Say that you are a writer who takes pride in your concern for humanity and especially “the little guy.” You say that you are dedicated to progress, so long as it helps the poor. You long ago came to believe that increasing the power of the state will accomplish those objectives. Then you hear someone argue that the power of the state is exactly the reason why many poor remain poor. How do you react?
You might think that the sensible reaction would be to say, “I’d better find out if that argument is sound, for if it is, I have been making a mistake.” Every now and then, a statist has one of those conversions, but they are very rare. Far more commonly, the defender of statism rebukes, ridicules, and dismisses those who question his core belief. That’s exactly what we see in the response of leftist writer Matt Yglesias to the arguments of Tom Woods regarding the damage that the US, including many poor Americans, suffers due to our statist monetary system. Does Yglesias wish to understand how the Fed’s machinations distort the economy and produce unsustainable bubbles? Not at all.
Read Woods’ discussion of Yglesias’ attack on him here.
