[Technical difficulty—Editor] just said that we know inflation is a global phenomenon and that it's faced by countries around the globe. We know the factors that it's driven by. You and I have just talked about those. You've just cited those or agreed to the ones that I cited. There are some who are arguing that somehow government spending has caused what we're seeing in Canada, that it has caused this global inflation problem.
Mr. Poloz, the former Bank of Canada governor, recently was interviewed. He was asked about this. He said:
I think that's not right... In fact, what the stimulus did was to keep the economy from going into a deep hole in which we would have experienced persistent deflation.
Do you agree with what Mr. Poloz is saying?