There is an old saying "When America sneezes, the world catches a cold" An economy as big as the US pumping that much liquidity and free money into its economy

There is an old saying "When America sneezes, the world catches a cold" An economy as big as the US pumping that much liquidity and free money into its economy will eventually overspill to other economies. Even if the spillage is tiny relative to the size of the US economy it will probably be huge relative to many other economies and in turn will cause significant overspill there. Nordics in particular, due to strong property rights, building regulations and transparent RE market, were probably high on the list of any wall street banker looking elsewhere to invest in RE after having exhausted yields in the US. See also what wall street indirectly did to Iceland during the great financial crisis.