As the Hollywood blockbuster Amsterdam opened in the US this weekend to mixed reviews, many were left confused by the film’s plot.
Although complex, the story behind the film is a thrilling political tale in which Wall Street rich hunters attempt to overthrow 1930s US President Franklin D. Roosevelt.
The film, which stars Margot Robbie, Christian Bale, John David Washington, Chris Rock and Rami Malek, follows three friends who become involved in the assassination of a US senator.
The dramatic — and comedic — storyline is said to be inspired by a true and bizarre conspiracy that claims the mega-rich have amassed a $500,000 to $300 million private army in a coup to oust the Democratic president.
The 1930s saw heightened tensions between rich and poor in the US as the country reeled from the economic fallout from World War I and the Wall Street Crash.
The film, which has just been released in the US and features an all-star cast including Margot Robbie, Christian Bale, John David Washington, Chris Rock and Rami Malek, follows three friends who become involved in the assassination of a US senator (pictured: The poster for Amsterdam)
Franklin D. Roosevelt (pictured) was in power until 1933. His first 100 days have historically been lauded for productivity and initiatives, including his vaunted New Deal
By 1933, several events slowly coalesced into what was rumored to be a plot to remove the now famous military-era president.
First, during the Great Depression, military veterans who returned from a grueling conflict in Europe and received little or no support from the state were outraged.
As described by The Archive, in 1932 thousands of veterans and their families flooded Washington and camped outside the White House to demand the bonuses they were promised under the World War Adjusted Compensation Act of 1924.
After 11 days and intense media attention, then-Attorney General William D. Mitchell ordered them off the property—inciting more rioting and putting a popular Major General named Smedley Butler in the spotlight.
Becoming a figure closely associated with what became known as the Bonus Army marchers, he endorsed Roosevelt—a candidate promising to ease the country’s economic problems with regulation and social programs—over Republican Herbert Hoover.
Smedley Butler (right) was allegedly approached by bond trader Gerald P. McGuire (left) – who was also part of the veterans service organization, the Connecticut American Legion
The Wall Street robbery was not to happen, however – Butler went to (what would become) the FBI, informing its supervisor, J. Edgar Hoover for alleged criminal acts in 1934.
While later analysis by some suggests that Hoover interfered with business more often than previously thought, Econlib reports that he was a prominent supporter of laissez-faire economics and believed in capitalism.
According to financial blog The Balance, his perceived lack of intervention worsened the effects of the Depression.
Roosevelt was in power until 1933.
His first 100 days have historically been lauded for productivity and initiatives, including his vaunted New Deal, History.com reports.
In 1934, he signed the Gold Reserve Act of 1934. According to the Federal Reserve History website, the controversial move “transferred ownership of all monetary gold in the United States to the U.S. Treasury Department and prohibited the Treasury Department and financial institutions from exchange dollars for gold’.
Increasingly, the Democrat (pictured in 1932) – who grew up privileged, in a wealthy family – came to be seen by many as a traitor to his own people and class
This unsettled Wall Street and many firms; FDR’s reputation for social reform was beginning to arouse hostility from the wealthy.
The archive said: “The end of the gold standard is said to have shocked Wall Street because they saw a currency not solidly backed by gold as inflationary, eroding both private and business wealth.”
Increasingly, the Democrat – who grew up privileged in a wealthy family – began to be perceived by many as a traitor to his own people and class.
Therefore, the alleged plot to get rid of him was underfoot.
According to The Archive, it was Butler – a highly decorated and respected Marine – who exposed the scheme, testifying under oath that he was sought out for a private army by thousands of ex-soldiers.
As described by The Archive, in 1932 thousands of veterans and their families flooded Washington and camped outside the White House to demand the bonuses they were promised under the World War Adjusted Compensation Act of 1924.
He was allegedly approached by bond trader Gerald P. McGuire – who was also part of the veteran service organization, the Connecticut American Legion.
The choice of a Roosevelt supporter for the plot may have seemed odd, but as the Washington Post explained: “Given his opposition to fascism, Butler may not have seemed a good fit to lead the coup, but his support from veterans is more important to Wall Street conspirators.
“At that time, there were far more veterans than active duty members; if any one could summon them as a force of 500,000 men to march on Washington, the government might fall without a shot being fired.
He had apparently approached FDR with a coup proposal and replaced him with General Hugh S. Johnson—who not only helped develop the New Deal, but was appointed to lead the National Recovery Administration (NRA) by the sitting president himself.
JP Morgan allegedly financed the hit, according to Butler.
The 1930s were an era of tension between rich and poor in the US, with a new century coming on the heels of World War I and later the Wall Street Crash (pictured)
Butler also claimed that McGuire’s initial approaches seemed innocuous, if not a little suspicious, seemingly touching on veterans’ issues in conversation before the full extent of the plot was revealed to him.
MacGuire allegedly offered to pay for Butler’s children’s education and a mortgage in exchange for his influence.
The operation was also apparently backed by a super-rich lobbying organization consisting of big business elites like JP Morgan Jr. and the CEOs of General Motors and Birds Eye – called the American Liberty League.
The Wall Street heist was not to happen, however – Butler went to (what would become) the FBI, informing its supervisor, J. Edgar Hoover for alleged criminal acts in 1934.
Soon, the Washington Post reports, congressional hearings began to investigate the matter.
Butler (pictured standing behind General John A. Lejeune in 1928) also claimed that McGuire’s initial approaches seemed innocuous, if not a little suspicious
Bonus Army veterans pictured fighting Washington policemen at one of their camps in 1932.
It wasn’t long before the news reached the press – which dismissed the idea as a “hoax”, with the New York Times in 1934 describing the reports as consisting of “bald and unconvincing narrative”.
According to The Archive, all claim they were involved in the plot, deny wrongdoing and deny Butler’s allegations.
Although the commission’s report was never published, Congress was told that it “had received evidence that certain persons had attempted to establish a fascist organization in this country,” the Post wrote.
It continued: “There is no doubt that these attempts were discussed, planned and may have been put into action when and if the financial backers saw fit.”
Butler later criticized the outcome and in a radio interview reportedly claimed: “Like most committees, it killed the little ones and let the big ones get away. The big shots weren’t even called to testify.