Dear Editor,
Re: “Asian welcome may disappear,” Letters, Aug. 24.
I note Bill Vander Zalm threw in “quantitative easing” (QE) for good measure in his commentary in the Richmond News and The Province.
He suggested, rather glibly, that this “money from nothing” came out of Asia. That’s wrong. He should not be misleading your readers to think this was another horrible thing coming from Asia to Vancouver.
This is how Canada’s mainstream media facilitates the unbalanced narrative that wealthy Chinese investors/Chinese money alone are causing Vancouver’s rising housing cost.
QE was not invented in Asia. QE was launched by the U.S. as a desperate measure to prevent the global economy from crashing in 2008/9.
The world was at the abyss of another Great Depression, thanks to a combination of the U.S. subprime crisis caused by Wall Street and the U.S. incurring a (U.S.)$6 trillion war expense from George Bush’s decision to invade Iraq in 2003 and Afghanistan in 2001.
Other central banks from around the world joined in, including those from Asia, because they didn’t have a choice. The world is still paying for the huge cost of the U.S. subprime crisis and the two war decisions.
Ng Weng Hoong
Richmond
