The Globe and Mail reports in its Thursday, Oct. 23, edition that Governor Stephen Poloz says the Bank of Canada has been sifting through the fine details of Canada's non-energy exports, all 2,000-plus product categories of them, to better understand why these exports have failed to bounce back in line with growth in foreign demand. The Globe's David Parkinson writes that what the BOC uncovered was ugly for a large number of industries. Mr. Poloz says: "We have found that the value of exports from about a quarter of them has fallen by more than 75 per cent since the year 2000. ... By correlating these findings with media reports, we could see that many were affected by plant closures or other restructurings. In other words, capacity in these sub-sectors has simply disappeared." Mr. Parkinson says the Bank of Canada believes the economy's potential for growth is less than it used to be. Permanent structural damage has been done. That is why the BOC is so adamant about the importance of getting businesses back investing in new capacity -- that is how we replace what we have lost. Mr. Poloz is telling the market to "stop counting my words, start listening to what I'm saying."