Magneto is running a country now (Genosha), and he gets a several miniseries in 2000. It seems to me we could have had an actual series for him, but this will have to do.
He’s filled his cabinet with X-Men side characters, several of which were created by Fabian Nicieza but also including his son, Quicksilver.
The United Nations is worried about a super-powerful mutant who has tried to conquer the planet now owning a country. That’s understandable. Magneto’s daughter, Scarlet Witch, becomes the U.N. envoy for Genosha.
She decides to survey the land for herself.
And learns that the human residents are now oppressed.
I think this is a clear analogy to communism.
There are still warring factions in Genosha, and he’s trying to quell resistance to his rule, while also dealing with his powers mysteriously draining away. It leads him to partner up with Polaris–their powers augment each others’.
In addition to the complex political issues discussed above, the miniseries has The Avengers arriving to try to defend the “Carrion Cove” region, which contains some old Mister Sinister equipment that will vastly increase the powers of Magneto and his army.
Quicksilver and Scarlet Witch side with The Avengers. Understandably because, you know, his parenting skills are to literally knock their heads together.
And he’s not even sad about it.
Eventually, Polaris and others from Genosha also join The Avengers. For Polaris, it means giving up the “power up” she had while partnered with Magneto.
Magneto still manages to access the machines and repair his genes–reversing his power loss.
Then, as a show of his own power, he kills Fabian Cortez.
He then threatens to crash major satellites into cities across the globe, forcing The Avengers to back down. Wanda and Pietro leave with them.