Many years after her notorious husband, Henry Fool, fled after killing a neighbor, Fay Grim receives a visit from CIA agent Fulbright, who tells her that Henry is dead, but that some of his journals have been unearthed in France. She sets forth on a globe-trotting odyssey that soon leads to the discovery that he is alive, and his journals are more than they appear to be.

Haunted by uncanny similarities between Nazi stage techniques and the showmanship employed by modern entertainers, a filmmaker investigates the dangers of audience manipulation and leader worship.