It's an exciting time to be a macroeconomist in the US: sudden and large cuts in the federal funds rate, a fiscal stimulus plan, a current account deficit that may finally be unwinding: the whole nine yards.
But almost none of that is spilling over here. The Bank of Canada did cut interest rates, yes, but only by 25 bps, and it managed to wait for its regularly scheduled announcement. Nor does there seem to be any indication that it will - or should - follow the Fed's policy direction.
And as far as fiscal policy goes, the only fiscal policy project that's on the table is the barrel of pork that Stephen Harper, Jean Charest and Dalton McGuinty want to shovel to the
usual gang of rent-seekers manufacturing sector. The only thing that's stopping them is that they can't agree on who gets to claim the credit for the initiative. With any luck, they'll decide that it's better to let the whole thing drop and content themselves with blaming each other.
We're almost certainly facing a scenario that is less rosy than the one we were looking at six months ago. But we don't have the same problems that the US does: employment levels are still at record-high levels, commodity prices are still high, and the housing market looks nothing at all like theirs. Instead, we have meta-problems: our problem is that the US has problems.
Once again, we find ourselves at the fringes of the main event, watching and waiting. Happily, that's not a bad place to be just now.