My very crude understanding of this has traditionally been that what is good for the resource sector, especially the oil sector—being able to sell oil at a higher loonie and having strong global production—when it offsets, when prices for energy drop and when the loonie also drops, it is rebalanced out within the Canadian economy, historically. I emphasize the crude aspect of my analysis.
Yet when you talk to me about the structural changes—the secular decline—plus the fact that a great deal of manufacturing in Canada was also wedded to the resource sector, if those investments come off and there is a structural decline within manufacturing, that rebalancing in the economy.... It's not as if you lose jobs in the oil patch and then pick them back up in Ontario and Quebec, as maybe you would have 20 or 25 years ago.