The following article outlines the acceptance of cheating on exams in China. So how does this impact the United States? While attending NC State for a master’s program in Bioinformatics, about 40% of the students were Chinese. Cheating was prevalent and accepted by the professors.
Cheating was not limited to the Chinese at NC State and this is one of the reasons for our nation’s decline.
To find what is perhaps the best analogy of the mentality behind today’s global capital markets and the perhaps the entire US economy as well, one has to travel to Zhongxiang in Hubei province, where a university entrance exam for 800 students did not go quite as expected. Telegraph reports: “When students at the No. 3 high school in Zhongxiang arrived to sit their exams earlier this month, they were dismayed to find they would be supervised not by their own teachers, but by 54 external invigilators randomly drafted in from different schools across the county.The invigilators wasted no time in using metal detectors to relieve students of their mobile phones and secret transmitters, some of them designed to look like pencil erasers. A special team of female invigilators was on hand to intimately search female examinees, according to the Southern Weekend newspaper.”
In short: everyone was hoping to continue a historical tradition and simply cheat, but the proctors finally and shockingly pulled the plug. End result: hundreds of test takers who had no idea what to do when the system is not rigged. And summarizing best not only what happened in China, but what is going on in the market now that Bernanke has warned he may pull the liquidity Koolaid shortcut to wealth effects and riches: “Outside, an angry mob of more than 2,000 people had gathered to vent its rage, smashing cars and chanting: “We want fairness. There is no fairness if you do not let us cheat.”