Can't create text on this image in PSE10

This has got me stumped.  There's something strange going on with this image.  I downloaded it from the Web, and can't create text on it -- text that's visible.  The text layer is created (I can see it in the Layers palette), but no matter what font, size or colour I use, the text does not appear on the image.  I've re-saved the file in PSE10, and as another image in PhotoPaint X5 (which can create text on the image just fine) to no avail.  Here's the image that was saved as another image in PP, but still doesn't work with the text tool in PSE10:

It's not an important image, just one I use as a test case, but it's driving me crazy.

Ken