Thank you.
Our committee is looking in particular at inflation, but specifically also at housing. We see some of the effects of that stimulus in the housing market, with an 85% increase in housing prices since 2015. It follows an incredible amount of government spending and increase of the money supply, as you just mentioned. Bloomberg now says that we have the second-highest inflated housing market in the world.
Interest rates, government spending and money laundering, all these things are within the federal government's remit. You wrote a paper for the Macdonald-Laurier Institute about the increasing money supply and the incredible expansion of the monetary base. Is it a stretch to believe that this money ends up in the real estate market, as it does in other asset classes?