Uncommon Knowledge: Government, Economic Growth, and Speculative Investing with Peter Thiel

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December 1, 2008 | Recorded on November 24, 2008

Government, Economic Growth, and Speculative Investing with Peter Thiel

with guest Peter A. Thiel
interviewed by Peter M. Robinson

Peter Thiel, President of Clarium Capital Management

In this Uncommon Knowledge interview from November 24, 2008, Thiel argues that a book published in France in 1968, Le Defi Americain (The American Challenge), has a lot to say to us in 2008, including why the United States has failed to rise to the heights predicted by its author, J. J. Servan-Schreiber. In explaining what’s wrong with the US economy, Thiel points out that, although we have benefited from growth that is both extensive (e.g., free trade) and intensive (e.g., technology), we have not featured enough of each. He asserts that the credit crisis of 2008 had nothing to do with the failings of the free market but rather is a by-product of government entanglement, nurtured by the motors of economic growth, working less well than expected. (38:56)

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start video from beginning Hedge-fund manager Peter Thiel discusses why the US has failed to rise to the heights predicted in The American Challenge, a landmark 1967 book by J. J. Servan-Schreiber.
start segment 2 at 6:48 Why do American laborers work so many more hours than their French counterparts? According to Peter Thiel, this is a symptom of the incredible decline of socio-economic circumstances in America.
start segment 3 at 13:40 Peter Thiel explains what’s wrong with the real US economy: While we have benefited from growth that is both extensive (e.g., free trade) and intensive (e.g., technology), our growth has not featured enough of each.
start segment 4 at 21:32 Peter Thiel says the credit crisis of 2008 has nothing to do with the free market. Rather, it is a byproduct of government entanglement, nurtured by the fact that the motors of economic growth have worked less well than expected.
start segment 5 at 28:45 Peter Thiel says the US may be facing several years of slow growth or stagnation. However, in a globalized and very competitive world, there are surprisingly big constraints on political action that can lead us toward being less capitalist and less competitive. In short, we will compete, although it will be an increasingly difficult slog unless our technological means elevate dramatically.