2012 January 18 Wednesday
Euro-American Ruling Elites Get Trained Together

Can you say "cognitive sorting"?

For some, that trust has a common source: three of the six banks are led by economists who studied or taught at the Massachusetts Institute of Technology in the late 1970s and early 1980s. Then, as now, the emphasis was on what former MIT professor and now Bank of Israel Governor Stanley Fischer describes as “economics about the real world.”

Maybe the schools will specialize. Want a Secretary of State or Foreign Minister? Better make sure your country sent enough people to Harvard. Want a Treasury Secretary? Probably Dartmouth grads who spent time on Wall Street. Our last 2 Treasury Secretaries (Hank Paulson and Timothy Geithner) follow this mold. Though Geithner also has the chops to be Secretary of State with his time at Johns Hopkins and in China learning Mandarin and Chinese culture and history.

The full article gives more examples than I'm excerpting here. Its not just the central bank heads who studied together. Other officials on both sides of the Atlantic met in grad school.

At MIT, King, 63, and then-professor Ben S. Bernanke, 58, had adjoining offices in 1983, spending the early days of their academic careers in an environment where economics was viewed as a tool to set policy. Earlier, Bernanke and European Central Bank President Mario Draghi, 64, earned their doctorates from the university in the late 1970s, Draghi with a thesis entitled “Essays on Economic Theory and Applications.”

With the Ivy League, MIT, and Stanford pulling in even more students from abroad than was the case in the 1970s and 1980s you can imagine what the next generation of elite officials will be like. They'll be able to do Harvard and MIT alumni reunions at G-8 meetings and other gatherings of elected and appointed high officials. They'll have to have Yale and Dartmouth dinners too. If only all this elite selection actually resulted in central bank officials who were less than totally clueless when in the middle of a huge real estate bubble about to burst. If only elite education translated into high competence.

So which schools should graduate social welfare cabinet secretaries? Can we just use Nobel Laureates to run Energy departments for now on? Should their alma mater figure in? Or just the Nobel?

Share |      By Randall Parker at 2012 January 18 07:11 PM  Elites Versus Masses


Comments
Lono said at January 19, 2012 9:10 AM:

These graduates are far from incompetent - they simply only represent the needs and interests of the elite.

(when they say they didn’t expect the housing crash - they are simply lying)

That's why it makes me laugh so hard when people support Mitt Romney - due people really think this wealthy serial corporatist gives a crap about their economic opportunity? It is NOT in his best interest to serve the needs of the poor or middle class - he'd have to be an idiot (or an idealist) to do so.

People either need to wake up and vote in Ron Paul for Real economic change - or simply accept the role of peasant with humble gratitude.

Lou Pagnucco said at January 19, 2012 9:40 AM:

Randall,

"clueless when in the middle of a huge real estate bubble about to burst"??
Didn't they profit mightily from both the boom and the bust?

The media/financial/corporate/government aristocracy regularly hobnobs in very posh resorts
- and, is becoming more inbred, exclusive, and unrepresentative of the people whose lives they control.

As George Carlin said - "It's a big club and you ain't in it"
http://www.youtube.com/watch?v=i5dBZDSSky0

solaris said at January 19, 2012 11:39 AM:

>"People either need to wake up and vote in Ron Paul for Real economic change ..."

The thing about Paul is that he's the candidate of the discontented. All of the discontented, from across the spectrum. He's got the true believer libertarians on his side, people who think that populism is a dirty word, and he's also got populists like LONO on his side, people who think that Paul will stick it to the rich and champion the poor and middle class.

Paul has practically no chance of becoming President. But if he did somehow become POTUS, he would have to be a bitter disappointment to at least some of his supporters.

McNeil said at January 19, 2012 3:24 PM:

Great link Lou Pagnucco, thanks.

Love it!

McNeil said at January 19, 2012 3:29 PM:

"(People) continue to elect these rich cocksuckers who don't give a fuck about them; they don't give a fuck about you, they don'n give a fuck about you, they don't care about you at all, at all, at all" Carlin.

Carlin's is just great. I could kiss his feet!!

Randall Parker said at January 19, 2012 7:02 PM:

Lono,

Battles over the economic system are going to be fought by higher IQ people. The masses aren't going to get on the clue train. They aren't smart enough. Half the population have below average intelligence (actually, below median intelligence, but close enough). But even average or median intelligence (which is below 100 in the US of A and falling) isn't high enough to understand what is going on.

Ron Paul is the candidate for a fairly high IQ individualistic slice of the American electorate. That's a small slice.

We don't have a choice between good candidates for the Presidency. But the more fundamental problem is that the economic interests of the economic classes have diverged and continue to diverge. That's not just due to the rich running large multi-nationals with major interests abroad. The growing dummy class isn't much use because they are a growing fraction of the populace while technological developments make them less useful.

My take on Romney: He's a much more competent member of the ruling elite than most of them. At least on some issues he'll be better than Obama (like less persecution of employers by the US DOJ civil rights division). I'd rather have him than Gingrich or Michelle Bachmann or Obama. But I have low expectations and low hopes as well. I'm not looking for some leader to save us. I think the electorate effectively preclude the possibility of a great improvement in governance.

Mike M said at January 19, 2012 8:18 PM:

Are the so called "smartest guys in the room" the best guys to manage the economy? Can you say "LONG TREM CAPITAL MANAGEMENT"?

MarkyMark said at January 19, 2012 11:56 PM:

"They'll be able to do Harvard and MIT alumni reunions at G-8 meetings"

I'm not so sure that the elite schools will necessarily dominate in the future as much as people might think - although I admit it's clearly possible and they are putting up a pretty good show of things at the moment.

I say this for one reason only - and that is the elite schools in the 70s and 80s would have been far more male dominated, sometimes even all male. It is possible that in the future women will be equally represented at the top of the tree but then again they might not.

According to Wikipedia females now account for 45% of undergraduates at MIT. It's hard not to believe that many of these, and Ivy educated women in general, are going to strike a different work/life balance (and career success) compared to their male colleagues. In effect this means less Ivy league men coming through the pipeline.

Also, once it becomes openly and outwardly accepted that the US has lost its top dog status the cache of a US education may be diminished in the eyes of foreigners and foreign countries may even harbour increased suspicions of US educated persons.

Lono said at January 20, 2012 7:36 AM:

Randall,

I agree that Ron Paul does appeal more to those with higher IQ in general - which is why I see considerably more vocal support for within the Mensan community than in the general population. I also agree with you that Romney is preferable to Obama and I think Dr. Paul would say as much too if he were to not secure the Republican nomination - although he would stop short of fully endorsing him due to Mitt’s political and personal track record.

That being said - I don’t think it is useful to be pragmatic and simply choose the lesser of two evils next election cycle - because both Obama and Romney will continue to push for and solidify a North American Union. Once a NAU governing body is in place - Americans will find (just like many citizens in the EU) that they have little recourse to petition against the aggressive and overly restrictive legislation coming out of the new union. They will also find - just like in the EU - that the President of the NAU - and those who propose legislation - will be appointed by special interests and not elected by the participating countries.

So I would ask - what good is it to not opt for maximum resistance in this situation - since the fate and the very independence of our Nation State is on the line?

Although I am actively working to get Ron Paul and related Constitutionalists elected in this next cycle - I am aware it is quite the uphill battle - and I am also actively working on creating a new - and separate - society of empathetic intellectuals which may one day serve as an alternative to the coming undemocratic world government. There are several scenarios where such a society could help shift the balance of power through unique innovation as we approach the technological singularity.

Hudson said at January 20, 2012 1:04 PM:

Lono,

"That being said - I don’t think it is useful to be pragmatic and simply choose the lesser of two evils next election cycle - because both Obama and Romney will continue to push for and solidify a North American Union. Once a NAU governing body is in place - Americans will find (just like many citizens in the EU) that they have little recourse to petition against the aggressive and overly restrictive legislation coming out of the new union. They will also find - just like in the EU - that the President of the NAU - and those who propose legislation - will be appointed by special interests and not elected by the participating countries."

Where is the evidence of a North American Union and an "undemocratic world government" coming into being, and of Obama and Romney promoting?

Can you cite some sources?

Bertie Wooster said at January 22, 2012 1:58 PM:

One problem is that as the elite schools become more international, more elitist, and more "diverse," they will actually start to exclude the very people most likely to win elections or be appointed to cabinet positions. What percentage of Harvard undergrads today are non-Jewish American whites - 20-30%, maybe? Among American Harvard students non-Jewish whites may be the most underrepresented group of all. White Christians founded Harvard, but they are now proportionally outnumbered by Jews, Asians, and probably even blacks. Your alumni can't lead if they don't reflect the population of the country. Political domination by the Ivies, MIT and Stanford is probably at or near its peak.

Politicians will still attend elite schools, but those will be the second tier elite schools like Duke, Annapolis, and UVA - the schools that will be attended by smart American whites who were pushed aside by international students and underqualified blacks and Hispanics. Also, ideas spread faster than in the past, thanks to the internet, so one doesn't have to attend a particular university to benefit (or suffer) from the ideas of its elite instructors.

Check it Out said at January 23, 2012 6:53 PM:

I think that even the term Ivy League has now become insulting. To me, these universities should either become accessible or disappear. I think we'll live without those expensive clubs.

I also like Carlin, by the way.

nahshal ziraar said at April 24, 2012 12:04 AM:

Not to let this go one-sided, the BIS dictated abounding decades ago that afterwards they brush off the bobcat allotment of the profits for their "brokerage" of OPEC Oil, and the Oil Refineries yield their 30%, the Arab OPEC Oil States have to use their 10% accumulation to buy US Debt in T Bills.
This is about Consolidating the abundance into the easily of the Illuminati Bankster Families and their Master, The Vatican. The Whore of Babylon and the bench of the Anti Christ. Their financial/economic war will anon be physical...

jogos de meninas


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