Thank you for the question.
As for dead money, I believe my predecessor himself has declared it resurrected. Our characterization of that is a little different. It would be that, in effect, companies in Canada have healthy balance sheets, and that's a good thing. The process that I described before will be much more difficult if foreign demand is building and our confidence gets up and we don't have the balance sheet available to do the job. Then we will have a different problem.
One of the most important ingredients to getting the investment momentum that we expect to see is having a healthy balance sheet and being ready, and being in a position to do the kind of due diligence that companies do before making a sizable investment.
Part of that due diligence would be understanding what's going on in China, what's going on in Latin America, and what's going on in Europe, and whether that is going to resolve itself. Companies will have to decide whether or not they have sufficient assurance that investment will pay off for them and that it is time to act. When uncertainty is high, they wait. In that sense a healthy balance sheet is good, but of course it's waiting to be put into action.
I find that what we're looking for—as you said, the preconditions—is emerging and we don't really know at what point it will tip the balance and we will get that. As I said, the data are sufficiently slow that it could already be occurring. Certainly the people I speak to are feeling reasonably confident. They're concerned about what's going on in Europe. They have a question mark, let's say, about China, but they're more or less ready. In that sense, I'm feeling reasonably confident, but it's a question mark and I have to admit to you that I just don't know.