This retched conspiracy theory is really malleable. You can twist and turn it to fit different people’s fears. When I was conservative years ago I remember somewhat believing a headline that elites were trying to give migrants citizenship in exchange for military service so that they could have an obedient military that would oppress the rest of the citizens. It’s not quite as racist, but still pretty bad.
This is the meme I thought of when I saw OP’s meme.