Debt can be considered money, but not all kinds of derivatives, especially swaps.  Debt usually has some kind of collateral: physical, business cash flow etc. Insurance will have direct interest, an actuarial basis and reserves.  Swaps may have neither of these. A metaphor is a blackjack table. The players place real money bets. The house&#x2F;dealer pays on known statistics. Swaps are like bystanders betting on the players and hands they see and expecting the house to pay off.