China Banks lend US $ 181 billion dollars in 9 months of 2009

Chinese banks advanced a record $1.27 trillion yuan (i.e. US $ 181 billion dollars) of new credit in the first nine months of the year, an increase of about 150 percent from a year earlier, prompting the nation’s banking regulator to warn of rising risks.

This is more than the cumulative advance of all Indian Banks cumulative till date.

The next bubble would surely be closer home

Credit Default Swaps

I have today understood the lay man's meaning of the derivative product - Credit Default Swaps.
It simply means person A is the beneficiary of the insurance policy of person B and person A has an option to kill person B.

No wonder AIG, Bear Sterns & Lehman etc could not assess the risk associated with their lives. They are like person B in my above example.