There was an interesting article in Physics Today (yikes, a disturbance in the Nerd Force -- I could feel the jocks of the world simultaneously and unconsciously clenching their fists just now.) about China's growing dominance over rare earth metals. While china isn't a rare earth metal, I couldn't think of a snappier title. Anyway, it'll impact you in...well, read for yourself!
I read that article, and tried to understand the gist of it, but I think some of the unfamiliar words bamboozled me. Rare minerals good, China bad, Australia and USA silly for selling everything to China, is that what I should be taking from it?
Ooh, close, my friend! Lemme unpack it for you.
1. Rare earth metals (not minerals) good. Vital in today's society.
2. US, Australia, etc. have reserves. Since the 70s, China sold theirs cheaper (ain't that always the way?). Got unprofitable for US, Oz, etc. to produce, so they stopped.
3. Like steel and other commodities, China is tightening their grip over their supply now while imposing (illegal) taxes to make more money.
4. US/Oz sez, "Screw that!" They're going to start opening their resources again, develop cheaper mining methods, as well as develop ways around using rare earth metals.
5. Everyone happy, until next non-renewable resource starts running out. Should be soon now...
Hope that helps, man!
Aha, kashikokunarimashita. You be da man wit da explainin' wayz!
Yub, me good real wit English stuff things! Me Super Engly!