> No, you can get a scholarship

Of course! So easy! What percentage of foreign students applying get aid or scholarships?

> Again, this is really the best of the best, those with the highest merit.

You're assuming that "the best of the best" are applying. This is not true. "The best of the best who are encouraged to apply and/or have the means", apply. This is not the same population.

> All they had to do was convince a bureaucrat their life was hard

I don't know who this "bureaucrat" is. When I interviewed at Cambridge I was seen by 3 fellows, all members of the relevant departments.

> If you can't get the grades, you don't have merit.

Nobody's this naive, surely?

The mean talent at Oxbridge and at the Ivy League is pretty similar. The talent level of Ivy League scholarship holders is significantly higher than either. Obtaining a scholarship is a significant hurdle that not all applicants clear - so it is very naive to act as if any Oxbridge candidate could just walk into a scholarship. And if you agree that they couldn't walk into it, then it obviously is a hurdle, contrary to your comment.

> Debase the currency, surprised when it has less value?

This bizarre comment is not related to the issue at all.

This is why https://www.economist.com/graphic-detail/2015/10/29/our-firs... concluded that the best university in the USA is https://en.wikipedia.org/wiki/Washington_and_Lee_University.

For this they measured the gap between what graduates made, and what they would be expected to make based on high school record, test scores, and choice of major. In other words, "How much do you earn because of the university you went to, rather than your own virtues?"

That university won because it has a network rich people who could help people's careers get a good launch.

If you're measuring the value in dollars, it would be very surprising if people maxxed on the INT stat rank higher than those on the USD stat. But, for example, if your goal is to secure a professorship at a top university, or do the most cutting-edge research at a national lab, I think the network value of knowing a smart person far exceeds that of a rich person.

Kind of depends. Attending a service academy in the states is a VERY GOOD IDEA if you want to make being a military officer your career. But yes, I take your point for the general case.

However... some of the best business contacts I have came from teaching at a trade school in Texas. But I'm just selling solutions into SMEs, I'm not baby-sitting kids with VC funds.

How are we valuing the network? There are doors that many wealthy people would not be able to open and vice-versa. On the other hand, someone both smart and wealthy... Sam Altman comes to mind, as well as a number of other figures of historic importance.