Read the CRS Report regarding the Asian Financial Crisis of 1997 here.  Also follow this link to the Wikipedia page describing the Asian Financial Crisis (I have crossed referenced the data on Wikipedia for accuracy and have found the information to be correct).

Many of the Asian Tigers (Singapore, Malaysia, South Korea, Thailand, Hong Kong, Taiwan, etc.) blamed the downturn of their economies on currency traders.  Malaysia and Thailand took drastic measures to clamp down on trading in the Thai baht and the Malaysian ringgit as well as foreign direct investment in their nations.

Do you think an international policy restricting currency trading amongst arbitraguers and speculators will prevent monetary problems in the future?

Do you think it is ethical for global speculators to bet against domestic currencies (i.e. American speculators betting against the dollar) possibly sending entire economies into a tailspin?

Or do you think currency speculators perform a valuable service by correcting overvalued and undervalued currencies?