It's not surprising that the two would meet, since they both came from high society: Mosley from British nobility, and Roosevelt from, well, the Roosevelt family. It should also be noted that Mosley had not yet turned to fascism at this time. In fact, he had abandoned his position as a Conservative representative and joined the left-wing Independent Labour Party recently, with political views that were not far from those of Roosevelt's. In late 1924, he lost elections in a Birmingham constituency against the same Neville Chamberlain who would go on to become Churchill's predecessor as Prime Minister. After his defeat, Mosley and his wife spent some time traveling, first in India, then in the United States where they met and joined Roosevelt on his boat.
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