Mark Carney, Governor of the Bank of Canada, made supposedly ‘off-record’ comments at a fund-raising event 18 Mar 2011. They were, nonetheless, released and then described in the G&M 19 May 2011 – “[His] tone was generally pessimistic on developed economy prospects, saying that we are still in the financial crisis (likely alluding to the hangover from fiscal stimulus in terms of sovereign debt, and the U.S. housing mess), and that judgments on how well Canada came through it should probably not be made until we can look back five years from now.”
Exactly. Stay tuned. Carney knows how precarious our position is, otherwise he wouldn’t say this, even in semi-private. We’d give an eye-tooth to know what he really thinks about the Vancouver housing market. – vreaa
Vancouver Real Estate Anecdote Archive 
What this means is that while Carney “talks tough” on interest rates, talking tough is a page from the Bank of Canada Governor play book. The reality is lower bond rates indicate there is underlying weakness in developed world economies.
His comments about the lack of bond vigilantes in the US market are interesting.