U.S. near the bottom on schooling/test scores

maybe to a small extent in the 60s and 70s, as you already mentioned. the world was a different place then. very different.
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From this link:
"in comparison to other countries, the United States is losing educated workers. Countries in Asia are gaining educated workers faster than the United States. According to Nobel laureate Richard E. Smalley, professor of chemistry and physics at Rice University, 90% of all the world's scientists and engineers will be living in Asia by 2010 ..."

If you have looked around in the typical physics department of most of the better US universities you will be surprized to see many Asians, including quite a few professors. China has in progress plan to make 50 Harvard or MIT level university centers and is hiring many away. China will graduate soon 6.1 million university grads. Especially in the hard sciences, the US is losing brains to China.
Billy T:90% of all the world's scientists and engineers will be living in Asia by 2010

it is 2009 NOW.

China can have all the people they want. where will they put them on peoples shoulders.
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James R said:
At present, Australia mostly exports intelligence to the US. We call it the "brain drain".

Not only Australia. Many countries do at least in academia. The US has a lot of programs to facilitate this . I have the suspicion (and given what some faculty tell me) that is at least partly due to the fact that it is more efficient (and cheaper) to import guys on the grad level and higher than get the own pool up to the level.
This is easily seen buy taking a look at the percentage of foreign individuals in US academia. Even the holy grail of academia jobs (tenured positions) are held by a sizeable percentage of "imports" (around 25% across all US last time I looked). I a way one could see that the US academic system is broken in that foreigners actually get a better chance to compete (which is often the reverse in other countries).
Of course one could argue that this is the strength of US academia, it does not try to create a large pool of highly educated people but rather creates a small one and stocks up with foreign pools.
Selective picking?
Your quote says IS losing (i.e at the present time)... I referred to the UK brain drain as happening in the 60s and 70s (and it also happened post-war).
But ALSO from the Wiki article;
Brain drain phenomena in Europe fall into two distinct trends. The first is an outflow of highly-qualified scientists from Western Europe mostly to the United States.
Charon, i doubt there was ever any significant brain drain from australia or britian to u.s. in case yoiu have not noticed there are virtually no australian communities in u.s. or even british ones for that matter. you must be rating this on very\ extremely limited by what you have witnessed in a few isolated instances.
I doubt that Australians or British would set up distinct communities. Of course, the majority of foreign graduates, postdoc and faculty are Chinese and Indian, but given the few full Professor positions there are, there is quite a high proportion of British and Germans, actually.
But even if 50% of all full profs would be British, it still won't numerical enough to build up a British community. Brain drain does not mean that there are thousands of people leaving a specific country, but rather that a limited number (as there are relatively few to begin with) specialists are lured out of the country. In the worst case they are the best and brightest, as the payment (at least for tenured Profs) tend to be higher than in other countries.
i think they would set up communities. as far as the number of Chinese and Indian, you realize that these two countries represent very close to 40% of the earths population. that fact alone tells you that the percentages go up across the board and that includes the negative. i can only imagine the number of mentally ill.
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