The quote comes from Walter Russell Mead and is pretty self-explanatory needing little in the way of explanation or exposition from me. Needless to say, I agree:
There was a time — as recently as early 2010 — when the Great and the Good, the Champions of the Conventional Wisdom and the Oracles of the Davoisie identified the UN’s forlorn climate change negotiations as the wave of the future and the last best hope of man. Let the futility and failure to which all this led be a reminder to us and to them: those who guide the world’s destiny aren’t nearly as discerning as they think they are. Between the American housing bubble, the European meltdown and the climate policy disaster, it almost begins to look as if the Establishment consists mostly of overpaid, egotistical blowhards.