In the conclusion of his essay, Pierre Lemieux examines the impact the crumbling American ideal has had on the rest of the world, and on Canada in particular.

Canada’s consumer price inflation rose 2.2% year-over-year in May, edging ahead as the Bank of Canada signaled it would last week. The spike suggests Canada’s economy of is also sputtering alongside that of the United States, but soaring commodities costs just may help our northern neighbor skirt recession.

Canada’s gross domestic product (GDP) shrank 0.1% in the first quarter (or 0.3% annualized), marking the country’s first decline since the second quarter of 2003.

Vietnam has drawn up plans to mine local uranium for its first civilian nuclear power plant, which is expected to come online in 2020.

According to Bloomberg, the project aims to extract about 8,000 metric tons of uranium octaoxide from the central province of Quang Nam.

“If coal is the short-term solution to the world’s energy needs, uranium is the long-term play,” says Jason Simpkins in Money Morning.

Potash has no spot market. The Belarusian Potash Company (BPC), the world’s largest potash trading company, controls 45% of the world’s potash output and sets benchmark international potash prices. Industrial buyers agree on prices with the BPC in one-year contracts.

A 50 basis point rate cut by the Bank of Canada and hints that the interest rates are going even lower failed to rally the troops as selling was the story of the day on the Canadian markets during Tuesday trading.