From a reader:

More on China and rare earth supplies. Interesting chart.

My response:

Dear Pat,

Thank you for sending this very informative link. I’m passing it on for all readers of this blog to see. Your link documents that China now controls “90% of the products…used in cell phone and radar” as well as many other high-tech products. China has also cut its exports of these key rare earth minerals to other nations drastically. Given China’s monopoly position in controlling these key elements, China has a very strong ability to damage or shut down the economies of the world’s nations. It is truly amazing that the elites of the western nations were so gullible that they handed such a monopoly to China. That action essentially “cut the throats” of western corporations as well as jeopardized the economies of many western nations. Who knows what demands China is making behind closed doors in order to have its shipments of these key materials resumed? Obviously, the rest of the world needs “crash projects” to reopen the rare earth mines that were shuttered when the West foolishly gave China a monopoly over these strategic items.