I would point out is that most of the change over the past 5,000 years has been arithmetic, and it now logarithmic. Digitization, the whole Moore's law thing where it doubles every 18 months - that is a speed that is faster than most people are used to.

The ability of people to reach their own news sources now, and create different views, is really unbelievable, and [populism] may be part of this.

I went to Brazil, and you get on the ground and you see it, and you could tell the government was in trouble two years ago. This was just going to sweep the government aside, and it was a force you could feel. Brexit, the same thing.

Not everybody has experience in drilling for oil in the Permian Basin, but the same thing is happening in every industry everywhere in some manner.

As a whole, [changing] is deflation force that is being underestimated. Whether each person thinks of it in the context of the word deflation ... what they think of it is, "Hard to hold my margin. I'm under margin pressure. I'm under sales pressure. I'm under cost pressure."

You ever go out to a restaurant now? You can get quality food - you can go out and get the best food that was available 20 years ago. They'll put it on a plate, you'll sit in a plastic chair because nobody values the chair, the white tablecloth, the maître d', but they'll put on your plate some great food for what used to be available at Applebee's prices. There are some really nice things going on, some external values being delivered to people.

John Cryan and I worked together at UBS, and I think John is one smart, hardworking individual, and I wouldn't bet against John. I wish him well.