But a prolonged period of widespread mass unemployment paired with a collapse in overall spending reflects something else. People haven’t decided they want fewer apples and more pears, they’ve decided they want fewer goods and services and more safe liquid financial instruments.Woody Mattchuck trying to wind his swollen tongue around economists' jargon is like watching a Star Trek episode in which everything has been edited out except the technobabble; it is a script composed entirely of reversing the polarity. He has less than no idea what he is talking about, which is bad enough, but he combines his own mental feedback loop with a psychopathic insouciance in the face of human suffering. Saying that "people" have decided they want "fewer goods and . . . more safe liquid financial instruments" is like saying that European Jewry decided it wanted a smaller and less geographically widespread population. It proposes that the perpetration of a colossal wrong upon innocent people is the result of some invisible collective will.
On the plus side, I believe that it is not possible to write anything dumber than the above quotation. I believe that this is the stupidest thing Matthew Yglesias has ever written, possibly the stupidest thing any human being has ever written, and that not even he is capable of descending below the bottom of this pit.