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In an attempt to revive the out-of-vogue Super-Hero genre, Atlas head honcho Martin Goodman and writer Stan Lee decided to revive the Human Torch, Submariner and Captain America. (It didn't last).
This issue we discovered that the Torch had been buried in the south western desert in 1949 by gangsters who put out his flame with commie production "Solution X-R!" Meanwhile, Toro had been brainwashed into fighting for the reds.
Sub-mariner meanwhile decided to come to the aid of the surface world when the Soviets threatened Free World Shipping. Not that he had any interest in world politics of course - but he was interested in a certain Betty Dean.
The Red Skull had now formed an alliance with the communists and so also out of retirement came Captain America, who had spent the last few years teaching.