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“Our economy cannot … depend indefinitely on debt-fuelled household expenditures, particularly in an environment of modest income growth,” he said in notes of the speech released in Ottawa.

“Notably, housing investment rose further in the first quarter, accounting for an unusually elevated share of the overall Canadian economy.”

Earlier this month, Statistics Canada reported that household debt in relation to disposable income had reached a new record at 152%, but much of that was due to falling incomes rather than increased borrowing.

Still, there’s evidence of consumer fatigue already. In a report issued Thursday, Statistics Canada said retail sales fell an above-consensus 0.5% in April.

Carney said that if the current economic expansion in Canada continues, “some modest withdrawal” of monetary stimulus — interest rate hikes — may become appropriate.

The governor has used similar language on interest rates before, most notably the last two policy setting dates, but markets are largely ignoring his warning given the darkening storm clouds gathering outside Canada’s borders.

On Thursday, the CIBC suggested that Carney may have little choice but to keep interest rates where they are until 2014, assuming that’s the time the U.S. economy shows some signs of life.

Carney gives every indication in his speech that he is worried about the global recovery, particularly the growing risk that Europe’s debt crisis will expand and set off a chain of events that lead to slower global growth, and possibly even a double-dip recession.