The entire US economy right now is 7 companies sending a trillion fake dollars back and forth to each other, but it's totally not a bubble according to grampa Powell.
That's definitely a problem for them but it's one that's independent of the bubble itself - in fact, it's one that would be solved by the bubble popping! When the bubble pops Trump will be forced to end the trade war, and then China will go back to selling rare Earths to US companies because the trade war is fueled entirely by US aggression.