This is the guy behind PayPal talking. Before PayPal, he traded derivatives. After PayPal, he ran a hedge fund. He says "We live in a financial, capitalistic age, we do not live in a scientific or technological age," said Thiel. "We live in a period were people generally dislike science and technology. Our culture dislikes it, our government dislikes it."
He's pointing out that runaway capitalism and finance is the problem. He ought to know.
We used to have a simpler, and more locked-down, financial system in the US. Banks accepted deposits, lent money, and handled cash. They weren't allowed to buy and sell stocks. Trading derivatives was definitely out. Brokers did stock transactions for others; brokerage firms didn't trade much for their own accounts. There were mutual funds, regulated by the SEC. Houses were financed mostly by savings and loan companies, which were mostly local and sent people out to check on building sites.
This worked well until the Reagan years, and the beginnings of financial deregulation. S&L and bank executives wanted the freedom to take more risks with other people's money. Within a few years of S&L deregulation, the savings and loan industry tanked. Within a few years of bank deregulation, the banking industry tanked. There's kind of a pattern there.