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Odd, I had a similar conversation with Sherman over the weekend. Sites like Wikipedia operate on the notion that through constant revisions, the truth will emerge and errors will eventually be corrected. However, this assumes that the population, as collective, is intelligent.
I don't believe this to be true. Important decisions, such as determining facts, should be left to qualified individuals. Even in our own government, we don't use a true democratic system; we have mixed elements of a republic and meritocracy. We defer our vote to representatives to make decisions for us. Because, quite frankly, how well informed are you and I about every aspect and nuance of running the largest economic and military force on the face of this world? Yeah, not so much.
Anyways, Colbert makes his point and makes it well. Sure Wikipedia is great and can quickly amass and revise a great body of knowledge. However, we shouldn't rely on it as fact. I leave you with this quote by Robert A. Heinlein: "Democracy can't work. Mathematicians, peasants, and animals, that's all there is - so democracy, a theory based on the assumption that mathematicians and peasants are equal, can never work. Wisdom is not additive; its maximum is that of the wisest man in a given group." (quote via Wikipedia) -terry