It is the year 2000 and the World Global Union is in charge, although other countries are allowed to elect their own government leaders, as long as they support the Union. When Austria's newly-elected president, played by Josef Meinrad, makes his inauguration speech he declares Austria independence and issues an edict ending Austria's financial support for the Global Union.

Rupp (Jannings) is a former butcher, made rich in the meat packing industry as a result of the reversal of fortunes brought on by WWI. He is crude, uncouth and uneducated. His son, Fred, is the apple of his father's eye and is an auto enthusiast. The widowed Rupp falls in love with a former aristocrat, Helen, now down on her luck and pawning her last heirloom. He proposes marriage and she accepts in order to save her ailing mother who needs a monetary influx to avoid death. Her former boyfriend, Platen, warns Helen against Rupp's intentions - he and Rupp are enemies, Rupp having caused his being fired for protecting a chorus girl against Rupp's unwanted advances. Meanwhile, Graf, a shyster, arranges purchase of a near bankrupt auto manufacturing firm, Phoenix, to Rupp's great advantage with practically no monetary recognition to Graf, who swears revenge. Rupp comes upon his son begging Helen not to marry his father but to return to Platen.

Fritz is in love with artist Glay, who stays at the Grand Hotel. In spite of not having any money he gets to know her, invites her to supper and after dancing a tango even hires the royal suite. How will he get out of this is a mystery even to himself.

Unhappy accountant Karl has a crush on Eva who seems to prefer dates with execs. But real trouble ensues when he inherits his uncle's apartment and in its wake a group of shady characters involved in illegal business affairs.

Taking place over 12 hours on New Years Eve, a concert pianist murders his wife's lover, then frames an innocent man.