Thank you for asking because I wanted to get back to Monsieur Ste-Marie about the culpability of economists in the current situation. I think it's much greater than you indicated. I think economists are not honest enough about our shortcomings.
I just touched, for example, on how the Bank for International Settlements has for years stressed that emphasizing short-term demand stabilization policies created problems for long-term growth. We're now seeing that come to fruition. We've seen the Federal Reserve Board openly acknowledge that they do not have a working model of inflation. That's one reason they....
Mervyn King, Larry Summers and some other economists just looked at this overall stimulus monitoring fiscal policy—they didn't have a specific model linking unemployment to inflation—and just said, “Come on. With all this stimulus, there is going to be inflation.” They were right.
Economists notoriously never forecast recessions. That's probably too much to ask. They can't forecast shocks, but they've shown that they don't have a good grasp of a lot of things. I think people turn too much to economists for specific answers. Economists are not honest enough about saying, “We don't know everything. We don't know much, actually.”