There is a huge difference between people who are educated and people who are clever. These days we have a huge number of educated people, many intelligent (hi

There is a huge difference between people who are educated and people who are clever. These days we have a huge number of educated people, many intelligent (high IQ) people but extremely few clever people. Clever people are those who have common sense and as Charlie Munger pointed out, 'common sense' ought to be called 'uncommon sense' because it's not common at all these days. We have a problem now in our society that the task of capital allocation which used to be handled by clever people who had plenty of common sense has been artificially handed over to highly educated, intelligent people who in some cases completely lack common sense. They've been trying to design an elaborate, controlled economy from the top down... With an artificial government-controlled monetary system to support it. Most intelligent people don't understand the importance of creative destruction; even though this process has proven itself to be the effective for millions of years and is the basis of natural evolution. It seems that most people in power have never heard of Leslie Orgel who once said that "Evolution is cleverer than you are". You need to work with evolution, not against it. The system needs to allow creative destruction and natural selection.