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People are turning against a system they never actually experienced. The conditions Thiel describes aren’t the result of capitalism working too well. They’re the result of capitalism being slowly replaced by policy-driven scarcity. Student debt didn’t rise because markets ran wild. It rose because government guaranteed the loans. Housing didn’t become inaccessible because property rights failed. It became inaccessible because zoning boards, permitting regimes, and “planning authorities” restrict supply by design. Wages didn’t stagnate because capital exploited labor. They stagnated because taxes, inflation, and regulation drag wealth creation down while inflating the cost of living. So the resentment is real. The generational break is real. But the target is misplaced. People are losing faith not in capitalism, but in a system that wears capitalism’s language while operating as coordinated political control. Ownership was throttled, not by markets, but by policies that prevent individuals from accumulating and applying capital. If you remove those restraints, opportunity expands. If you double down with more control, you get collapse. The question is not whether people will rewrite the system. The question is whether they’ll recognize which system failed.