Yes, I think you are right. In Canada, the level of debt, both public and private, is extremely high. We do not feel quite so bad when we see the situation other countries are in. Ours is a little better. I believe that we must also consider the quality of the assets. In my opinion, Canadian assets are of better quality than assets in other countries. We must also consider the percentage of the public debt which is financed from outside the country. Our risk in that area is perhaps a little lower. However, the constant increase in indebtedness is the result of very low interest rates. If ever rates quickly went up to the levels we saw some years ago, a lot of people would be in trouble, which would cause quite a significant impact on the Canadian economy.
However, I feel that is unlikely that rates will go up very much. We can probably use the opportunity to urge Canadians to reduce their levels of debt as quickly as possible in case rates were to increase. As for the federal and provincial governments, we have seen that a healthy budget situation is the best insurance during a recession or hard times. We saw that in Canada in 2008 and 2009.