I would say that we've seen this movie before, and it doesn't end well. Think back to the late 1980s and the early 1990s, when we were having similar conversations about whether the problems then were just going to be temporary and disappear. Then Governor John Crow really took charge and engineered maybe one of the most important disinflation experiences in the history of any modern country. He did succeed. He had the moral support of the then prime minister of Canada and his government, but it was very costly. Some of the side effects were that the dollar became more overvalued, which led to the recession, that had to occur. That correction was necessary and the tough medicine did work, but it was a painful process.
I think the more we kick the can down the road and say it's transitory and that it's something else, the worse the problem will get, Mr. Chair.