Not so rare earths

From the UK Telegraph:

China 'stockpiling rare earths for strategic reserves'
China has already started the purchase - using state funds - and storage of rare earths for strategic reserves, the China Securities Journal said, but did not say exactly when the initiative was launched.

The country produces more than 90pc of the world's rare earths, which are used in hi-tech equipment ranging from iPods to missiles, and it has set production caps and export quotas on them.

Major trading partners last month asked the World Trade Organization (WTO) to form a panel to resolve a dispute over China's export limits on rare earths after earlier consultations through the global trade body failed.

The European Union, the US and Japan claim China is unfairly choking off exports of the commodities to benefit domestic industries.

'Scuse me -- the USA is sitting on a butt-load of "rare earths" but our government is not allowing mining to be done. The Chinese are manipulating the market and we are standing by with our thumbs up our sphincters asking if we could please have some more. (here, here, here and here) Why should we stand in thrall of any other nation? Drill and Mine here. Drill and Mine now!