Thursday, April 29, 2010

Damage Caused by Currency Speculation

The current economic crisis in Europe which started in Iceland, and currently affecting Greece has lead to strong speculation against the Euro.

Currency speculators have no ethics, and their main objective is to maximize profits regardless of what happens to entire nations. Similar damage happened in Asia more than 10 years ago, when currency speculators caused the crash of a number of currencies in South East Asia, which lead to major economic problems for several countries that lasted for many years and caused a lot of misery for millions of people.

The current system of total freedom of currency speculation is simply not sustainable, and the damage it causes has proven to be much higher than the perceived benefits.

A new system is needed, and I recommend that a political decision is taken to freeze currency exchange rates at their current levels for one month, during which a new sustainable system would be designed, agreed and implemented by governments, which would reduce this danger and offer a just alternative system, which is not at the mercy of few merciless tycoons ...

Wisdom should prevail for the well-being of humanity as a whole

Enough chaos and destruction ...

No comments:

Post a Comment