by Mike Thompson
The same U.S. corporations that have been so happy doing business in China - shipping American jobs and manufacturing plants to that Asian nation and raking in enormous profits - are now hopping mad at China.
According to a UPI story, China controls the bulk of the globe’s supply of “rare-earth,” the family of little-known elements that are used in everything from computer disc drives to weapons. And China is seriously clamping down on the export of rare- earth, meaning that manufacturers in other parts of the globe aren’t getting the raw materials they need to make their products.
According to the magazine Chemical & Engineering News, China’s insanely low production costs ran rare earth-mining operations in other countries out of business by driving down the price of commodity. As the magazine article explained, the biggest rare-earth mine in the U.S. was mothballed in 2002 and now that China is the dominant player in the rare- earth market, they’re choking off the supply by tightening exports of the highly valued material. And manufacturers in the U.S. and elsewhere are starved for the compounds and are crying foul.
For decades, “free trade” hasn’t worked for average Americans who saw their jobs shipped overseas and their lifestyles destroyed. And now its not working for American corporations, either.
Had enough of “free trade” yet?
http://www.freep.com/article/20100904/BLOG24/100904035/0/ENT03/Now-hiring?--Help-wanted?-Where-are-the-jobs?