Analyst's note:  Absolutely must read and carefully consider.  Law makers must act now to address this critical shortfall's threat to the future of America.  This shortage will severely impact far more in our society than simply the critical military and aerospace technologies.  This is actually a real war for resources.  Resources that are critical to live a decent life in the 21st century. 

The impact goes well beyond anything you are hearing from the lame-stream media.  I highly recommend an internal site search on the term "Rare earth minerals" for much additional stunning insight and perspective. 

"The United States is entirely dependent on Red China for rare earth minerals, as environmental zealots strangle the American rare earth manufacturing industry, threatening national security and prospective economic growth.
 
Rare earth minerals (REE) are critical to everything from military weapons, solar power, electric hybrid cars, wind turbines, computer monitors, plasma televisions, smartphones, other high-tech equipment and all renewable “green” energy.  The Department of Defense needs rare earth elements for a variety of applications including communication equipment, smart bombs, global positioning, and guidance and control systems.
 
Environmentally destructive Communist China has a monopoly on the global supply and production of rare earth and accounts for 97% of the rare earth metals market, though China doesn’t actually contain more than 30% of the world’s rare earths.
 
The Chinese have a policy of restricting and driving down the currency of exports while driving up the price of those exports.  Since 2005, the Chinese have reduced their allowed exports by 6%, yet in 2010 they reduced their exports quota by 40% and announced they will reduce their exports even further in 2011, according to a 2011 report by the US Geological Survey​, citing figures from the China Customs Import and Export Tariff Department.  The declines in exports contributed to a surge in prices.
 
The Chinese have also temporarily shut down production of Batou Steel Rare Earth, their largest rare earth mine, admittedly to drive up prices to levels they believe are appropriate, artificially creating critical shortages of rare earths.  This was a wakeup call to Congress.
 
“China is spending more on the rare earth industry than the U.S. spent during World War II​,” said Stephen Leeb, chairman and chief investment officer of Leeb Capital Management and author of The Coming Economic Collapse.

[....] by the end of this year there will be between 25,000 and 30,000 tons of demand for rare earth that are not likely to be met by Chinese exports," Molycorp's Sims said. [....]