Rare Earth Is Not so Rare ... Redux

03-26-2013 • The Daily Bell

Japanese scientists have found vast reserves of rare earth metals on the Pacific seabed that can be mined cheaply, a discovery that may break the Chinese monopoly on a crucial raw material needed in hi-tech industries and advanced weapons systems. The team have found deposits just two to four metres from the seabed surface at higher concentrations than anybody ever thought existed. – UK Telegraph

Dominant Social Theme: Incredible. Imagine that! Rare earth metals have been found in the sea. What luck!

Free-Market Analysis: Gee, rare earth metals have been found in the sea. This is really a breakthrough, according to the UK Telegraph (above).

We're supposed to be shocked by this occurrence. Or perhaps we are supposed to rejoice. Who knows?