Yes.
First of all, I spent eight years getting it, so I'm going to correct you: It's “Dr.” Cochrane.
As I said in my presentation, the fact that the government has access to unlimited financial resources doesn't mean spending is unlimited, because those financial resources have effects in the material economy. That's where the concern needs to come in.
I will specifically respond to the comments from Mr. Wudrick and Mr. Moody about the debt ceiling. Focusing on this as a blunt instrument—Mr. Wudrick referred to other policies as “blunt instruments”—is just inviting disastrous brinkmanship, as we saw in the U.S. around the debt ceiling. The debt ceiling is a meaningless thing that really just serves to make us feel good, considering that every dollar the Canadian government spends into the economy becomes someone else's asset in the non-federal economy.
Mr. Moody wants to equate the federal government with households. I don't know about Mr. Moody, but I don't have my own bank. The federal government has its own bank. That's how it's able to spend money into existence. The concern is what happens when it's in the economy.