Well, I would not expect the last part of the question you posed. In fact, the U.S. did a lot more work than the rest of us because they bore the brunt of this cycle, so it's understandable. I characterize it as a crater that comes after a bubble bursts. Basically you fill that crater up with this extra liquidity that has been created through the quantitative easing and so on and ultra-low interest rates, but while the economy gathers its own natural growth processes again, you're able to pull that away without the negative effect that you have in your question. I don't expect that there will be a setback of that sort at all, but rather that the private sector will be doing the growing and that will be largely investment-based growth, company-to-company growth, which is exactly where our exports have been weak to this point. We're just beginning to see that linkage showing up in our own trade data, and that is the most encouraging element of what we've seen in the last few months. The bottom line is that we need this for a fulsome cycle for us and to get back export and investment demand to offset the need for consumption to slow down.
On November 4th, 2014. See this statement in context.