In reality, all that he has done is describe a market in disequilibrium. Now, as I have made clear, markets are not collective beings and thus cannot think . Therefore, they do not dictate to governments or anyone else for that matter. What happens is that when those who are involved in the financial markets see governments pursuing, for example, inflationary policies they move to protect their clients investments, which in this case would mean selling the currency. By calling speculators barbarians Argy is just engaging in cheap rabble rousing rhetoric.
Speculation is the daughter of uncertainty and uncertainty is a fact of life.
Speculation exists because we do not know the future. Only in a changeless world in which each day is identical in every way to every other day would uncertainty disappear and with it speculation and risk. Therefore, to condemn speculation is as stupid and futile as condemning the world for being an uncertain place. Argy claims that the volatility of the financial markets has raised interest rates, undermined business confidence and long-term growth and employment. This is utter nonsense.