On 12 September 1946, in Madison Square Garden Hall in New York City, US Secretary of Commerce Henry Wallace delivered a speech which resulted in political scandal. In particular, Wallace stated: “we have no more business in the political affairs of Eastern Europe than Russia has in the political affairs of Latin America, Western Europe and the United States.” President Truman was immediately asked whether the speech reflects his administration’s policy.

After a quick look at the speech two days before the rally, Truman said at the press conference that the speech reflected it fully. However, he later had to justify that he approved only the commerce secretary’s right to make such a speech, but not the content. Time magazine called his words “absurd lies”.

Truman, who’d actively advocated intervention into European affairs, in March 1947 openly offered assistance to Greece and Turkey for protection against “international communism”.

Wallace would later be dismissed by Truman, and the Progressive Party he had created would be charged with aiding communism.
Wallace was an interesting figure within the American administration; he was a man with a passion for mysticism. In politics, he was a supporter of the convergence theory and the gradual integration of society with a system that combines the best features of communism and capitalism. He considered himself a follower of Nicholas Roerich and referred to him as “Dear Guru” in his letters. On political issues, he supported Roosevelt’s policy and advocated the development of cooperation between the Soviet Union and the United States.
He ran for president in the 1948 election, but had little support.

Source: John Maze and Graham White, Henry A. Wallace: His Search for a New World Order. University of North Carolina Press. 1995