservatives and progressives.

The first part of the series discusses the origins of Islamism and neoconservatism. It shows Egyptian civil servant Sayyid Qutb, depicted as the founder of modern Islamist thinking, visiting the U.S. to learn about its education system, then becoming disgusted at what he judged to be the corruption of morals and virtues in western society through individualism. When he returns to Egypt, he is disturbed by westernisation under Gamal Abdel Nasser and becomes convinced that in order to save his own society, it must be completely restructured along the lines of Islamic law while still using western technology. He then becomes convinced that his vision can only be accomplished through use of an elite "vanguard" to lead a revolution against the established order. Qutb becomes a leader of the Muslim Brotherhood and, after being tortured in one of Nasser's jails, comes to believe that western-influenced leaders can be justifiably killed to remove their corruption. Qutb is executed in 1966, but he influences Ayman al-Zawahiri, the future mentor of Osama bin Laden, to start his own secret Islamist group. Inspired by the 1979 Iranian revolution, Zawahiri and his allies assassinate Egyptian president Anwar Al-Sadat in 1981 in the hopes of starting their own revolution. However, the revolution does not materialise, and Zawahiri comes to believe that a majority of Muslims have been corrupted, not only by their western-inspired leaders, but Muslims themselves have been affected by jahiliyyah and thus may be legitimate targets of violence if they refuse to join his cause. They continued to believe that a vanguard was necessary to rise up and overthrow the corrupt regime and replace it with a 'pure' Islamist state.

At the same time in the United States, a group of disillusioned liberals, including Irving Kristol and Paul Wolfowitz, look to the political thinking of Leo Strauss after the perceived failure of President Johnson's "Great Society". They conclude that an emphasis on individual liberty was the undoing of Johnson's plans. They envisioned restructuring America by uniting the American people against a common evil, and set about creating a mythical enemy. These factions, the neoconservatives, came to power during the 1980s under the Reagan administration, with their allies Dick Cheney and Donald Rumsfeld. They alleged that the Soviet Union was not following the terms of a disarmament treaty between the two countries, and together with the outcomes of "Team B", they built a case using dubious evidence and methods to prove it to Ronald Reagan.

In the second part, Islamist factions, rapidly falling under the more radical influence of Zawahiri and his rich Saudi acolyte Osama bin Laden, join the neoconservative-influenced Reagan administration to combat the Soviet Union's invasion of Afghanistan. When the Soviets eventually pull out of Afghanistan, and when the Eastern Bloc begins to collapse in 1989, both the Islamists and the neoconservatives believe they are the primary architects of the Soviet Union's demise. Curtis argues that the Soviet Union was on the verge of collapsing anyway. However, the Islamists see it quite differently. In their triumph, they believe they have the power to create 'pure' Islamic states in Egypt and Algeria. Attempts to create such Islamic states are blocked by force. The Islamists then try to foment revolutions in Egypt and Algeria by using terrorism to scare the people into rising up against their leaders. But the people are terrified by the violence, and the Algerian government exploits that fear as a way to hang on to power. In the end, the Islamists declare the entire populations of the countries to be thoroughly contaminated by western values. Finally, in Algeria, they begin to turn on each other, each believing that members of other terrorist groups are not true Muslims.

In America, neoconservative aspirations to use the United States' military power to further destroy evildoers are thrown off track by the election of George H. W. Bush to the presidency, followed by the election in 1992 of Bill Clinton which left them totally out of power. The neoconservatives, along with their conservative Christian allies, attempt to demonize Clinton throughout his presidency with various real and fabricated stories of corruption and immorality. To their disappointment, the American people do not turn against Clinton. Meanwhile, Islamist attempts at revolution end in massive bloodshed, leaving the Islamists without popular support. Zawahiri and bin Laden flee to the relative safety of Afghanistan and declare a new strategy. To fight Western-inspired moral decay, they must deal a blow to its source: the United States.

The final part addresses the actual rise of al-Qaeda. Curtis argues that, after their failed revolutions, bin Laden and Zawahiri had little or no popular support, let alone a serious complex organisation of terrorists, and were dependent on independent operatives to carry out their new call for jihad. However, the film argues that in order to prosecute bin Laden in absentia for the 1998 U.S. embassy bombings, U.S. prosecutors had to prove that he is the head of a criminal organisation responsible for the bombings. They find a former associate of bin Laden, Jamal al-Fadl, and pay him to testify that bin Laden is the head of a massive terrorist organisation called "al-Qaeda". With the September 11 attacks, neoconservatives in the new Republican administration of George W. Bush use this invented concept of an organisation to justify another crusade against a new enemy, culminating in the launch of the War on Terror.