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Arvind's note on convertability

Well: Arvind and I were conversing further on this topic. The first part
of his note to me seemed appropriate for IP. So, here goes: 

[By the way: this issue of desirable/ undesirable speculation needs some
expert to come forward and comment: anyone game? Atul?]

---------- Forwarded message ----------
Date: Mon, 17 Aug 1998 22:05:58 PDT
From: "N. Arvind Kumar" <nak_@hotmail.com>
To: sabhlok@almaak.usc.edu
Subject: Re: Convertability, etc
>> It just seems to increase the amount of risk and
>> rewards that one can get in one shot. It also
>> opens the door to undesirable speculation.
>Please do help me understand this one: "undesirable speculation." 

Actually, since I came to singapore only in august '97, somehow,
i seem to associate the word speculation with undesirable!
nothing more than that. all i mean is that when speculation starts 
hurting the economy.

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