The Khan Academy TED talk shows that the Khan Academy has two of the three pieces of education: content and accreditation. Add in a way to babysit kids throughout the day, so that parents can work 9 to 5 without worry, and the current primary / secondary education infrastructure will be replaceable. Here in SG, it's readily doable as you can just have your maid watch the children. In the US, this route isn't cheaply available, and so the US will probably fall even further behind.
MIT or Harvard should acquire the Khan Academy.