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On January 26, a political earthquake brought the left-wing Syriza party to power in Greece with a sweeping mandate to end the six-year nightmare of economic austerity imposed by the European establishment.
Since the 2008 global financial crisis, the so-called German-backed troika -- the European Central Bank, the European Commission and International Monetary Fund -- forced Greece into accepting $275 billion in bailout loans conditional on harsh restructuring measures.
Celebrations surrounding the 70th anniversary of the Bretton Woods agreements that created the IMF and the World Bank are low key affairs. It does not help that the U.S. Congress has failed to ratify the most recent agreement to expand the IMF, required to make World Bank resources (tied to IMF borrowing quotas) grow as well.
In 1936, the British economist John Maynard Keynes published his celebrated General Theory, a book that provided a scientific basis for understanding the Great Depression, the worldwide slump lasting from 1929 until the outbreak of World War II in 1939. Only recently has the International Monetary Fund realized his research insights apply to today's world economic mess centred in a stagnating Europe, and a slow growth U.S. The IMF rediscovery of Keynes has not yet registered with the Harper government, which continues to mislead Canadians about what to do about the sluggish economy.