Article
A Review of Exchange Rate Policies and their Effect upon Nations and Firms
Peters (1987, p.11) wrote that currency-exchange rate transactions totalled eighty trillion dollars a year of which four trillion was all that was required to finance trade in goods and services. The remainder was/is used for currency speculation thus generating the title “casino society”. Peters (1987) stated that we do not know from day to day the price of money, whether protection
or default will close borders or what really will happen with global financing. In 1993, traders drove a foreign exchange market that was estimated at one trillion a day in 1997 (Stanislaw & Yergin, 1998).