What you know vs Who you know

I just remember that yesterday when I went for the interview practice, someone mentioned that it seems like nowadays 'who you know' is more important than 'what you know'. Is that right? I questioned myself about this question. How much do we have to know to make us survive in this cruel world? In this highly competitive world, sometimes it seems that it is important to have some connections. Even though I myself believe that everything depends on you, somehow having good connections with the right people will also help making your way smoother. Still you have to know what you are doing in order to persuade your networkers that you are worth their time and investment. So 'what you know' and 'who you know' are equally important. Remember that you live in a world where people are connected to each other in one way or the other. Having good connections and relationships with others will certainly help you in the present or future.