Doppleganger said:
Had Germany defeated the Soviet Union I'm afraid that Great Britain would have been in a very difficult position. I don't think we would have had any option but to come to terms with Hitler. As so-called Aryans we wouldn't have suffered the fates afforded to the Slavs and the Jews but we would have ended up as a 'puppet' satellite of the 3rd Reich.
While only speculation, of course, I disagree with you Doppleganger. (Doesn't happen that often).
1. Hitler allowed his allies an incredible amount of "Bewegungsfreiheit" and independence. Italy would be a classic example. Mussolini determined his own foreign and military policy. Italy's attack on Greece and Egypt would act as strong examples. Not only that, Mussolini even pursued his own Jewish policy. This was true of all allies such as Hungary, Romania, Slovakia, Croatia, Finland, etc. Hitler seemed almost disinterested in the actions of his allies...yet another reason why Germany lost the "war".
2. Hitler oddly enough supported the British Empire. It was his model for doing things. They were pragmatic, in his eyes, and would see the value of a German-controlled east (as opposed to a communist-Slavic east). The Nazis in fact believed that it was in Britain's interests to allow Germany to crush Soviet-Russia. Hitler could not understand why Britain mobilized against Germany during the 1930s. Nor could he understand the declaration of war in September 1939. After that month, Hitler set out to punish those he held responsible...the Jews:
"If international finance Jewry in and outside Europe should succeed in once again plunging the nations into a world war, then the result will not be the victory of Jewry, but rather the annihilation of the Jewish race in Europe!" ["Reichstag speech", January 30, 1939].
Hitler did not want to step into Britain's domain: "Germany decides to go over to a clear, farseeing territorial policy. Thereby she abandons all attempts at world industry and world trade, and instead concentrates all her strength in order, through the allotment of sufficient living space for the next hundred years to our Folk, also to prescribe a path of life. Since this territory can be only in the east, the obligation to be a naval power also recedes into the background. Germany tries anew to champion her interests through the formation of a decisive power on land...This aim is equally in keeping with the highest national as well as Folkish requirements. It likewise presupposes great military power means for its execution, but does not necessarily bring Germany into conflict with all European great powers. As surely as France here will remain Germany's enemy, just as little does the nature of such a political aim contain a reason for England, and especially for Italy, to maintain the enmity of the World War".
Hitler realized that he had to appease Britain: "Hence the sober perception of British interests will be determining for English foreign policy in the future too. Whoever cuts across these interests will thereby also be England's enemy in the future. Whoever does not touch them, his existence will also not be touched by England. And whoever can be useful to her from time to time will be invited on England's side regardless of whether he had been an enemy in the past or perhaps can again become one in the future".
Hitler believed that the Jews lay behind Britain's pathological hatred of Germany: "To be sure, yet another important factor emerges in regard to England's attitude toward Germany: the decisive influence world Jewry also possesses in England. Just as surely as Anglosaxonism itself can overcome its war psychosis vis-à-vis Germany, world Jewry just as surely will neglect nothing to keep the old enmities alive so as to prevent a pacification of Europe from materialising, and thereby enable it to set its Bolshevist destructive tendencies into motion amid the confusion of a general unrest".
Hitler wanted to create a world of blocks. This point is clear in all of his speeches and writings. The US would dominate the New World. The British Empire would continue to dominate Africa and SE Asia (and Canada and Australia). Italy would dominate the Med. Germany would dominate E. Europe. Considering the propaganda, Hitler's real war aims were on the minimal side.
I am actually uncertain where the idea of physical world domination actually comes from. It was probably another product of Allied propaganda and the "Hitler Reborn" fantasies that emerged during the Nuremberg Trials and were established as "fact" by Hugh Trevor-Roper and other "scholars". [The number of journalists who wrote about Hitler and moved into academia is truly amazing].
http://www.scrapbookpages.com/Dachauscrapbook/HitlerSpeeches.html
http://www.adolfhitler.ws/lib/books/zweites/zweites.htm