Most Americans are unaware of a chilling moment in history when wealthy elites tried to overthrow the U.S. government—an event that has been largely erased from the public consciousness. This episode, known as The Business Plot, is a story of a fascist coup that was narrowly avoided in 1933, led by some of the country’s richest and most influential figures, including Prescott Bush, grandfather of future president George W. Bush. Their goal was to replace President Franklin D. Roosevelt with a military dictator who would secure the interests of the corporate elite and dismantle the progressive reforms of the New Deal.
At the heart of the plot was a growing fear among America’s wealthiest businessmen that Roosevelt’s policies would undermine their control over the economy. FDR’s New Deal programs, designed to provide relief for the unemployed, regulate business practices, and bring economic stability to a country suffering from the Great Depression, threatened the status quo. To these men, Roosevelt’s push to address income inequality, support labor rights, and regulate unbridled corporate greed appeared to be socialist or communist, even though they were simply measures to rescue the country from economic collapse.
In response, a secret group of business leaders, military veterans, and even members of the U.S. Congress began planning a coup. The plotters believed that they could convince Smedley Butler—a revered and decorated former Marine Corps general—to lead their uprising and become a figurehead dictator. Butler, however, had a deep love for the Constitution and the American people, and instead of joining the conspiracy, he exposed it to Congress in a stunning revelation.
Butler’s testimony was damning. He named names—business magnates like Irenee Dupont, a prominent financier with ties to Nazi Germany, and influential corporate leaders from General Motors, Chase Bank, and Remington Arms. These men, among others, had been plotting to replace Roosevelt with a military dictatorship to ensure the continued dominance of the rich. Yet, despite the gravity of Butler’s testimony and the clear threat to democracy, none of the conspirators faced any consequences. Their wealth and political connections shielded them from punishment.
Though the Business Plot was ultimately foiled, it was an ominous sign of the lengths to which powerful elites were willing to go to protect their wealth and power. And sadly, the lessons of 1933 have not been learned.
The Modern Echo of the Business Plot
Fast forward to today, and the parallels to the Business Plot of 1933 are striking. In recent years, the U.S. government has seen an unprecedented concentration of power in the hands of the wealthiest Americans. Under the Trump administration, at least 13 billionaires were appointed to key positions in government. These figures included people like Howard Lutnick, Linda McMahon, Warren Stephens, Leandro Rizzuto Jr., and Charles Kushner—men and women with vast personal fortunes and corporate interests, whose actions in power have served to strengthen their own economic positions rather than serving the American public.
Donald Trump, a figure with little political experience but an uncanny ability to sway public opinion, became the perfect vehicle for the ambitions of this billionaire class. Despite his claims of being a populist outsider, Trump’s policies consistently favored the rich, while leaving ordinary Americans struggling. His administration’s tax cuts for corporations and the ultra-wealthy, alongside the erosion of regulations meant to protect the environment and consumers, are eerily reminiscent of the corporate-friendly policies that fueled the Business Plot in 1933.
One of the most disturbing elements of the modern-day agenda of the ultra-rich is the Heritage Foundation’s “Project 2025”. This plan, championed by conservative billionaires like Charles Koch, is a blueprint to reshape the U.S. government by dismantling the social safety net and curbing government regulation. The foundation seeks to reduce government spending on programs like Social Security, Medicare, and public education, all while ensuring that the wealthiest Americans continue to accumulate more power and control.
In many ways, the parallels to the 1930s are impossible to ignore. Just as Roosevelt’s New Deal programs were seen as a threat to the rich, today’s safety nets and social programs—those designed to protect the vulnerable—are under attack. The current administration’s policies are not only benefiting the elite, but also exacerbating the growing inequality that has become a hallmark of American society.
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A Gradual Erosion of Democracy
While the Business Plot of 1933 was a direct and violent attempt to overthrow the government, today’s efforts are more subtle. Instead of tanks and guns, the tools of modern elites are legislation, judicial appointments, and media manipulation. This strategy, less dramatic but equally dangerous, is chipping away at the foundations of democracy.
For instance, economic policies today are eerily reminiscent of the protectionist tariffs imposed by President Herbert Hoover in 1930, which worsened the effects of the Great Depression. Just as those tariffs enriched the wealthiest Americans while devastating the working class, modern tariffs have been used to advance corporate interests at the expense of ordinary families. These policies help the rich get richer while making it harder for the average person to survive, let alone thrive.
Similarly, the current tax system is structured in such a way that the wealthiest Americans continue to avoid paying their fair share, while the burden falls on middle- and working-class families. The promise of trickle-down economics—the idea that tax cuts for the wealthy will eventually benefit everyone—has been thoroughly debunked, yet it remains central to the agenda of the ultra-rich.
This is not a coincidence. This is a carefully crafted plan to ensure that the wealthiest Americans maintain their grip on power and wealth, just as they did in 1933. It is the continuation of a larger, decades-long effort by a small but powerful group of elites to consolidate power and erode the rights of ordinary people.
The Threat to Democracy: A Warning from History
Former Soviet leader Nikita Khrushchev once remarked, “We will not destroy you with bombs. We will destroy you from within.” He understood that the greatest threat to any nation is not external military invasion, but internal decay—when the people no longer hold the power, and when the forces of authoritarianism begin to erode the democratic institutions that protect freedom and equality.
Today, we face a similar threat, but this time, it is not coming from foreign powers. It is coming from within our own borders—from the very same elites who stand to gain from the erosion of our democratic values. Just as the conspirators in the Business Plot of 1933 sought to dismantle democracy for their own gain, today’s billionaires are using their wealth and influence to bend the government to their will.
It is crucial that we recognize this threat before it is too late. We must learn from history, not ignore it. We must remain vigilant, demand accountability from those in power, and fight for the protection of democracy and equality for all Americans.
History is not just a record of the past; it is a guide for the future. And if we don’t pay attention to the lessons of the Business Plot, we might just find ourselves facing a similar crisis—one that threatens the very principles upon which this country was founded.
The time to act is now. The time to defend our democracy is now.
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Further Reading: The Forgotten Coup of 1933 and the Dangers We Face Today
- “It Can’t Happen Here” by Sinclair Lewis – A prophetic novel about how fascism could take root in America, eerily reflecting the 1933 coup attempt. https://civilheresy.com/it can not happen here
- “Democracy in Chains” by Nancy MacLean – An exposé on the stealth campaign by wealthy elites to reshape and control American democracy. https://civilheresy.com/democracy handcuffed
- “The Plot to Seize the White House” by Jules Archer – A detailed historical account of the 1933 Business Plot and the near-overthrow of U.S. democracy. https://civilheresy.com/plot seize whitehouse
