Something to think about, not only are we tied to China through debt and durable goods, but also the specialized metals that make up a lot of the durable goods we buy and depend on daily…
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China Hold on Metals Worries Washington
WASHINGTON—China’s control of a key minerals market has U.S. military thinkers and policy makers alike worried about access to materials that are essential for 21st-century technology like smartphones—and smart bombs.
The concern over supplies of so-called rare-earth elements was highlighted this week by a report that Chinese customs officials had blocked exports of the materials to Japan. On Thursday, Beijing denied those reports. “China doesn’t block rare-earth exports to Japan,” said Chen Rongkai, a spokesman for China’s Ministry of Commerce.
Laborers at a rare-earth mine in August in Jiangxi province. China holds the majority of rare-earth materials.At issue is a group of 17 metallic elements with magnetic properties suited for high-tech applications such as computer hard drives and digital cameras. Rare-earth elements are also key to “green” technology: Energy-efficient light bulbs use europium and yttrium, while hybrid car batteries and wind-power turbines use neodymium.
While rare-earth ore deposits are found around the globe, China’s dominance in mining and processing the elements has raised alarms in Washington. According to an April 2010 Government Accountability Office report, China now produces approximately 97% of the world’s rare-earth oxides, the raw materials that can be further refined into metals (more…)
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