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I suppose that in an Axis victory TL the Nazis could have supported any efforts by Franco to try reestablishing Spanish influence in Latin America at the US's expense so long as this did not involve a war with the US.

What if the United States would have adopted a different, more pro-Latin American version of the Monroe Doctrine? Specifically, the US would have judged any European intervention in the Americas on the basis of its own security concerns but also on whether this intervention would have actually...