red under the bed 

an insidious communist presence that has infiltrated a capitalist society (the under the bed part refers to the stereotypical child's fear of monsters under the bed, often used ironically to describe the mentality of people who are paranoid about communists)

Back then the red under the bed was viewed as the driving force behind our defense budget.

red under the bed by The Return of Light Joker January 10, 2012