America's political gridlock is harming U.S. living standards and job creation that indirectly hurts Canada because of the close economic partnership. More specifically, the Banana mentality is threatening Canada's critically important oil sands and the building of the proposed Keystone XL Pipeline.

The evidence of anti-governance is there: Greek people have staged debilitating strikes, violent rampages and tax revolts. Greece, for its part, will be well-advised to simply leave and let the IMF help it pick up the pieces.

Obama's decision to postpone Canada's Keystone pipeline strands the oil sands indefinitely and shuts it out of the U.S. market for years, if not forever. It's being billed as a temporary setback, but it's a major and devastating development.

The party that calls itself Europe is over. The sovereign debt crisis afflicting its weakest members has ended the eurozone's political Ponzi scheme -- the proclivity to hand out entitlements today and run up a tab due tomorrow.

There already are two currencies: the "Lutheran Euro," characterized by countries that are based on Protestant work ethic, discipline and thrift. Then there is the "Latin Euro," where style is often more important than substance. The euro crisis is this: The "Lutherans" are balking at bailing out the "Latins."