This is an enigmatic genre of magazine cover for men's magazines that seemed to be popular at one time, possibly the 1960's: It features underdressed females fighting with, being mistreated by, or being threatened with ravishment by Nazis. Or, alternatively, a buxom Ayran female wearing lingerie and a Nazi armband whipping an American soldier, often in a dungeon setting. The Nazi symbols tended to be recurrent, to the exclusion of other classes of villains.
This leads to some questions:
1) Is this proof that Godwin's Law predated the internet? [Godwin's Law -- "As an online discussion grows longer, the probability of a comparison involving Nazis or Hitler approaches 1 (100%)."]
2) Is this another example of Rule 34 in action? [Rule 34 states that, if it exists, there must be porn of it. These illustrations, while not seen today as pornish, were probably borderline at that time.]
However, P. J. O'Rourke suggested an exception:
"No one has ever had a fantasy about being tied to a bed and sexually ravished by someone dressed as a liberal." [Give War a Chance]
Likewise, I cannot conceive of some warped fantasy of being tied up and whipped by someone dressed as a conservative. Anyway, what distinctive garb signals liberal or conservative status? Well, one idea. Dave Barry wrote about horrible Republican pants; patterned pants that men wear on golf courses.