Human beings make mistakes, ... I know of no supervisory action we can take that will prevent that. I know of no legislation to help us prevent them from making dumb mistakes.
I realize what that does to competitiveness, but that's the way markets work efficiently. In other words, to prevent the exchange rates from moving creates all sorts of distortions.
It's only when the markets are perceived to have exhausted themselves on the downside that they turn. Trying to prevent them from going down just merely prolongs the agony.
I do think that we have to bring the existing instability to a level of stability reasonably shortly to prevent the contagion from really spilling over and creating some very significant kinds of problems for all of us.