Protests: Both Conservatives and Liberals Are Right … Just Looking at Different Sides of the Same Coin

Occupy Wall Street and Occupy the Fed Are Two Sides of the Same Coin

The Occupy Wall Street protests are obviously targeting Wall Street, i.e. the giant banks.

The Occupy the Fed protests – led by Alex Jones, the Oathkeepers and other conservatives – are targeting the Federal Reserve. *

While some are trying to weaken these two movements through a divide-and-conquer strategy, the truth is that they are two sides of the same coin.

Specifically, the corrupt, giant banks would never have gotten so big and powerful on their own. In a free market, the leaner banks with sounder business models would be growing, while the giants who made reckless speculative gambles would have gone bust. See this, this and this.

It is the Federal Reserve, Treasury and Congress who have repeatedly bailed out the big banks, ensured they make money at taxpayer expense, exempted them from standard accounting practices and the criminal and fraud laws which govern the little guy, encouraged insane amounts of leverage, and enabled the too big to fail banks – through “moral hazard” – to become even more reckless.

Indeed, the government made them big in the first place. As I noted in 2009:

As MIT economics professor and former IMF chief economist Simon Johnson points out today, the official White House position is that:

(1) The government created the mega-giants, and they are not the product of free market competition


(3) Giant banks are good for the economy

And given that the 12 Federal Reserve banks are private – see this, this, this and this– the giant banks have a huge amount of influence on what the Fed does. Indeed, the money-center banks in New York control the New York Fed, the most powerful Fed bank. Indeed, Jamie Dimon – the head of JP Morgan Chase – is a Director of the New York Fed.

Any attempt by the left to say that the free market is all bad and the government is all good is naive and counter-productive.

And any attempt by the right to say that we should leave the giant banks alone because that’s the free market are wrong.

The Federal Reserve and the giant banks are part of a single malignant, symbiotic relationship. Conservatives and liberals should unite in breaking up both.

* This is an over-simplification. In reality, many conservatives and people who would like to end the Fed are part of the Wall Street protests … and reining in the Fed is one of the central platforms of Occupy Wall Street.

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  • PRichards

    And as supplement to WashingtonsBlog’s excellent post, here’s a good 2 page info flyer to hand out to people at the OWS protests to help them understand the real cause of the economic problems and who the real bad guys are

  • Bill Bergman

    Very well done. Consider all the new banks that could have been started, with a view to serving their customers and not relying on taxpayers, that can’t or shouldn’t open their doors given how the big jerks are still in business, backed by you and I.

  • beowulf

    ”Humphrey’s Executor” is the 1935 Supreme Cort opinion case authorizing “independent government agencies”, including the Fed, that will be (and should be) overturned sooner or later. To quote a DC Circuit concurring opinion from a few months ago:
    “Because of Humphrey’s Executor, the President to this day lacks day-to-day control over large swaths of regulatory policy and enforcement in the Executive Branch — from communications regulation (the FCC) to labor regulation (the NLRB) to securities regulation (the SEC) to nuclear power regulation (the Nuclear Regulatory Commission). Those and many other independent agencies have huge policymaking and enforcement authority and greatly affect the lives and liberties of the American people. Yet those independent agencies are democratically unaccountable — neither elected by the people nor supervised in their day-to-day activities by the elected President.”

  • Dan W.

    This really helps nail down some thoughts I’ve been having lately. I have been starting to agree with the Ron Paul/Libertarian school of thought on many issues, but the one issue I haven’t been able to figure out is how do the libertarians feel about the big banks and the big corporations. Ron Paul’s book Liberty Defined was an interesting read, but seemed to ignore the Elephant in the Room: the corporations. I wonder if Dr. Paul and the other libertarians have connected the dots, i.e. realized that corporations are not a product of a free market?

  • it’s not obama, it’s not bush, clinton, romney, bachman, Rick Perry etc. it’s not PUPPETS. It’s the bankers that control the puppets.

    Make sure you target the real culprits and that is the central banks of Federal Reserve, Bank of England, IMF and World Bank. It’s not necessarily Wall Street and don’t request Socialism, we need FREE MARKET. We have crony capitalism right now, Corporatism, not free market.

  • nader paul kucinich gravel mckinney baldwin ventura sheehan

    There you go man keep as cool as you can
Face piles of trials with smiles

    (it riles them to believe that you perceive the web they weave)
    Keep on thinking free

  • two sides of the same coin

    That works!


    Everyone is up in arms against Wall Street, bankers and corporations. Well guess who finances the campaigns of EVERY single candidate EXCEPT RON PAUL.

    Ron Paul’s donations come from individuals, from We The People. In dribs and drabs. Whatever we can afford to give him. Our troops donate more to his campaign than to ALL of the other Republican candidates COMBINED! And our troops donate more to Ron Paul’s campaign than they do to the Commander In Chief.

    It would be great if candidates wore patches for their corporate sponsors like they do in NASCAR. The corporations know their candidates will represent their interests. The media wants the advertising revenue from those corporations, so they try to hide Ron Paul and distort his positions to falsely label his positions as “fringe”. Ron Paul’s patch would be the Constitution.

    You want a grassroots candidate who represents and is supported by We The People? You found him.

    Ron Paul for President 2012

    • Kevin

      I disagree with Ron Paul on a number of issues but I support both he and Dennis Kucinich as proponents of ending fractional banking in the united states. I think it interesting that the media labels both Paul and Kucinich as the “wingnut” candidates of their parties and yet when each one was asked about the other as a possible VP candidate in the 2008 presidential nomination process and both RP and DK said they would love to have the other as their VP candidate should they win their party’s nomination. RP actually thought it would be a great idea towards uniting america because the most important planks of their platforms are the same (non-aggression, anti fractional banking, need for new trade agreements to replace NAFTA which is a malignancy all its own, and many other key issues nobody is paying attention to).

  • Todd

    They may be 2 sides to the same coin but they want vastly different outcomes. Those protesters on Wall Street want the complete destruction of the US or complete Governmental takeover of the finances of the US depending on if your talking to the unions, socialists, communists, anarchists or students that got loans for a worthless degree.
    The real conservatives are wanting to stop the destruction of our currency (the FED and out of control spending) and rebuild the capitalistic system to what it is supposed to be. If you do something stupid with your cash, you deserve to fail, someone else can do it better.

  • The world is craving for real capitalism, real economy. But most of the people are confused, these situation is really dangerous, we hope that this time something good happen, but chances are 50/50.

  • Jim T

    This is a lesson straight from the pages of history. We are again threatening a trade war over relative currency values (anyone remember Smoot-Hawley?), we have removed the control the Fed had over the retail and investment banking business (how about Glass-Steagall?) … and now we are left to pick up the pieces. I know it’s not all this simple. It takes idiots with PhDs after their names to truly make the decisions, people like Paulson and Bernanke that will send us little people up the creek. I am literally worth more dead than alive. I guess that could be one way to ensure American society doesn’t overstretch itself too thin on this boomer’s healthcare and welfare.

  • Steve

    Luke 10:18And he said unto them, I beheld Satan as lightning fall from heaven.
    In ancient Hebrew the word for lightning is barack, the word for heaven or the
    heights is bama and to connect the words either an “a” or an “o” is used.

    2 Thessalonians 2:3 (King James Version)
    3Let no man deceive you by any means: for that day shall not come, except there
    come a falling away first, and that man of sin be revealed, the son of perdition;

    Political Correctness a term first seen in Mao’s Little Red Book, a communist engendered abomination that is instituting censorship little by little.

    “If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter.”- George Washington

    Carl Marx, once wrote that, the goal of the Communists was to quote,. “enter into men’s minds and cast God down from his throne.”

    Matthew 12:31Wherefore I say unto you, All manner of sin and blasphemy shall be forgiven unto men: but the blasphemy against the Holy Ghost shall not be forgiven unto men.


    In ancient Babylon their economy was based on usury.
    “If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest. Exodus 22:25
    Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him. Ezekiel 18:13
    Usury is unlawful; expressly prohibited by GOD!
     Article 1 Section 8 of the U.S. Constitution clearly states that only the Congress can print and coin money! 

    The Federal Reserve Act of 1913 was slipped thru congress during the Christmas break with the majority of it’s members absent. 

    The Federal Reserve is self serving and privately owned in violation to the Constitution, charging interest on illegally printed money. Money printed from nothing!
    In America On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. Five months later A UNITED STATES PRESIDENT, PRESIDENT JOHN F. KENNEDY was MURDERED BY COMMUNIST!
    “If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest. Exodus 22:25
    Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him. Ezekiel 18:13
    Usury is unlawful; expressly prohibited by GOD!
    In ancient Babylon their priest sacrificed babies to their gods baal, and molech.  
    In America the communist under their socialist programs have sacrificed over 50 million American babies to their god satan!
    Leviticus 20:2-5
    2Again, thou shalt say to the children of Israel , Whosoever he be of the children of Israel , or of the strangers that sojourn in Israel , that giveth any of his seed unto Molech; he shall surely be put to death: the people of the land shall stone him with stones.
    3And I will set my face against that man, and will cut him off from among his people; because he hath given of his seed unto Molech, to defile my sanctuary, and to profane my holy name.
    4And if the people of the land do any ways hide their eyes from the man, when he giveth of his seed unto Molech, and kill him not:
    5Then I will set my face against that man, and against his family, and will cut him off, and all that go a whoring after him, to commit whoredom with Molech, from among their people.
    Luke 22:35-36 Then Jesus asked them, “When I sent you without purse, bag or sandals, did you lack anything?” “Nothing,” they answered. 36 He said to them, “But now if you have a purse, take it, and also a bag; and if you don’t have a sword, sell your cloak and buy one.
    Jeremiah 50:16Cut off the sower from Babylon, and him that handleth the SICKLE in the time of harvest: for fear of the oppressing sword they shall turn every one to his people, and they shall flee every one to his own land.
    Jeremiah 50:23How is the HAMMER OF THE WHOLE EARTH CUT ASUNDER AND BROKEN! how is Babylon become a desolation among the nations!
    Jeremiah 50:14 “ Put yourselves in array against Babylon all around, All you who bend the bow; Shoot at her, spare no arrows, For she has sinned against the LORD.

    All nations compassed me about: but in the name of the LORD will I destroy them. Psalm 118:10


    “The thing that separates the American Christian from every other person on earth is the fact that he would rather die on his feet, than live on his knees!”. George Washington