I read it as a form of something almost approaching a call for eugenics: "The common man is such an idiot! If only the intelligentsia could be put in charge of

I read it as a form of something almost approaching a call for eugenics: "The common man is such an idiot! If only the intelligentsia could be put in charge of the world, everything would be better." Your point about putting the quote in the context of the times is well made.