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‘Scandalous’: Top economist Jeremy Siegel says U.S. sleepwalked into rare earths crisis as China...
No wonder Trump backtracked on 100% China tariff threat and said "Don’t Worry, It’ll Be Fine".
"China’s tightening grip over the minerals that power advanced technologies has moved from long-term strategic concern to immediate economic threat—and the U.S. is woefully unprepared, Wharton’s Jeremy Siegel warned.
"It’s scandalous that we don’t have a rare earth strategic reserve," Siegel told CNBC’s Squawk Box Monday, calling it a major security failure. “We let China monopolize 90% of refining rare earth materials. Where were we, realizing the importance of these?"
A rare Earth stockpile is the sort of thing that government should do. Things that one cannot expect corporations or individuals to accomplish. So, yes a failure.
The complete inability to consider that fact before engaging in a trade war? That is also inexcusable. Ready. Fire. Aim.
Those of us who are not willing to avoid responsibility concur. I respect that. No partisan finger pointing necessary.
Plenty of blame for how we got here. The Biden administration, the prior Trump administration. Maybe even before all of that. This is strategic stuff that should not have gone without being addressed.
On top of that, is the foolhardy trade war that did not take such a huge issue into consideration. A known issue! Going to war without understanding your adversaries strengths and weaknesses is the cherry on top. More buffoonery.
There is one big difference between Trump’s trade policy and China’s. Namely, the Chinese appear to know what they’re doing.
It is easy to see that this administration's huge ego is a massive blindspot. Very common for those who are incapable of knowing both their strengths and weaknesses. They blunder into things, believing they always hold the best cards.
For all we know, China has more hidden "aces", yet to be played.
My assumption is that China wants this to drag on into the mid-term cycle. Time is on their side.
And speaking of China: they're still bullying and terrorizing maritime interests all around the Philippines Sea, South China Sea, and the rest of the region. The BAD GUYS have the (rare earth) goods. The Big Picture favors the Chinese. Monetarily, economically, politically, militarily. They're CONTINUING to get away with murder, behaving UNETHICALLY. Rogue State.
In its own way, the USA "leadership" is morally rudderless, too. To repeat myself: we are fucked. And I do not bet the mid-term election will change much. How did Orange Abomination get elected a SECOND time? Because we are a nation of educated, intelligent, ethical, staunchly upright and well-informed people? Duh. Get a grip. Half of this country identifies with a subversive, Orwellian Repugnant CULT. Brainwashed imbeciles. Ready. Fire. Aim. That about sums it up.
Comments
The complete inability to consider that fact before engaging in a trade war? That is also inexcusable. Ready. Fire. Aim.
True, but in fairness I've been reading articles about this situation for at least ten years. Plenty of blame to go around.
Those of us who are not willing to avoid responsibility concur. I respect that. No partisan finger pointing necessary.
Plenty of blame for how we got here. The Biden administration, the prior Trump administration. Maybe even before all of that. This is strategic stuff that should not have gone without being addressed.
On top of that, is the foolhardy trade war that did not take such a huge issue into consideration. A known issue! Going to war without understanding your adversaries strengths and weaknesses is the cherry on top. More buffoonery.
For all we know, China has more hidden "aces", yet to be played.
My assumption is that China wants this to drag on into the mid-term cycle. Time is on their side.
In its own way, the USA "leadership" is morally rudderless, too. To repeat myself: we are fucked. And I do not bet the mid-term election will change much. How did Orange Abomination get elected a SECOND time? Because we are a nation of educated, intelligent, ethical, staunchly upright and well-informed people? Duh. Get a grip. Half of this country identifies with a subversive, Orwellian Repugnant CULT. Brainwashed imbeciles. Ready. Fire. Aim. That about sums it up.