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"and... What If Captain America Had Formed the Avengers"
Continued from What If...? #28.

Steve Rogers is the President of the USA. He has reformed the nation into a fascist regime. His S.H.I.E.L.D. army of Super-Soldiers now virtually rule the whole world.

On a north Atlantic isle, Namor makes an astonishing discovery. The body of another Captain America frozen in a block of ice. The Sub-Mariner is ambushed by S.H.I.E.L.D. agent Frank Castle in his Iron Man armor.

En route back to base, the thawed Captain America regains consciousness and soon establishes his credentials as the genuine living legend from WWII. Impressed by the integrity and indomitable spirit shown by this Steve Rogers, Castle executes his former S.H.I.E.L.D. associates to hero-worship at the side of his idol.

The revitalized Captain America is revulsed by what has been done in his supposed name and vows to avenge all these wrongs.

Recruiting the last band of heroes along the way, the 'Avengers' strike at the heart of the S.H.I.E.L.D. to destroy the source of the Super-Soldiers and uncover that it was the Red Skull in a cloned Steve Rogers body that perversly warped the world to resemble his Nazi fantasy.