I read it (after substantial rereading) as that Christ should be viewed as a "disruptor"; that he did not view the established authority as special (divine right of kings and all that). Political atheism as a term could be seen to make sense in this context, with the "theism" being the acceptance of the class hierarchy/strong ruler/whatever was oppressive about the State back in Christ's days. That would make political atheism seem (I assume in Theil's eyes) analogous to libertarianism, which calls for great freedom (in its most basic form; some would not call it true liberality, but eh, different argument).

So yeah, Christ can be seen to be against the controlling social order of his time, as can Libertarianism today.

Disclaimer: I'm so far left wing that most libertarians would call me a fascist, so assume some bias.