Yes, sir, absolutely. If you look at the International Monetary Fund and its projections, this is definitely a global recession. They call it “the Great Recession”. It's unprecedented, and we're seeing the world economy decline in real terms on a year-to-year basis. As Paul Krugman says, this is a situation where sometimes bad things happen to a good economy, and Canada is a good economy. So it's definitely a worldwide phenomenon.
Also, sir, if you look at slide five, where we look at Canada-U.S. monthly real GDP, and you look at what's happened since January 2008, you'll see that the numbers, even on a real GDP basis, actually track fairly closely, again highlighting how the situation in the United States impacts very importantly on Canada.