Ask yourself if you have a culture of trading?  Do you have a set of ritualized rules that contain and control your behavior to protect your capital?

The inflation numbers are coming in higher than expected. At some point, Mr. Bernanke will have to raise rates to stop inflation. But we suspect that that will not happen any time soon. We have a depression to live through first.

What type of reaction has the euro had to the Greek bailout?

The Greeks are in a jam. They spent too much money in the bubble years. Then, they saw their tax revenues disappear in the bust.

A credit swap is like an insurance contract.

Both California and Greece borrow long-term at about the same rate -- around 6%. Lenders know that when their backs are to the wall, both governments will have only two choices, not three. They can cut spending. Or, they can default.

The government would love to have some inflation. Trouble is, inflation is harder to conjure up than you might think.

Should Greenspan and Bernanke have seen the bubble in housing and other assets and acted, or should we accept their defense that you can't know whether there is a bubble until after the fact? We will look at research that suggests they should have known, and, at the least, policy makers should no longer be allowed to say, "How could I have known?"

In trading, loyalty will ultimately get you killed, or at the very least bankrupt.