The world according to derivatives, part 4 of 7: History repeats as the off-balance sheet money supply explodes, then contracts

As current events make crystal clear, derivatives -- whose main purpose is to hedge risk for specified parties -- not only undermine a nation's real economy but they also undermine global financial stability. Why? Because they help create many times more "substitute" money through the opaque international derivatives markets, rather than the central banking system which is at least governed by more transparent and definable rules.