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> If your theory is correct and the global elite really isn't significantly smarter than the average population then the next question is, how are they maintaining their spots against smarter competitors?

This question is only difficult to answer if we believe that our system operates on merit. A system that operates on power, connections, and backroom favors happily maintains the status of mediocre people.

> how are they maintaining their spots against smarter competitors?

I recommend you read "Capital in the Twenty-First Century" (Piketty) for the full argument, but tldr version: capitalism naturally tends toward extreme inequality because the rate of return on capital exceeds the rate of economic growth.

>how are they maintaining their spots against smarter competitors?

Blackmail, lying, cunning, manipulation, backstabbing, machiavellianism, etc,

You need to be intelligent at these, above all else.

Well, then the theory that they are stupid is false, since at the least they are very smart at blackmail, lying, cunning, manipulation, backstabbing, machiavellianism, etc.

Yep. They're stupid at what the general public considers intelligence, generally academic excellence. But they're smart at doing whatever it takes to get to the top.