The global arms trade of the early 1930s gets a case-by-case indictment in this compilation of newsreel footage, built to coincide with the U.S. Senate's Nye Committee investigation into the munitions industry and President Roosevelt's push for legislation to take the profit out of war. The film walks through the business records of the era's leading armament manufacturers, tracing contracts and sales across borders that supposedly stood as wartime enemies. Its sharpest claim is that French and German arms firms kept trading with each other during the First World War even as their governments sent soldiers to kill one another, a detail meant to strip the romance out of patriotic war rhetoric and expose the ledger underneath. Archival footage carries most of the argument: soldiers marching, factories producing shells, and diplomats negotiating, cut together with a running commentary on rearmament already underway across Europe. It closes on newsreel material extrapolating what a future war, fought with the weapons then in development, might actually look like.