No, I don't. I think it's very clear that we've learned the lesson—or we should have learned the lesson—of what happened in the U.S. during the global financial crisis. Luckily at that time, Canada didn't go into QE very much, but we went all in during the pandemic and we've seen the result.
We have massive fiscal slippage. We have had ultraloose monetary policy that caused inflation to spike to a 40-year high, and now we're paying the price with high interest rates that are penalizing everyone. It's been very poor macroeconomic management.
The pandemic was a difficult crisis. It would have been hard for any government to deal with and solve when everyone else was also going down. However, it's pretty clear now—I think I was one of the few commentators calling this out, even in 2021—that when you have QE, or in other words, when you have the central bank monetizing government deficits, essentially printing more money and creating more balances for the chartered banks, the curve just takes off. You're storing up a major inflation crisis, and then you're going to have to raise interest rates. It's kind of a boom-and-bust cycle. It's been very poor macromanagement.