Yes, I mean here in Canada. Within six months, we will be basically more or less where the U.S. is now.
This is not the main story, because of course debt is the stock of debt and income is the flow of income, so you cannot compare them. But the number has been rising very quickly, reflecting the very effective monetary policy.
I think it's very important to understand what we are talking about when we talk about this personal debt situation. Are we talking about a wave of defaults tomorrow? Are we talking about a subprime-type situation, or are we talking about a situation in which so many people are stretched that they will simply reduce their consumption in the future? I think this is the situation.
When interest rates go up, and they will go up eventually, you will see people spending more on debt and less on other things. This doesn't mean that everybody will default. We'll not see a situation in which default rates will rise to the sky, but you will see consumer spending slowing, and that's why I believe, if you will, that the speed limit of the economy will be reduced.