Loose Change
An earth pony college student, writing a history essay to reveal the real history of Equestria, otherwise known as whatever deranged conspiracy theories she's thought of while writing.
- Driven by Envy: When you get right down to it, most of Loose Change's racism is sour grapes because she actually wishes she had unicorn magic, which as an earth pony she will never have.
- Fantastic Racism: She blatantly props up earth ponies whenever possible, and denigrates unicorns and pegasi.
- Logical Fallacies: Loose Change uses all of them. She also fears the dreaded Fallacy Police.
- Parental Abandonment: Her mom was a drunk, and her dad died from being struck by lightning trying to get a better theta-ray connection with aliens.
- The Power of Friendship: Loose Change doesn't believe in it, and instead attributes it to Celestia's 'pro-friendship agenda'.
- Revenge Fic: Loose Change is writing the essay to make Celestia look evil.
- Superior Species: Earth ponies, if you believe her (you probably shouldn't).
- Tinfoil Hat: She and Crazy Larry wear some to block sunlight (because Celestia is obviously using it for something nefarious).
- Unreliable Narrator: Is she ever. She uses fallacies out the wazoo and is mostly writing the essay in an attempt to make it look like Celestia was an Evil Overlord.
Crazy Larry
A homeless earth pony and Loose Change's only friend, probably because he's as crazy as she is.
- Crazy Homeless People: Fits this trope to a T. Loose Change finds it endearing, though.
- Tinfoil Hat: He joins Loose Change in wearing one.
The Equinus Republic
The government of Equestria pre-Discord. Supposedly a democracy, but really a complete mess that banished their opposition to Tartarus, spent money on things like the first Equestria Games rather than feeding the starving population, and couldn't agree on anything useful. Or, according to Loose Change, a benevolent and effective government, mostly because they weren't Celestia.
- Democracy Is Flawed: The Equinus Republic couldn't get anything done.
- Out with a Bang: They fell due to a mass orgy (at least according to Loose Change).
- Skewed Priorities: They weren't able to agree on the building of a road, but were able to agree on removing penalties for homicidal evisceration.
Discord
The Spirit of Chaos and Disharmony, who turned Equestria into a World Gone Mad until Celestia and Luna stopped him. Despite this, according to Loose Change he was still a better ruler than Celestia.
- The Caligula: Apparently he replaced the currency with air.
- Historical Hero Upgrade: Courtesy of Loose Change.
- Well-Intentioned Extremist: According to Loose Change.
- World Gone Mad: What he presided over.
Nightmare Moon/Luna
Celestia's corrupted sister, and yet another threat to the early Equestria. Or a heroic rebel against Celestia's reign, if Loose Change is correct. She collaborated with Celestia to fake the events of the first and second episodes, and Celestia reformed Luna with the Elements (not the ones the Mane Six had, those were fakes), and then sent her too the moon so she couldn't contradict Celestia's version of events, replacing her with a clone (who is the Luna seen in Luna Eclipsed and onward).
- Clone Degeneration: The Luna seen for most of the show is an imperfect clone, which is why her hair is different (canonically it's because she lost power when Nightmare Moon was defeated and regained it later, which seems to be the accepted explanation In-Universe)
- Historical Hero Upgrade: Once again, Loose Change props up anyone who opposes Celestia, for any reason.
- Unwitting Pawn: Ultimately, Luna was this to Celestia.
Celestia
A Benevolent Mage Ruler not too different from her canonical self, but Loose Change spends most of the essay attempting to make her look bad.
- Benevolent Conspiracy: Reading between the lines, she may have made herself such a central figure to give ponies something to believe in after Discord.
- Black Magic: What the Elements of Harmony use, according to Loose Change.
- Clone Army: Loose Change posits that Celestia makes good use of the Mirror Pool for whenever she needs replacements.
- Complexity Addiction: The Celestia of Loose Change's imagination seems to do a lot of manipulation for her 'pro-friendship agenda' even when she has the necessary ponies under mind control.
- Evil Overlord: Loose Change paints her as this.
- Historical Villain Upgrade: Loose Change does everything possible to make this happen.
- Lethal Chef: Apparently made the Changelings while trying to make a cake.
- The Man Behind the Man: Loose Change sees Celestia behind every historical event.
- Universally Beloved Leader: At one point, Loose Change switches to writing haikus because she was sick of quoting so many pro-Celestia sources.
- Villainous Glutton: Apparently she loves cake so much, she accidentally created Chrysalis in an attempt to get her pastry fix.
- Villain with Good Publicity: Loose Change sees her as this.
The Mane Six
Celestia's pawns. And yes, Loose Change does use the term 'mane six', although she doesn't know why.
- Unwitting Pawn: They're Celestia's brainwashed pro-friendship pawns. They don't even have the real Elements of Harmony until The Best Night Ever.
Spike
Twilight's dragon assistant and surrogate little brother. Or, as Loose Change sees it, Celestia's agent to control the Mane Six.
- The Dog Was the Mastermind: Spike was The Dragon to Princess Celestia, although Loose Change emphasizes that he's a flunky because she doesn't want to acknowledge a non-pony as important.
