I'll continue on the topic.
Foreign direct investment, like Canadian direct investment abroad, tends to happen in big lumps. Therefore, it's very important that we look over a reasonable period of time and not seize on a single quarter.
In general, though, I take the side of Mr. Sargent in saying that the trends have been a bit unfavourable. One of the biggest things foreigners are investing in when they buy Canadian assets is government debt. It seems to me that's a problem because, unlike the sorts of assets that produce incomes and growth in Canada, all that a purchase of government debt will produce is interest outflow.
I think it would be a good idea for governments to absorb fewer of the savings in our domestic economy. That would create more room for domestic investment to be funded domestically. I think the size of federal and provincial government borrowing, notwithstanding that it's less than in the United States, is a problem for us and something we'd be better off....
We've had 10 years of continual deficits and very rapid growth of debt federally. Over those 10 years, we've not seen a lot of economic progress. Under previous governments—including those of Prime Minister Chrétien and Prime Minister Harper, when the federal fiscal situation was under better control—we had better investment and economic growth. I think those things are related.