Dragon bonds. Samurai bonds. Senior bonds. Mutual funds. Open-end funds. Closed-end funds. Global Depository Receipts. Is the IMF a UFO? (30 per cent of Thai children think so). For those confused by the world of global finance, here is a citizen's guide to what is happening in the rapidly changing "virtual reality" of big money; who the big players are; and the complex world of financial derivatives they trade in. What have these volatile mega flows of hot money actually done to countries on the receiving end? Fuelled by short-term speculative gains, they make it difficult for governments to pursue independent economic policies. Mexico yesterday, South East Asia and South Korea today. Which countries tomorrow? This book tells the story and explains how, in the interests of people North and South, effective regulatory mechanisms, backed up by citizen action, are urgently needed.