The Wall Street Elites Who Financed Hitler

Oliver Stone’s Untold History of the United States – Prequel B

Directed by Oliver Stone

Film Review

Prequel B starts with the period of social repression that followed the return of GIs from World War I. US leaders were extremely concerned they would spread the oral sex techniques they had learned from French women. Alcohol prohibition, a crackdown on prostitution, rampant antisemitism (even Harvard restricted Jewish admissions) and anti-immigrant sentiment, and the eugenics movement (accompanied by forced sterilization of convicts, the “feeble minded” and promiscuous women) were all typical of this intense repression.

During the same period, Wall Street banks greatly reduced their investment in agriculture and manufacture, preferring the easier profits to be had from cheap credit and speculation. In 1929, a disastrous decision by central banks to increase interest rates triggered a deadly global depression, setting the stage for the rise of fascism in Europe.

Back in the US, Generals MacArthur, Eisenhower and Patton charged 40,000 World War I veterans and their families with infantry and tanks and burned their tents. The latter, calling themselves the Bonus Army, were demanding immediate payment of the bonus they had been promised for serving in World War I.

Stone describes the 1930s as a radical period of social experimentation, in part due to Roosevelt’s sweeping New Deal social reforms (including Social Security, unemployment insurance, agricultural subsidies, aid to dependent children and Federal paid work schemes), and in part due to aggressive industrial unionization and intense interest on the part of American intellectuals in Russia’s experiment with communism. Hundreds of thousands of Americans would join the Communist Party, while numerous prominent writers (including Ernest Hemingway, Langston Hughes, Sinclair Lewis, Richard Wright, Clifford Odets, and Sherwood Anderson) were communist sympathizers.

During the same period, the America’s wealthy elites were more inclined to support Hitler. Key individuals who helped finance the Third Reich include Henry Ford, Prescott Bush, William Randolph Hearst, the Morgan brothers, Allen Dulles (first CIA director) and John Foster Dulles (Secretary of State under Eisenhower). The key US banks involved were Bank of International Settlements, Chase Manhattan, JP Morgan and United Banking Corporation (Brown Brothers Harriman). Specific US companies that provided Hitler with armaments, military vehicles, aircraft, oil and other material support include Kodak, ITT, Dupont, Westinghouse, Standard Oil, Singer, GE, Pratt and Whitney, United Fruit, Singer, Douglas Aircraft and International Harvester.

In 1933, some of these same industrialists would also try to instigate a coup – foiled by General Smedley Butler – to remove Roosevelt from office.

 

Untold History of the US – The Cold War

Parts 4 and 5 of Oliver Stone’s Untold History of the United States explore the exaggerated claims of Soviet expansionism that characterized the Truman/Eisenhower administration.

Part 4 begins by contrasting the economic standing of the US and the USSR when the war ended in 1945. The US economy was booming. America controlled 50% of the world’s economic production and most of its gold. The Soviet economy, in contrast, had been shattered. Truman reneged on Roosevelt’s promise to provide the Soviets post war aid to assist in their recovery. During the US occupation of West Germany, he also discontinued German war reparations to the USSR.

The late forties was a period of excruciating poverty for Eastern Europe, with major famine in the Ukraine. With the Soviet economy in a shambles, the claims made by Truman about their intention to conquer the world were ludicrous.

After Henry Wallace, the last holdover from the Roosevelt administration, made a major speech (echoing statements by Einstein and Eleanor Roosevelt) opposing nuclear weapons, Truman fired him.

This episode also explores the first implementation of the Truman Doctrine, justifying US intervention in the domestic affairs of other countries. Truman first used it in 1947 to put down a popular uprising against a fascist coup in Greece. In a clear precursor to US intervention in Vietnam, Truman sent in US advisors to train the Greek military in “counterinsurgency tactics,” ie death squads to crush unions and human rights organizations and concentration camps to extinguish civilian support for pro-independence activists.

Part 4: Cold War: 1945-50

Part 5 explores the election of Eisenhower to power in 1952, coinciding with Khrushchev’s rise to power in 1953 and the re-election of Churchill in 1951 (Churchill was replaced by Labour Prime Minister Clement Attlee from 1945-51).

Eisenhower, who had opposed using the A-bomb against Japan at Pottsdam, became a fervent nuclear weapons supporter as president. Under pressure from anti-communist hawk John Foster Dulles, he resisted Khrushchev’s and Churchill’s to organize a peace summit to limit the nuclear arms race.

Eisenhower would go on to engage in war crimes in Korean, causing massive civilian deaths by bombing North Korean dams.

In addition to authorizing the CIA overthrow of democratically elected governments in Iran in 1953 and Guatemala in 1954, he paid 80% of French military costs as they endeavored to defeat Vietnam’s pro-independence movement.

In this episode, Stone also explores the formation of the Non-Aligned Movement in 1955 in Java. Members consisted of world leaders determined to remain independent of either US or Soviet influence. In attendance at the first meeting were Ho Chi Minh  (Vietnam), Tito (Yugoslavia), Nehru (India), Nasser (Egypt), Zhou Enlai (China) and Sukarno (Indonesia). The CIA eventually removed each of these men from power, in some cases via assassination.

Part 5: the ’50s: Eisenhower, The Bomb and the Third World