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Second, the results suggest that the effect of the entry of a large speculator on the probability of successful speculative attacks is larger than that of the exit of the same speculator.
As usual, he wasn't difficult to spot: he was wearing yellow trousers and a yellow T-shirt that said "Chief Speculator" on the back.
But in the wake of a decade that saw the tech bubble burst, the collapse of Enron and Lehman and the financial crisis, perhaps the market needs more people like the original Roman speculator, on the lookout for danger.
You could, of course, place a limit order somewhere in the middle of the spread and hope that your trade is met by a speculator on the other side.
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In May, when low inventories and news of violent attacks on oil executives and facilities in Saudi Arabia drove oil futures up, speculators piled on, according to market analysts.
For speculators on web sites like TradeSports and NewsFutures.com, though, every trade actually is a wager on Saddam.
For speculators on the New York Merc or the International Petroleum Exchange, every trade is like a wager on what will happen, and when, to Saddam Hussein.
We, the consumers, must demand that our policy makers create conditions that allow small-scale farmers around the world to compete with conglomerates and speculators on equal terms and enable local markets to flourish.
Even when Lehman Brothers collapsed that September, Mr. Kudrin may have been well briefed, but the government's public line was that it was all an affair for evil speculators on the West, and that the consumer party could continue.
If speculators on the futures markets get carried away, pushing prices so high that refineries run at a loss, they will simply shut down, causing the price to fall again.
In a speech on May 1, Senator Jeff Bingaman, the New Mexico Democrat who is chairman of the Energy and Natural Resources Committee, cited the weak dollar, as well as the role of "speculators" on commodity exchanges.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com