It's a little baffling to me how a centrally manipulated currency that pegs its value to other global reserve currencies could itself become a global reserve currency, but there you have it!
Japan is famous for two companies buying each other's stocks and holding them, because the two bosses are friends. They now both enjoy high stock prices.
This is really not essentially different from the international monetary system. Both the IMF and central bank "swap lines" allow each country to be bailed out by other countries when its currency gets into too much trouble, provided that it belongs to the club of friendlies. The international gold standard worked basically the same way.
The elites figured out long ago that collusion among themselves is much better than competition, for the purpose of extracting wealth from everyone else. If this prolongs the bubble and makes the eventual crash worse, that's a problem for future generations.