That's a great question. Nobody knows the answer to that question.
I can tell you that in the late seventies, when they brought in a new chair of the fed in the U.S., Paul Volcker started raising rates when they were at 11% and inflation was around 10%. For the next two and a half years, he raised rates until they hit 20%, and then the inflation started to come back down. For various reasons, as I mentioned in my statement and in answers to questions, raising rates does not have the initial effect of bringing inflation down. In fact, it pushes inflation even higher.
Do the central banks—the Bank of Canada, the Federal Reserve, the Bank of England and the European Central Bank—have the backbone to continue raising rates when house prices start falling, stock market prices start falling and inflation keeps going higher? We're going to find out, I think, and I don't know if they do.