Thank you, Mr. Chair.
Good afternoon, Mr. Macklem.
Here's an excerpt from an article by Nouriel Roubini:
Central banks have been monetizing large fiscal deficits in what amounts to “helicopter money” or an application of Modern Monetary Theory. At a time when public and private debt is growing from an already high baseline (425% of GDP in advanced economies and 356% globally), only a combination of low short- and long-term interest rates can keep debt burdens sustainable. Monetary-policy normalization at this point would crash bond and credit markets, and then stock markets, risking a recession. Central banks have effectively lost independence.
What is your reaction to those comments?