FEMAIL looks at the real life 1930s conspiracy theory which inspired new film Amsterdam

When the star-studded Hollywood film Amsterdam opened in the US this weekend and received mixed reviews, many were baffled by the film’s plot.

Though complex, the story behind the film is a suspenseful political tale in which wealthy Wall Street dogs allegedly attempted to overthrow 1930s US President Franklin D. Roosevelt.

Starring Margot Robbie, Christian Bale, John David Washington, Chris Rock and Rami Malek, the film follows three friends who become entangled in the murder of a US Senator.

The dramatic – and comedic – plot is said to be loosely inspired by a real and bizarre conspiracy in which the mega-wealthy would rally a private army of 500,000 for $300 million in a coup to overthrow the Democratic president.

In the 1930s, tensions between rich and poor rose in the US, with the country reeling from the economic impact of World War I and the Wall Street crash.

Franklin D. Roosevelt (pictured) was in power in 1933. His first 100 days have been praised for his productivity and initiatives in the past, including his acclaimed New Deal

By 1933, several events had slowly coalesced into what was allegedly a plot to get rid of the now famous war-era president.

First, during the Great Depression, army veterans returning from a grueling conflict in Europe and receiving little to no support from the state were outraged.

As described by The archivein 1932, thousands of veterans and their families flooded Washington DC and camped in front of the White House to claim the bonus payments promised them under the World War Adjusted Compensation Act of 1924.

After 11 days and ardent media attention, then-Attorney General William D. Mitchell ordered them to vacate the grounds — sparking even more rebellion and spotlighting a popular Major General named Smedley Butler.

He became a figure closely associated with what came to be known as the Bonus Army protesters, supporting Roosevelt — a candidate who promised to alleviate the country’s economic problems with regulation and social programs — over Republican Herbert Hoover.

Smedley Butler (right) was reportedly addressed by bond seller Gerald P. MacGuire (left) — who was also part of the veteran service organization, the Connecticut American Legion

However, the Wall Street robbery was not allowed to happen – Butler went to (what would later become) the FBI and informed his head J. Edgar Hoover about the alleged nefarious turn of events in 1934

While later analysis suggested by some that Hoover intervened in business more often than thought, Ecolib reports, he was a prominent supporter of laissez-faire economics and believed in capitalism.

According to financial blog The balancea perceived lack of intervention by him exacerbated the effects of the depression.

Roosevelt came to power in 1933.

His first 100 days have been historically acclaimed for productivity and initiatives, including his acclaimed New Deal, history.com reports.

In 1934 he signed the Gold Reserve Act of 1934. According to the History of the Federal Reservethe controversial move “transferred ownership of all monetary gold in the United States to the US Treasury and prohibited the Treasury and financial institutions from exchanging dollars for gold.”

Increasingly, the Democrat (pictured in 1932) – who had grown privileged into a wealthy family – was seen by many as a traitor to his own people and class

This disrupted Wall Street and many businesses; FDR’s reputation for social reform began to arouse hostility among the wealthy.

The archive said: “The end of the gold standard would have shocked Wall Street as they saw a currency not firmly supported by gold as inflationary, undermining both private and corporate fortunes.”

The Democrat – who had grown up privileged in a wealthy family – was increasingly seen by many as a traitor to his own people and class.

Therefore, the alleged plot to get rid of him had been crushed.

According to The archive it was Butler – a highly decorated and respected Marine – who discovered the plan and testified under oath that he had been approached about a private army of thousands of ex-soldiers.

As described by The Archive, in 1932 thousands of veterans and their families flooded Washington DC and camped in front of the White House to claim the bonus payments promised them under the World War Adjusted Compensation Act of 1924.

He was reportedly addressed by bond seller Gerald P. MacGuire – who was also part of an experienced service organization, the Connecticut American Legion.

Choosing a Roosevelt supporter for the plot may have seemed strange, but as explained by the Washington Post“Given his opposition to fascism, Butler may not have seemed fit for the job of coup leader, but his support from veterans was more important to the Wall Street plotters.

“At the time, there were many more veterans than active duty soldiers; if anyone could summon them as a force of 500,000 to march on Washington, the government could fall without a shot being fired.”

He had apparently been approached with an attempt to coup FDR and replace him with General Hugh S. Johnson — who not only helped develop the New Deal, but was appointed head of the National Recovery Administration by the incumbent himself. (NRA).

According to Butler, JP Morgan would have financed the shoo-out.

The 1930s were a widespread era of rich-poor tension in the US, with a new century just before World War I and later the Wall Street Crash (pictured)

Butler also claimed that MacGuire’s initial approaches seemed harmless, if not a little suspicious, and seemingly raised veterans’ issues in conversation, before the full scope of the plot was revealed to him.

MacGuire is said to have offered payment for the education and mortgage of Butler’s children in return for his influence.

The operation was also apparently backed by a super-wealthy lobbying body made up of major corporate elites such as JP Morgan Jr. and the CEOs of General Motors and Birds Eye – called the American Liberty League.

However, the Wall Street robbery was not allowed to happen – Butler went to (what would later become) the FBI and informed his head J. Edgar Hoover about the alleged nefarious turn of events 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 MacGuire’s initial approaches seemed harmless, if not a little suspicious.

Bonus Army veterans pictured fighting Washington police officers in one of their camps in 1932

It didn’t take long for the news to hit the press – who dismissed the idea as a ‘hoax’, with the… New York Times described in 1934 that reports contained a “bare and unconvincing story.”

According to The archiveeveryone claimed to be involved in the plot denied wrongdoing and dismissed Butler’s accusations.

Although no committee report was ever issued, Congress was told it had “received evidence that certain individuals had attempted to establish a fascist organization in this country.” After wrote.

It continued: “There is no doubt that these efforts have been discussed, planned and could have been carried out as and if the funders saw fit.”

Butler later criticized the outcome, reportedly stating in a radio interview, “Like most committees, it slaughtered the small and let the big ones escape. The great ones weren’t even called to testify.’