Why rare earth metals matter

By Nobody

Rare earth metals, although are not the most well known substances, are extremely important for technology today, in fact we use rare earth metals to create computer memory, DVD's, batteries, cell phones, car converters, magnets and lighting and much more. The problem though is that the United States depends dangerously high on China's production of rare earth metals, and the United States barely creates it's own. One of the largest rare earth metals providers, Baotou Steel, has decided to halt productions after the prices for these metals have priced substantially. The Chinese government wants to increase prices to improve “supply and demand” costs, has made sure to increase it’s economy. In fact China is very close to having a monopoly over the world, with approximately 97% of these vital rare earth metals being created there. And with an explosion of need to gain these metals, as the average human depends more and more on technology, the Chinese government has an unique economic edge, over the rest of the world. With this unpredictable move how will countries react, especially the United States, which has constantly have had a declining economy? Will this push the United States, and other countries to finally produce their own rare earth metals?