Peter Thiel: Flawed Assumptions Led to Economic Collapsebr The Hoover Institution - Hoover Institutionbr Peter Thiel argues that a book published in France in 1968, Le Defi Americain (The American Challenge) has a lot to say to us in the United States in 2008 and discusses why the U.S. has failed to rise to the heights predicted by its author, J. J. Servan-Schreiber.In explaining what's wrong with the U.S. 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.