You raise a very good point, and I think you probably have the numbers. If you look at overall debt in the global economy from 2008 to 2017, you can see that it's gone up significantly. I worry about two things. One is how smooth the process is to get to more normal rates, and what that process does. There are many others more expert than I am, but I think the ability to tighten smoothly is not an easy thing to do. So I also worry about shocks to the system. Most financial crises occur because of a shock that hits the system. Overall, I think it's an imperative that rates are going to have to go up to deal with this liquidity that's awash in the system.
I think there are probably asset bubbles. They could be in housing markets, or in some commodity products. It's important to be very careful about where the spikes are. From a fiscal point of view, I'm more bullish on Canada as long as we can continue the underlying growth, which I think we can. The areas I worry more about are real estate and consumer debt and what happens on that side if rates really move quickly. I think you might have an even more troubling situation in the United States and in some other parts of the world. I think we have to be very careful.
With that tax bill in the U.S., there's a very good short-term hit as a result of the investment going on. We should look at some of those elements. But in the longer term, when you look at the debt levels, I think there's reason for a lot of concern.