The Business Plot of 1933: Echoes of Elite Conspiracy in Democratic Crisis

 

The Business Plot of 1933: Echoes of Elite Conspiracy in Democratic Crisis

As a historian, the Business Plot stands as a chilling reminder of how economic desperation can tempt elites to subvert democracy. In 1933, amid the Great Depression's depths, wealthy industrialists and financiers—alarmed by Franklin D. Roosevelt's New Deal—allegedly plotted to oust him. Retired Marine General Smedley Butler testified in 1934 before the McCormack-Dickstein Committee that figures like Gerald MacGuire approached him to lead a 500,000-strong veterans' army, inspired by Mussolini's fascists, to march on Washington and install a dictator subservient to their interests.

The committee deemed Butler credible, yet no prosecutions followed; media giants dismissed it as fantasy. This elite cabal, including names whispered like J.P. Morgan associates and DuPont heirs, saw Roosevelt's reforms as existential threats to their fortunes.

This can—and likely will—happen again. Crises amplify inequality: today's trillionaires, facing wealth taxes or climate regulations, mirror 1930s tycoons threatened by banking reforms. Polarized politics and eroded trust in institutions create fertile ground; social media now amplifies disinformation faster than 1930s newspapers. Butler's loyalty was rare—modern "patriots" might be co-opted via dark money or private militias. History rhymes: post-2008 populism and January 6th show elites funding unrest when democracy curbs their power. Without vigilant checks, economic elites will always eye the throne in turmoil.