Thank you, Mr. Chair.
Thank you, Mr. Carney and Mr. Jenkins, for your appearance.
I always appreciate your candour. I see in this morning's paper that you are weighing in against hubris among central bankers. All I can say is good luck with that. Possibly next week it will be original sin.
In the category of tilting at windmills, as exemplified in your recent conversation about the Canadian dollar, I commend you in every effort you make to talk the dollar down. But it seems that we have a permanent case of Dutch disease and that our commodities drive our dollar. We have not chosen the Norwegian solution, which is to isolate commodities from their economic impact. By default, or otherwise, we've chosen the Dutch model. We have permanently impoverished some regions of the country that don't have commodities while helping to enrich those that do.
Our non-policy decisions will ultimately make us permanent hewers of wood and drawers of water, with little prospect, in spite of the best efforts of the Bank of Canada, of seeing the Canadian dollar come back to a level that would allow a real manufacturing sector to succeed in this country.