> then the question of America Vs China is indeed one of the most important questions.
I don't actually take the stance as you stated it -- but if I did, I'd say that would mean it doesn't matter at all what nation develops it because the consequences would be disastrous no matter who did it first.
> a lot of very smart people getting handed huge amounts of money by other very smart people that seem to think it is.
Ignoring whether or not the people funding this are "very smart" (I don't know if they are or not), there are also a lot of very smart people who think that it isn't. Just the fact that some very smart people think such a thing isn't evidence that they're correct.
You also have to keep in mind that the more intelligent a person is, the easier it is for them to convince themselves of pretty much anything.
Right now, it's all just a battle of opinions.