China dominates the supply of rare earths processing. But this chart from the FT illustrates how much China also dominates the actual supply of raw ore, too.

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Is this really news to those in power, who operate free from public opinion? It’s just the same cycle repeating—50 years isn’t that long in the grand scheme.

Why Xi turned on the US a decade ago—who knows? But one thing stands out: US leaders seemed content to share their fiat, faith-based currency system for nearly a century. Fiat, yes—but not the power that comes with it.