well from the terminal
$ date 010101011970
date: bind: Permission denied
date: settimeofday (timeval): Operation not permitted
[15:45:41][dazza@imac.internal:~]
From System Preferences you can indeed set the date back to 1970:
$ date
Fri 2 Jan 1970 00:56:44 BST
[00:56:44][dazza@imac.internal:~]
but there is a little lock that you might need to unlock (with a user password).
This does seem like a security issue on OSX.