it's a split it out it's tough to split up part of that is the supply stuff part of it is you're absolutely right the wealth effect I'm just just for the record just so we don't get any comments it's very difficult to use some analysis on the US housing and directly transpose it onto the Canadian housing market so we seem to be very careful about that but I think broad strokes I think the conclusions are really good one which is clearly there was an enormous impact on inflation from the wealth effect now what the numbers are in Canada and what have you I think that's a different conversation for a different day but to ignore it I think would be wrong.

Well I think it also comes back to how money is created right which is through through the creation of new loans right through through debt issuance through people taking out mortgages you create new credit new money into the system and so yeah I mean that's predominantly done through residential mortgages in Canada.

I'm disagreeing with what I'm hearing here I'm not hearing anything that's unusual and it's a great point because one thing though you know so when central banks look at this you know they'll say okay you know we look at the total wealth of the country or the economy. You know if you look at all the assets you know real estate is a huge part of it people's investment portfolios are huge part so they really appreciate the wealth effect so whether it's coming from the housing side or the stock market or from you know something else on an aggregate basis they don't care then they want to look in okay can we you know hold it down a little bit but you know the concern that every because I know I know the American housing market it is coming off like the data is there to show it. You know it is softer up here as well so it is a good point to make not related to this I want to make one more comment though about the whole Swedish meetings that they had. Just for that everyone might if you may or may not understand it when the central bank when they take the side that they need to help fight climate change. It means they want to slow down the economy. They want to reduce the amount of economic output that that's coming out because in theory it means there's less.

But you think that's the angle that's interesting

that you

think that's the angle. I don't

know what else they could do because they can't, you know they can influence maybe commercial banks and how they lend but they can't really do that. So that's the purpose of the ESG scoring system. You know you want to. You want to penalize banks for lending you know to the dirty industries and reward them for you know lending to the cleaner industries. But from a member central banks you know they work with a sledgehammer you know they don't have that little scalpel and screwdrivers and stuff. So like it's the big smash bang that's what they'll do.