By Bill O'Reilly

Let's take this step by step. First of all, the people behind the protests are smart. They have designed a plan that deflects the bad economy away from President Obama onto greedy Wall Street people and by extension the Republican Party.

It works this way: The protesters scream that Wall Street greed is why the worldwide economy is so bad. And who supports big business? Why, the Republicans do.

Simple, effective and some in the media have latched onto the theme. The economic disaster in America is not the president's fault; it's the fault of corrupt Wall Street greed-heads.

Whether he knows it or not, President Obama lit the fuse for this plan by openly stating that corporations and the wealthy are not paying their fair share in taxes. "Talking Points" doesn't know whether Mr. Obama knew his class warfare rhetoric would ignite public protest, but it has, and surely the president understands the power of his words. On Sunday at the Martin Luther King Memorial he said this:

(BEGIN VIDEO CLIP)

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: Dr. King understood that peace without justice was no peace at all, that aligning our reality with our ideals often requires the speaking of uncomfortable truths and the creative tension of nonviolent protests.

If he were alive today, I believe he would remind us that the unemployed worker can rightly challenge the excesses of Wall Street without demonizing all who work there.

(END VIDEO CLIP)

The president's use of the word "justice" is interesting. What's the definition of justice?

Some folks believe that justice is making sure everybody has the same amount of money. That's the income equality group. They want governments around the world to take money away from the affluent and business and give it to the "people." And spurred on by the demonstrations in the USA, protesters all over the world are now demanding social justice.

What people have to understand is that these demonstrators come from a variety of places. Some are hardcore communists; some are socialists; some are just confused and/or looking for some action. Most of these people don't know the big picture. They're just out there protesting whatever beef they may have. The commonality here is that the protesters despise capitalism, believing it unfair. And sometimes it is, just like every system can be unfair.

The greedy business people who invented the giant mortgage con absolutely damaged the worldwide economy. They are villains. There's no question about it.

But you don't see these protesters screaming about countries like Greece, Spain, Portugal and other social justice nations going bankrupt because of excessive spending on entitlements. That bankruptcy spectrum is hurting the worldwide economy far more than any mortgage scheme ever did.

You also don't see the protesters angry with the Democratic Party here in America for spending this country into near bankruptcy, badly damaging the currency and retirement accounts.

No, none of that is on display. It's all about social justice.

The truth is that many protesters in America simply don't like their country. They don't want to compete in the free marketplace. They want to do their own thing and be guaranteed financial security while doing it. Again, they don't want to compete; they want to be supported.

Meantime, the demonstrations are costing working taxpayers millions of dollars. Money down the drain.

On another front, it is instructive to see how the left-wing media in America are supporting the demonstrators. Think back a year ago when the Tea Party was demonstrating for smaller government and responsible spending. Did the media support that effort? Of course not. It demonized the Tea Party as racist and insensitive to the needs of the poor.

So what happens now? Well, my pal Glenn Beck says this is just the beginning of worldwide rioting and revolt designed to tear down the capitalistic system. "Talking Points" believes the protesters will in the short run ramp it up. They are now emboldened, and the powerful people behind President Obama certainly see this as an opportunity. If Wall Street becomes the economic issue, Mr. Obama will be much better off. The president's campaign chief, David Axelrod, gave us a preview on Sunday:

(BEGIN VIDEO CLIP)

DAVID AXELROD, BARACK OBAMA'S CAMPAIGN CHIEF: I don't think any American is impressed when they see Governor Romney and all the Republican candidates say the first thing they would do is roll back Wall Street reforms and go back to where we were before the crisis and let Wall Street write its own rules. I think that will be an issue.

(END VIDEO CLIP)

Interesting, right? The Democrats know they can't defend President Obama's economic record, so they will deflect it into another arena and the media will buy it.

But "Talking Points" is not buying it. Capitalism gives the most amount of people the most opportunity to succeed on their own. Europe is collapsing economically because of rampant social justice spending. The Soviet Union collapsed. Cuba and Venezuela are disasters. Socialism never works.

But worldwide there are millions of people who want stuff without working for it, and they are capable of using force trying to get that stuff. Not a nice picture.

And that's "The Memo."

— You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.