Bolshevism, like capitalism, was internationalist, at least in theory. (Joseph Stalin was actually a Soviet nationalist who also denounced Jews as rootless cosmopolitans.)

The immigrant society of the US was seen as rootless by definition. In the view of early twentieth century right wing European nationalists, Anglo American capitalism, controlled by Jews, undermined the sacred ties of blood and soil.

Such beliefs, of course, have been around for much longer than the modern state of Israel. Nineteenth and twentieth century European nationalists often regarded the US as the natural home for capitalists and rootless cosmopolitans without any loyalty to their native soil.

Though it was Stalin who used the phrase rootless cosmopolitans to describe unwanted Jews, anti Semites believed that Jews were natural Bolsheviks and probably pulled the strings in the Soviet Union, too. It was widely assumed than Jews, whether capitalist or communist, knew no allegiance except to their own people after 1948, that increasingly came to mean the state of Israel.