Spies Karl and Lilly target the German Kettwig company, trying to secure data about an innovative tearproof wire. Bernd Kettwig is wooed by Lilly while his assistant Inge falls for Karl, and two other employees are coerced into treason.
Under the guise of a brutally honest documentary, this malevolent propaganda film aims to be an "indispensable tool in the hands of the Aryan race", designed to depict the "true" Jew when the masks of western civilisation fall off.
Princess Rosemarie learns about the philandering of her husband and plans to catch him in the act. But the Prince is elsewhere, and a substitute has been recruited, dashing Count Herbert who falls in love with Rosemarie, and she with him.