Recent studies of the Lyapunov spectrum of the hard sphere fluid reveal tha
t there are "hydrodynamic" Lyapunov exponents corresponding to collective p
erturbations in phase space. We show that these collective perturbations ar
e due to the conservation of certain quantities during collisions. These ne
w conservation laws Generate new hydrodynamic fields, just as the conservat
ion of mass, momentum, and energy Generate the density, velocity, and tempe
rature fields. We then construct a detailed theory of the new hydrodynamic
fields using a kinetic theory approach. This theory predicts several proper
ties of the modes, but not all of them. This suggests that the underlying i
dea is correct, but a detailed theory must be elaborated in another way. Th
e hydrodynamic exponents are not related in a simple way to the transport c
oefficients.