 But demographics is not destiny, or not necessarily destiny, but it does shape potentially virtually every dimension of public and private life. Public budgets, government budgets in most developed countries are dominated by age-related spending. Even in the United States, entitlements for the elderly are now nearly 50% of non-interest spending in the federal budget and will be heading higher. Demography shapes the size and composition of public spending. It potentially limits our abilities to invest in the young, to invest in the future. Beyond budgets, it has important implications, as we've seen, for economic growth. Demography, through the changing age structure of the population, affects rates of savings and investment. Through the rate of growth in the population, it affects long-term returns to capital, and hence the profitability of industry and business and the direction of the magnitude and direction of global capital flows. It can shape potentially the social and political mood. In a word, you cannot understand the future without understanding demography. Now, there are other things that matter, of course. Technology matters. What happens to the environment matters. Religion matters. But even here, even with technology, even with the environment, even with religion, there are feedback loops to demography, to population age structure, to population growth, and to differential population growth. So I think any long-term future scan really does need to begin with the fundamental human input, and to understand that we need to look at these underlying demographic trends.