Housing bubble outside the US

Economics Economics Questions
1

Most of the world is being effected by this downturn. We know in America that it was caused by the FED, Fannie/Freddie, and government regulation. What about the rest of the world? Is this simply a symptom of the dollar reserve standard? Could it have anything to do with the FED dumping half their US treasuries?

Or do other governments have eerily familiar organizations with government ties and regulations in their housing and credit markets?

2

Most of the world has the same problem of very low interest rates, even lower than inflation. That benefits borrowers, even the risky ones, at the expense of the lenders. That encourages frivolous consumption over savings. All governments seem to be interested in low interest rates, so I infer the housing bubble would equally burst outside of the U.S. There are already signs in Europe of that being the case.