The Business Plot Against Franklin D. Roosevelt
The idea of a fascist overthrow of the United States government sounds like the plot of a dystopian thriller novel, yet a serious congressional investigation in 1934 uncovered exactly that possibility. Following the election of Franklin D. Roosevelt and his swift abandonment of the gold standard to combat the Great Depression, a faction of wealthy Wall Street industrialists grew terrified that his New Deal policies would lead to rampant socialism and the destruction of corporate wealth.
According to the sworn testimony of retired Marine Corps Major General Smedley Butler—one of the most highly decorated military men of his time—these affluent elites approached him to lead a private army of 500,000 disgruntled veterans in a march on Washington. Bond salesman Gerald MacGuire allegedly pitched the plan to Butler, detailing how this corporate-funded militia would force Roosevelt to relinquish his executive powers to a newly created cabinet secretary, effectively installing a fascist dictatorship aligned with the wealthy elite.
Instead of leading the coup, Butler blew the whistle, bringing the entire conspiracy to the McCormack-Dickstein congressional committee. He publicly testified about the vast sums of money promised by members tied to the American Liberty League, a conservative political organization backed by prominent industrial families. While the mainstream press largely mocked Butler’s story at the time, framing it as a gigantic hoax, the committee’s final internal report concluded that the plot was indeed real, well-funded, and had been discussed in earnest by high-ranking financial figures. No one was ever prosecuted for the conspiracy. Exploring this historical close call gives you a sobering look at how fragile democratic institutions can be when directly challenged by concentrated financial power.
