It really looks like a simple rail fence block set with sashing strips and cornerstones.
http://www.quilterscache.com/R/RailFenceBlock.html
It is made with 3 strips of the same width sewn together then set alternated in a 4 patch. Normally Rail fence is done in a 3 color arrangement rather than two and usually not put together with sashing. You are right a rather unfortunate selection of colors and settings. I wonder if it was made pre WWII? I would have to think it was.
Edited to add: even though the design now has such negative connotations the swasticka is a very old symbol that many old cultures used, native american, hindu and even Judaism. The quilt itself is very nice, despite the "nazi" thing.