For a first hand look at the impact of Keynesian fiscal and monetary policy:
20 year look-back at the differential interest rates on 30 year T-Bills in Canada and the U.S. In 1994, the Canadian government facing a budget deficit of nearly 10% of GDP took drastic action, and cut governmental spending dramatically, which resulted in federal government surplus between 1999 and 2007, which is reflected in the confidence shown by Canadian bond holders.
As of 2002, Canada has seen its 30 T-Bill trading inside the American government's rate, and the trend appears to be accelerating. Canada's Bank of Canada is convince that fighting inflation is difficult and requires persistent effort on the part of the government of the day and the central bank (Compared that to Bernake's 60 minute comment of last Sunday).
Over the past 3 weeks, the trend has gotten even more pronounced, one suspect that the market was buying the rumor of QE2 and "selling the news" ever since (especially since the market was expecting/hopping for a bigger number than $600 billion). The swap rate on 30 years T-Bill has risen by nearly 70 bps since QE2 was enacted.
Canada is the only OECD country pushing for restrictive monetary policy (ok not very restrictive).