I thought it was mimicking the rise of Hitler? A guy with a funny tash who stood up in beer halls shouting crazy ideas and somehow managed to appeal to a disaffected group of individuals. Who then through playing outside of established political system and using a fair amount of violence managed to crush dissent/the sane majority and take control of a country, then did his best to take over the world (ala the ending). Hence the warplanes with Waldo's face, referring to the ludicrousness of a symbol of peace being stamped on war machines etc. Either that or I had been reading into it too much 
