The activity of currency speculators and their influence on currency depreciation and national economies frequently causes a debate. However, many economic scientists insist that speculators provide a market for hedgers and pass the risk from those people who wouldn’t wish to bear it, to those who would.
Other economic scientists think that this argument concerns only politics and a free market philosophy, but not economics .
As a rule, the main professional speculators are the large hedge funds and other well capitalized "position traders". In many countries currency speculation is regarded as a dubious activity. It is often considered that investment in traditional financial instruments like bonds or stocks provides capital and, therefore, benefits the economic growth and currency speculation is a simple gambling which often makes obstacles to the economic policy. For instance, in 1992, the Central Bank of Sweden was forced by the currency speculation to increase interest rates for a few days to 150% annually, and later to devalue the Krona. Some economists have compare speculators to "vigilantes" who just induce international agreements and quicken the effects of basic economic "laws" in order to gain profit. From this point, countries may develop unsustainable counterfeit companies or neglect their economies, and foreign exchange speculators only quicken the inevitable collapse. A comparatively fast collapse is sometimes even better than prolonged economic neglecting. Speculation critics are considered to deflect the blame from themselves for having caused the unsatisfactory economic situation.
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