 In recent years, the attention of the world was on financial crisis, which country was going to have a crisis that required a bailout, which currency would crash. Which big bank could go under? Starting last year, the attention shifted from economics to geopolitics, to issues of international security, of armed conflict, of man-made disasters. That has become now the center of attention. What are some of the decisions that leaders around the world are taking related to conflict and affecting companies and markets? And what is very interesting is that in the past, those geopolitical decisions were mostly made or taken by leaders of nation-states. For example, ISIS is not a nation-state. ISIS is a terrorist organization that acquired a significant power. It's part of these new kinds of non-state actors that are having great influence in the world. The collapse of oil prices has very interesting first-order consequences. Prices go down and things start happening. Countries have to adjust their budgets. Massive transfers of wealth and income go from oil exporters to oil consumers. One of the most important trends shaping the world today is what's happening to power. Power has become easier to acquire, harder to use and easier to lose. This trend, the end of power, the decay of power, is happening everywhere. It's a global phenomenon. It's happening in Africa and in North America, in Japan and Latin America. But at the same time, it's also happening in every human activity where power matters. It's from the Vatican to the Pentagon, from large corporations to big universities, from science to sports. And I think this is the force shaping the dynamics in the global economy, in global politics and even in domestic internal politics.