The star formation capability of two molecular clouds at high galactic latitude (|b|>30{deg}) is investigated. Possible pre-main sequence stars in and around the translucent clouds MBM7 and MBM55 have been identified via their X-ray emission by inspecting ROSAT All-Sky Survey observations of the clouds and environs and ROSAT pointed observations of the high-density cores within the clouds. Follow-up optical spectroscopy of the stellar X-ray sources with V<=15.5mag was conducted with the 1.5-m Fred Lawrence Whipple Observatory telescope to identify standard signatures of pre-main sequence stars (LiI {lambda}6708{AA} absorption and H{alpha} emission). We found 11 stars which have lithium equivalent widths, W(Li), above our detection threshold. Three of the stars with lithium also have weak H{alpha} emission. Relative ages for the stars with lithium are estimated by their position on an W(Li) vs. T_eff_ diagram. A calibration derived from data for several clusters with known ages indicates that the stars are older than the translucent high-latitude clouds. This conclusion is supported by a comparison with theoretical evolutionary tracks of the stars from our sample for which we have distance measurements from Hipparcos. We find it is unlikely that any of the X-ray active, lithium-rich stars we identified have formed in the clouds in question. Theoretical and observational arguments support this conclusion and render unlikely the possibility that low-extinction translucent clouds are the sites of star formation.