Leo Kolivakis's blog

According to one expert, Greece’s bailout was undeserved but happened anyway because the stronger European nations were too nervous about collateral damage to allow default. He asks, by solving one problem have they created another?

Greece will bite the IMF bullet and go through another major recession, one that will bring about more social upheaval with the end result being far from clear. Is Greece an omen of things to come?

Riots erupting in Greece during May Day mayhem, and they will only get worse. It's time for Greece to explore all options and avoid the IMF's road to ruin.

If you look beyond the Greek crisis, you have to ask yourself where are we heading and will the current form of Casino Capitalism survive? Greece is the birthplace of democracy, will it also be the birthplace of a new form of capitalism?

European pension funds hired more fund managers in 2009 than in the previous year to take advantage of bargains in crisis-hit asset classes, a study by Mercer said on Tuesday. And PE shop Candover, which has been slashing costs in the face of a cash shortage, is in talks with the Alberta Investment Management Company (Aimco). Despite the flows and deals, I doubt PE will stage a serious comeback.

My thoughts on the Goldman hearings. Behind the circus show, there were important themes that need to be underscored.

David Crane, California Governor Arnold Schwarzenegger's adviser notes, this year's unfunded pension liability is next year's budget cut—or tax hike. This year $5.5 billion was diverted from other programs such as higher education and parks to cover the shortfall in California's retiree pension and health-care benefits. The Governor's office projects that, absent reform, this figure will balloon to over $15 billion in the next 10 years.

Today is my birthday so I decided to post my last comment again because I think it is important you all read it carefully as it was not given proper consideration by ZH administrators. I apologize for this but we need to discuss these issues in detail and I would appreciate your feedback. Thank you.

"When the facts change, I change my mind." - John Maynard Keynes

In its influential World Economic Outlook, the IMF said the recovery in global growth over the past year had relied on "highly accommodative" policies and there was a risk of a relapse. But the Bank of Israel Governor Stanley Fischer, a former top official at the IMF, said advanced economies don’t face a deflationary threat and the U.S. economy is rebounding faster than anticipated. Are we out of the woods yet?

Jim Bianco warns that "punishingly high" rates are coming in the second wave of the financial crisis. If he's right, it will be a bloodbath.

Did the SEC just take away Wall Street’s punch bowl with this suit? "They might have," says Jim Bianco, President of Bianco Research in Chicago. If the SEC wins the Goldman case, "this would have far-reaching effects," he says. With all due respect to Jim, I say let the witch hunts continue. Besides, it's just another circus show and nothing will change on Wall Street. The sleazebags will concoct new ways to satisfy their insatiable greed.

John Crocker, President & CEO of Healthcare of Ontario Pension Plan (HOOPP) is calling on governments to enable the formation of large, multi-employer defined benefit pension plans to provide pensions for workers in the private sector. I agree and go even further than he does in my recommendations.

Don't hold your breath on any meaningful financial reform. I know, I am a cynical bastard, but the banksters control the US government, just like they control the Canadian government. It's all smoke & mirrors to appease the masses who are waking up to the fact that the greatest wealth transfer in the history of mankind continues totally unabated.

Kevin Gaudet, federal director of the Canadian Taxpayers Federation, isn't surprised that there is a growing frustration felt by private-sector workers who must work longer and pay high taxes longer to provide for public- sector workers who work shorter careers and receive significantly better benefits in retirement. But the solution he proposes isn't going to rectify this great inequity - it will only ensure pension poverty for the masses.