The young-Earth argument: the dipole component of the magnetic field has decreased slightly over the time that it has been measured. Assuming the generally accepted "dynamo theory" for the existence of the Earth's magnetic field is wrong, the mechanism might instead be an initially created field which has been losing strength ever since the creation event. An exponential fit (assuming a half-life of 1400 years on 130 years' worth of measurements) yields an impossibly high magnetic field even 8000 years ago, therefore the Earth must be young. The main proponent of this argument was Thomas Barnes.
There are several things wrong with this "dating" mechanism. It's hard to just list them all. The primary four are:
1.While there is no complete model to the geodynamo (certain key properties of the core are unknown), there are reasonable starts and there are no good reasons for rejecting such an entity out of hand. If it is possible for energy to be added to the field, then the extrapolation is useless.
2.There is overwhelming evidence that the magnetic field has reversed itself, rendering any unidirectional extrapolation on total energy useless. Even some young-Earthers admit to that these days -- e.g., Humphreys (1988).
3.Much of the energy in the field is almost certainly not even visible external to the core. This means that the extrapolation rests on the assumption that fluctuations in the observable portion of the field accurately represent fluctuations in its total energy.
4.Barnes' extrapolation completely ignores the nondipole component of the field. Even if we grant that it is permissible to ignore portions of the field that are internal to the core, Barnes' extrapolation also ignores portions of the field which are visible and instead rests on extrapolation of a theoretical entity.
That last part is more important than it may sound. The Earth's magnetic field is often split in two components when measured. The "dipole" component is the part which approximates a theoretically perfect field around a single magnet, and the "nondipole" components are the ("messy") remainder. A study in the 1960s showed that the decrease in the dipole component since the turn of the century had been nearly completely compensated by an increase in the strength of the nondipole components of the field. (In other words, the measurements show that the field has been diverging from the shape that would be expected of a theoretical ideal magnet, more than the amount of energy has actually been changing.) Barnes' extrapolation therefore does not really rest on the change in energy of the field.

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