Peter Thiel: Corrupt colleges

Peter Thiel on the corruption of colleges today. Modern American universities are as corrupt as the medieval church.

Paying exorbitant tuition is like buying indulgences, while diplomas are like plenary indulgences and university administrators are like the corrupt priests and popes posing as representatives of God, heaven and righteousness when they are actually quite the opposite. An analogy? Yes! And quite appropriate. More from Thiel on the education bubble. [See comment on this video, below.]

Keep in mind, that it's actually not the education that's the problem. We live in a world where education can become free: podcasts, university seminars, online lectures, etc. It's that certification is becoming overpriced. Employers aren't hiring you because of what you learned at Yale, it's because you have a certification from Yale. The best way to fight the bubble is to self-educate as much as possible; it makes acquiring the certificate cheaper. As well, as an employer, you can administer your own testing and then offer a steep discount on wages. The Yale grad won't be able to afford to work for you, but the self-taught guy will be able to.