金融衍生品经济无限制膨胀是美国次贷危机、环球金融震荡的直接祸根

The unlimited expansion of financial derivatives＇ economy is the direct curse of America＇s credit crisis and global financial shocks

美国“次贷”危机的核心特徵是：“次贷”转为“次债”CDOs；从间接融资领域追入直接融资的资本市场领域；从美国金融市场跨越到国际金融市场；骨牌效应前所未有，皆归因于近年来美国金融衍生品经济的无限制膨胀。金融衍生品不断创新与发展基于上世纪70年代金汇兑本位货币制度的崩溃，是自由市场经济为解决自身矛盾在金融领域高度发展的必然结果。金融衍生品经济为发达市场经济运行带来了正效应，但其本质是虚拟经济运行，对实体经济必然呈现反向“锋刃”。近15年的环球金融风暴，无处不见发达市场经济金融衍生品泛滥的身影；规避的根本途径是：第一，约束发达市场经济国家金融衍生品经济的发展规模，其实体经济总规模应是“虚拟经济”交易总规模的理论最高值；第二，重建环球市场经济体系中的货币稳定机制与汇率稳定机制，建议建立环球中央银行，并构建环球中央银行的“基础货币”即国际通行储备货币与国际金融平衡调节货币。

The key point characteristic of America＇s credit crisis is transferring from subprime loan to CDOs, from indirect financial field entering into direct financial field, from America＇s local financial market spreading to international financial market, and the domino effect is unexpected, due to unlimited development and expansion of financial derivatives＇ economy in recent years. The collapse of gold exchange standard system pegging precious metal in 1970s＇ greatly promoted innovation and development of financial derivatives, this is the inevitable result of advanced development of financial field due to solve its＇ own conflicts in free market economy, the financial derivatives＇ economy which is naturally virtual economy brings positive effect on advanced market＇s economy on one hand, but shows its＇ neglect ＂cutting edge＂ effect on entity economy on the other hand. The global financial storms have been witnessed due to overflow of financial derivatives in advanced market＇s economy. The basic measures to prevent from happening are as follows： firstly to restrain the scale of financial derivatives＇ economy in advanced market economy＇s countries. The max value in theory of total exchange volumes of fictions economy should be matched the total volumes of entity economy; secondly to reconstruct the monetary stabilized mechanism and exchange rate stabilized mechanism, proposing to construct global central bank, and fundamental money which is uses as international reserve money and international financial balancing and regulating money.