The relation I want to make is between the provinces and the federal government.
One of the big differences, of course, is that the federal government is in charge of monetary policy, so the federal government has a bank that it can effectively borrow money from on its own. Quantitative easing means that when the federal government doesn't meet the needs of financial markets in issuing debt, it puts that debt on the balance sheet of the Bank of Canada. In that respect, it has a tool that the provincial governments do not have in order to have somebody take on debt that is mispriced in the market.
Is that a fair way of reducing the provincial...? Well, for wage earners across Canada, it's effectively making their dollars inflated because of the Bank of Canada's intervention.