when money is being poured into something, its value increases. Point being, when the government puts in money into the stock markets(ie gives money to banks who put the money in the markets) the value will increase. Whether the worldwide financial market is a bubble or not, i have no idea. Just thought i should point out the obvious.
China stocks and property: yes US stocks: not a bubble, but not a bargain either Hong Kong property: I don't know.
The money that supplies most of these bubbles wasn't earned, it was created. Once the demand is satiated, it will collapse. Unfortunately, those who rely on a strong economy to service this debt will be out of luck...