"Bubble" is a false narrative. Nobody has yet described what they really are, and the data show they're not real. Example: several western countries are still running strong on their "housing bubbles" that never collapsed. Another example: the "China bubble" is suppose to collapse every six months. It continually defies this prediction and provides no evidence suggesting it will do otherwise.

There is a dark streak in the western psyche that when something goes good, it's too good to be real. The Federal Reserve is not unshackled by this delusion either. It believed the Roaring 20s was a bubble that needed to be popped, and we got the Great Depression out of their lunacy.