World stock markets are obviously trying to digest enormous moves in both directions and a whole lotta news. I'll worry about effectiveness and future consequences in future posts. Regardless of how we got here the US could not solve this crisis by itself and more interesting is that it could be argued that the US did not provide much leadership. A potentially less important US, less important in the world economic order, is a theme I have been working on for several years now.  Canada is a nice country - they don't make too much of a fuss and we tend to overlook them from time to time. But the iShares MSCI Canada has had a nice couple of weeks, up 2.2% in that timeframe. Canada is known for vast natural resources, too, and a return to commodities this week has helped push the fund up. Commodity producers and top holdings in the fund, such as Barrick Gold (3.2%) and Suncor Energy (4.3%), were feeling uplifted as a result. With its break into the low 40's, Canadian Oil Sands (COS-U CN) has been on a roll ,reflecting more than any other energy trust the rising price of crude. Despite its unique story, we're consistently surprised at how little investors seem to know about this company compared to other energy trusts, so a simple run-down is provided here.   When Jim Flaherty speaks, it seems better to just ignore him at this point. On the back of a report showing Canadian GDP slowed to 1% in November, Flaherty was up to his usual tricks of speaking out of both sides of his mouth. He warned of economic weakness stemming from a strong dollar and a slowing U.S. economy while at the same time criticizing the economic policies of both those in Washington and those on the homestead. This is coming from a guy who recently lowered bank rates to stem the tide of a rising loony and cautioned investors about declining surpluses.   The headline of the Bloomberg article reads: "Harper May Be Toppled as Parliament Reconvenes Today."  Indeed, due to a sluggish economy and discontent over the country's continued military presence in Afghanistan, Canada's minority parties are thinking about bringing down the government in the Spring.  In a parliamentary system like theirs, national elections can be brought about anytime if the ruling coalition loses a confidence vote; being a minority ruling coal   How amazing is it that a resource-based economy like Canada's could be weakening during a time in which commodities prices have continued to make new all time highs? Very. And how can one it be that Canada's population is calling for interest rate cuts in an environment where 65% of the country's GDP is tied to natural resources, which experienced another banner year? It is logical to point to the fiscal and monetary mismanagement of an economy in this case. The Conservatives in Canada must have felt a twinge in their collective necks yesterday as polls revealed the party's $60 billion dollar tax cuts written into last month's budget proposal did little to help distance them from the liberal party once again. This development further validates the notion that the Conservative party has suffered irreparable damages over the course of the past 18 months, in an environment in which so many supporting factors should have been allowing them to further entrench the party in parliament . Yet another round of his ongoing royalty trust blunder was played by Prime Minister Stephen Harper this week as he stated any protectionist legislation regarding royalty trust acquisitions by foreign buyers would be put off until next year. Because last year's bombshell that Canada would change the way it treated royalty trusts was fraught with political risks, not only did the ruling Conservatives pull it off with surprising ease, they've dodged all the bullets since. In the wake of last week's Radio-Canada report, in which the TSX was alleged to have blocked a proposed merger between the TSX and the Montreal exchange on the foundation of nothing more than regional enmity, market spectators are left to wonder: who is really in charge of promoting prosperity in Canada? The proposed merger, in tandem with a new derivatives market in 2009, was supposed to pave the way for a national securities market regulator. Instead, Canadian corporate executives proved they are stumbling over their own feet even faster than the country's conservatives. Yesterday, Canadian Conservatives experienced what American Conservatives are unlikely to less than a month from now: victory. Still, the win was incomplete; while it looks like they picked up 16 more spots in parliament, at 143 seats the Conservative party fell 12 short of an outright majority with which they could pass any legislation they wished.