Tremors.

That's what I'm seeing in various markets -- Emerging market shares. Subprime mortgage bonds. Certain commodities, especially oil. All of them have seen sharp corrections in recent days. That makes me wonder whether risk will finally get priced back into the asset markets.

For months now, we've been swimming in cash. I dubbed it the "Money, Money Everywhere" phenomenon back in November. Why? Central bankers have been doing the opposite of Theodore Roosevelt. Instead of "Speaking softly and carrying a big stick," they've been speaking loudly and carrying a twig. They've been talking tough about CPI-type inflation, but doing nothing about the credit/asset inflation that's jacking up the price of everything from high-risk corporate debt to commercial real estate.

A key question: Do these tremors foreshadow an asset pricing earthquake? Or should we continue to just go about our business. We'll see...