The years of the Great Moderation had lulled us to sleep. The modern, dynamic, global economy has many vulnerabilities. The ongoing crisis demonstrates the fragility of the financial sector. High food and energy prices are also threats.
Another vulnerability has come to the forefront in recent weeks. Many goods that use modern technology, such as hybrid cars, computers, mobile phones, precision guided weapons, radar, fluorescent light bulbs, and wind turbines, require chemical elements that are scarce and expensive. The growing global dependence on these elements is not well appreciated by most, including many policy makers and investors.
Rare Earths
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