Smedley Butler and the Business Plot

TL;DR

In the midst of the Great Depression, wealthy businessmen formed the American Liberty League and allegedly planned to overthrow President Franklin D. Roosevelt's administration due to fears of socialist reforms and reckless government spending.

Transcript

In 1933 and 1934, an alleged plot to overthrow the government of Franklin Delano Roosevelt (FDR) by Wall Street Bankers may have happened. While contemporary newspapers called it a "gigantic hoax," others, including the House's Special Committee on Un-American Activities, found the allegations "credible." You decide: During the campaign of 1932, FD... Read More

Key Insights

• 😨 FDR's policies and actions during the Great Depression instigated fear and opposition from wealthy businessmen who believed they threatened capitalism.
• 🌱 The American Liberty League, consisting of influential individuals, allegedly planned to overthrow FDR's administration due to their concerns about socialistic reforms.
• 🦸 General Smedley Butler, a decorated hero, was approached but refused to participate in the alleged plot.
• ❓ The existence and intentions of the plot remain disputed, with some considering it a "gigantic hoax" while others find the allegations credible.
• 🏈 The alleged plot highlights the tensions and political divisions during a critical period in American history.
• 🇺🇸 The plot also sheds light on the perception and acceptance of fascism in the United States during the 1930s.
• 🃏 The response to the allegations varied, with some dismissing them as a joke while a Congressional Committee acknowledged the existence of attempts to establish a fascist organization.

Questions & Answers

Q: Why were wealthy businessmen afraid of FDR's administration?

Wealthy businessmen feared that FDR's policies, such as abandoning the gold standard and promising jobs for the unemployed, would lead to socialism and reckless government spending, threatening their interests and capitalism as a whole.

Q: Who were the members of the American Liberty League?

The American Liberty League consisted of influential individuals such as du Ponts, John W. Davis, Alfred Sloan, and Al Smith who aimed to promote the value of encouraging people to work and become wealthy.

Q: What role did General Smedley Butler play in the alleged plot?

Butler, though approached by members of the plot, refused to participate and instead reported the plan to his friend, a newspaper reporter, who later testified about the plot.

Q: How did the public and government respond to the allegations of the plot?

The Mayor of New York dismissed the allegations as a joke, but a Congressional Committee investigating the matter concluded that attempts to establish a fascist organization in the country were discussed, planned, and could have been executed if deemed necessary by financial backers.

Summary & Key Takeaways

• In 1932, FDR's promise of jobs for the unemployed scared wealthy businessmen who believed he would turn the capitalist nation socialist.

• Members of the American Liberty League, including Wall Street bankers, planned to overthrow FDR's administration due to fears of socialistic reforms.

• General Smedley Butler, a decorated American hero, was approached to lead the plot but refused to participate.