Lord of the Swastika
Those of you not familiar with Spinrad's "The Iron Dream" need to check it out.
Here is Ursula K Le Guin's take on it.
https://www.depauw.edu/sfs/backissues/1/leguin1art.htm
I didn't get far enough into the Elric Saga to really judge whatever hidden message it might carry, but I got the strong impression about it's Lily White Nordic Hero and all the baggage associated with that. Pay close attention to how Le Guin finishes her essay; "What Spinrad is trying to tell us is that it is happening here."