In the song's lyrics, Dylan criticizes himself for having been certain that he knew everything and apologizes for his previous political preaching, noting that he has become his own enemy "in the instant that I preach." Dylan questions whether one can really distinguish between right and wrong, and even questions the desirability of the principle of equality. The lyrics also signal Dylan's disillusionment with the 1960s protest movement and his intention to abandon protest songwriting. The song effectively analogizes the protest movement to the establishment it is trying to overturn, concluding with the refrain: