People! Please! The BoC policy is based solely and exclusively on inflation targeting. This has worked like magic for a generation. Before that, if you recall, the earth was cooling, dinosaurs roamed at will, and we had chaos and uncertainty. Now we have none of that.

And the BoC is independent of the executive branch. Fiscal policy and monetary policy are two separate and distinct animals, never kept in the same pen together.

Poloz is doing a very complex job, he is knowledgeable, well-paid and has some excellent quantitative, administrative and other advisory support. His office is unfettered by government policy.

So although the BoC is not insensitive to the burden of indebted households, that will not dissuade them from taking necessary action. Neither will the exchange rate. These, and expected trade patterns, are useful variables in projecting GDP growth and inflation, but are not, in and of themselves, determinants of policy.

So enough with bubbles and debt and conspiracies!