"The American Dreamers!"
Welcome to a warped world where Captain America is now an internationally respected diplomat, Bucky had not died in WWII, but is now chairman of the Avengers.
The parameters of this new world shift as Steve Rogers walks with his long-time friend, Sam Wilson. In a blink, Sam passes from deference as an equal, to degradation as a shoe-shine boy on the receiving end of a racial attack. Cap doesn't stand for this, and vocally registers his distaste.
The scenes morph again from radiant childhood innocence to bleak urban totalitarianism, where Nazis have conquered the U.S. and made slaves of Negroes, Jews and Mutants. As ever a staunch adversary against despotism, Cap rallies the Mutants and local dissidents to revolt against their oppressors.
The Falcon falls to a Nazi sniper, and Cap lashes back, even as a spray of bullets graphically spell out clues to the mayhem all around him.
Cap follows the pointers to the Waldheim Hotel, upstate New York. He's greeted by hostile Ku Klux Klansmen who shimmer into Nazis. The perpetrator of the unraveling travesty is Morgan MacNeil Hardy.
Through controlling four powerful telepaths and magnifying their mental energy, Hardy is re-shaping the fabric of reality in America. All the schisms were caused by the varied subconscious wishes of each telepath. To unify the vision, Hardy has placed himself in the same apparatus as the Psis.
As Hardy deems Captain America not to be part of his vision of a new America he tries to erase him out of existence.
When everything starts to disappear, Morgan MacNeil realizes just how foolhardy he's been. The Psis who think of Steve Rogers as the embodiment of America take the suggestion literally and start phasing out people and buildings all over the United States. The burden of guilt is too much to bear for Hardy and he reverses the energy causing the feedback to overload the Psi Amplifier.
Moral of the story; You Can't Kill the Spirit of America.