Helping Stupid

There is a popular Chinese saying – “Taiwanese are old fashioned, Hongkonese are heartless and Americans are stupid.” So warns Yue Xi, an adviser to Americans hoping to do business in China.

What does it mean for the human experiment when citizens of the nation, or more accurately the empire, with the largest military, the biggest economy and the most pervasive cultural influence in history are generally considered a bunch of dim-witted numskulls? There are only two conclusions: either the empire is about to go bust or we're doomed... at least to a virtual comic-book universe:



It's not that we lack for geniuses... after all we did give the world I-pods, velcro and Miles Davis as well as Michael Jackson. I suspect the 'stupidity' the Chinese and others perceive is our great American Complacency. Our recent record in international basketball is a perfect example. We still have the talent but until the '08 Olympics our "Dream Teams" lacked heart, discipline ... and smarts.

We have the finest universities with the fattest endowments but our public school teachers are over-stressed and underpaid, our poorest schools are overcrowded and woefully decrepit. So is it surprise that half our high school graduates appear functionally illiterate? But hear us cheer, USA! USA! 'Cause remember, we're the greatest!

Then there are our great financial wizards-- like the head of Hewlett Packard who got sacked for falsifying records to hide an affair with a B movie actress. A steamy secret affair that apparently never got consummated. Talk about a poor investment choice. And you would think after the Enron bloodbath that the head of the Federal Reserve would not want to see that debacle repeated. No such Luck:

Fed Chairman, Ben Bernanke wants to let banks ignore existing guidelines requiring them to value assets at what they would be worth if sold on the market today. Instead of having to admit these toxic assets are currently worth 5 to 10 % of original value. Why worry? the chairman is thinking, sure, our economy may be on life support, we're still the mighty USA.

Well, the Chinese seem to think Bernanke is dumb enough to think they're the ones who are stupid. Beijing has been busy dumping dollars and buying euros. But while it reflects a lack of faith for a U.S. recovery in the long run, by boosting the euro right after bailing out Greece while the "smart" money ran for cover, the erstwhile communists may end up saving a lot of complacent capitalists.

I won't even talk about our brilliant politicians... they can speak for themselves...