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"Dollar-based trade between Iran and Iraq has stopped and most exchanges are made in euro, rial and dinar," Al-e Eshaq said on Saturday.

In the name of the fight against terrorism, the United States is currently waging “credit-card wars” in Afghanistan, Iraq, Syria, and elsewhere. Never before has this country relied so heavily on deficit spending to pay for its conflicts. The consequences are expected to be ruinous for the long-term fiscal health of the U.S., but they go far beyond the economic. Massive levels of war-related debt will have lasting repercussions of all sorts. One potentially devastating effect, a new study finds, will be more societal inequality. In other words, the staggering costs of the longest war in American history — almost 17 years running, since the invasion of Afghanistan in October 2001 — are being deferred to the future. In the process, the government is contributing to this country’s skyrocketing income inequality. Since 9/11, the U.S. has spent $5.6 trillion on its war on terror, according to the Costs of War Project, which I co-direct, at Brown University’s Watson Institute for International and Public Affairs. This is a far higher number than the Pentagon’s $1.5 trillion estimate, which only counts expenses for what are known as “overseas contingency operations,” or OCO — that is, a pot of supplemental money, outside the regular annual budget, dedicated to funding wartime operations. The $5.6 trillion figure, on the other hand, includes not just what the U.S. has spent on overseas military operations in Iraq, Afghanistan, Pakistan, and Syria, but also portions of Homeland Security spending related to counterterrorism on American soil, and future obligations to care for wounded or traumatized post-9/11 military veterans. The financial burden of the post-9/11 wars across the Greater Middle East — and still spreading, through Africa and other regions — is far larger than most Americans recognize.

By Pepe Escobar September 30, 2018 4:36 PM (UTC+8) Share Tweet Linkedin Print Email Share 0 Comment 0 History may one day rule this was the fateful geopolitical moment when the European Union clinched its PhD on foreign policy. Last week, EU foreign policy head Federica Mogherini and Iranian Foreign Minister Mohammad Javad Zarif, announced at the UN a “special purpose vehicle” (SPV) to deal with the Trump administration’s sanctions on Iran after the US unilaterally pulled out of the JCPOA,  also known as the Iran nuclear deal.

Mogherini crucially emphasized, “in practical terms, this will mean that EU member states will set up a legal entity to facilitate legitimate financial transactions with Iran and this will allow European companies to continue to trade with Iran in accordance with European Union law and could be open to other partners in the world.” The SPV, which according to Mogherini “is aimed at keeping trade with Tehran flowing while the US sanctions are in place,” could be in effect before the second stage of US sanctions begin in early November. This single initiative means Brussels is attempting to position itself as a serious geopolitical player, openly defying the US and essentially nullifying the Iran demonization campaign launched by the White House, CIA and State Department.

It may have taken a few months, but the EU-3 have finally realized what Moscow and Beijing already knew: any business with Iran – which is in the interest of all players – must bypass the US dollar. So now we come to a situation where the EU-3 will set up a multinational, state-backed, financial mechanism to help European companies conduct business with Iran in euros – and thus away from US financial enforcers. In parallel, we will have Russia and China doing business with Iran in rubles and yuan.

More than half of all tasks in the workplace tasks will be carried out by machines by 2025.That's according to the World Economic Forum, which predicts that AI and robots will kill off 75 million jobs worldwide by 2022.The Swiss nonprofit also claims as many as 133 million new jobs will be created by machines in that time frame.Humans will have to revamp skills to keep pace with the 'seismic shift' in how we work with machines, it said.

The research foresees robots swiftly replacing humans in the accounting, client management, industrial, postal and secretarial sectors.Jobs that require 'human skills' such as sales, marketing and customer service should see demand increase meanwhile, along with e-commerce and social media.

Moscow faces prospects of harsher sanctions this coming January as the US Congress is set to discuss a new package of anti-Russian penalties. The Russian central bank has warned the country’s lenders over potential risks. The regulator has recommended that Russian financial institutions take the necessary preventive steps in case their partner-banks are forced to stop providing connection to services by the world’s two most used payment systems – Visa and Mastercard, reports Russian business daily Vedomosti.

The Central Bank of Russia advises that Russian banks should look for an alternative sponsor that will be able substitute a current provider of Visa and MasterCard services, seal a maintenance service contract and test an opportunity of integrating.

In response to sanctions Russia has developed its own national payment system. The Mir payment system was introduced in 2015 after clients of several Russian banks were temporarily unable to use Visa and Mastercard due to US sanctions. Customers found bank issued credit cards linked to Visa and Mastercard systems no longer worked. The country issued 37 million Mir cards as of June 2018.

Russian President Vladimir Putin has instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, according to the Kremlin website.

"I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them," Carl Weinberg, chief economist and managing director at High Frequency Economics, told CNBC In recent years, several nations opposed to the dollar being the world's reserve currency have progressively sought to try and abandon it OPEC kingpin Saudi Arabia is at the crux of the petrodollar

The Russian Finance Ministry has announced a plan to wean the country of dollar dependence. It is expected to be a long and painful process. RT has asked analysts to explain how this could be done. According to the plan published this week, Russia seeks to de-dollarize the economy by 2024. The program is long and complicated, but its key point is that Russian exporters who use rubles instead of dollars would get huge taxation benefits including quicker VAT returns and other stimulus to ditch the greenback.

But there are also other ways to strengthen the role of the ruble in Russia. “It is necessary to gradually switch to such a system of international payments, which implies payment in rubles for Russia’s best and most popular goods on the world market like oil, gas and arms exclusively,” Andrey Perekalsky, analyst at financial institute FinIst, told RT.Russia should also unite with China and the European Union in creating a payment channel that can’t be controlled by the United States. The alternative to the SWIFT interbank settlement network that could bypass Iranian sanctions could be seen as a first step in that direction, the analyst notes.

Observing the presidential elections over the years has been a lot like watching a television series jump the shark. We've gotten to that point where you watch it for the same reason you can't help slowing down and staring as you pass a wreck on the highway. It's the Jerry Springerfication of politics. A morbid fascination with the decline of western civilization. I know. Some of you are on the train. Some of you are actually inspired by the smoke being blown up your collective backsides. I'm not here to burst your bubble. Not necessary. Reality will set in on its own time. No matter who gets inaugurated in January, the American public is going to come to their senses in a ditch, with a hangover and realize that they have no idea where their pants are. That's an ugly picture, but sometimes you have to hit rock bottom to realize you've got a problem. And there's never been a better time for a rude awakening. All around the world we are witnessing the early stages of a massive social and economic upheaval.

The huge story about bribery by a New York hedge fund in Africa should have been on the front page, but the New York Times buried it in the financial section. And the paper did not even name one of the men at the heart of it, the billionaire Israeli businessman Dan Gertler. The Democratic Republic of Congo is one of the poorest countries in the world, parts of it torn by chronic violence, and Dan Gertler is one of the people most responsible for its awful state. But the New York Times has never sent any of its army of reporters to look into the crimes of Dan Gertler. Here’s what just happened: a $39 billion New York hedge fund, Och-Ziff Capital Management, pleaded guilty to conspiring to bribe African officials, and agreed to pay a $413 million fine. The U.S. government prosecution brief did not directly name bribers and bribees. But broad hints in government documents made it clear that Gertler, on behalf of the hedge fund, had given $100 million, some of it in cash, to, among others, the DR Congo president, Joseph Kabila, for investment opportunities in diamonds and mining. Other media, including Bloomberg and the Wall Street Journal, were not squeamish about naming Gertler. The Journal‘s running coverage of the Och-Ziff/DR Congo story has repeatedly put Gertler at front and center of the corruption.

The revelations in the bribery case are earth-shaking. Although rumors of mega-corruption in DR Congo are nothing new, Jason Stearns of the respected Congo Research Group points out it is the first time that “we have a solid paper trail proving that the senior Congolese officials including the Congolese president himself were direct beneficiaries of over $100 million in bribes from foreign companies.” The 42-year-old Gertler is a notorious shadowy figure in the poor central African nation. He befriended President Joseph Kabila two decades ago, and he is widely suspected of snapping up mining concessions at bargain prices and promptly selling them to mining companies at enormous profit. One estimate, a few years ago, was that the Congolese people have been cheated out of as much as $5.5 billion — a significant sum anywhere, but especially painful in a poor nation whose entire government budget for everything one year was as little as $7.2 billion.

The Obama administration is now accusing Russia of cyber-crime and trying to disrupt the US presidential election. The claim is so far-fetched, it is hardly credible. More credible is that the US is reeling from Putin’s stunning humiliation earlier this week. Since June, US media and supporters of Democrat presidential contender Hillary Clinton have been blaming Russian state-sponsored hackers for breaking into the Democratic party’s database. It is further alleged that Moscow is stealthily trying to influence the outcome of the election, by releasing damaging information on Clinton, which might favor Republican candidate Donald Trump. Russia has vehemently denied any connection to the cyber-crime charges, or trying to disrupt the November poll. Now the Obama administration has stepped into the fray by openly accusing Russia. «US government officially accuses Russia of hacking campaign to interfere with elections», reported the Washington Post. This takes the row to a whole new level. No longer are the insinuations a matter of private, partisan opinion. The US government is officially labelling the Russian state for cyber-crime and political subversion.

Predictably, following the latest allegations, there are calls among American lawmakers for ramping up more economic sanctions against Russia. While US intelligence figures are urging for retaliatory cyber-attacks on Russian government facilities. Vladimir Putin’s spokesman Dmitry Peskov derided the US claims as «rubbish». He noted that the Kremlin’s computer system incurs hundreds of hacking attempts every day, many of which can be traced to American origin, but Moscow doesn’t turn around and blame the US government for such cyber-attacks. There are several signs that the latest brouhaha out of Washington is a bogus diversion. As with previous Russian-hacker claims by the Democrats and US media, there is no evidence presented by the Obama administration to support its grave allegations against the Russian government. Assertion without facts does not meet a minimal standard of proof. When reports emerged in June – again through the Washington Post – that the Democrat National Committee (DNC) was hacked by Russian agents, the allegation relied on investigations by a private cyber security firm by the name of CrowdStrike. The firm is linked by personnel to the NATO-affiliated, anti-Russian think tank Atlantic Council. Again no verifiable evidence was presented then, just the word of a dubious partisan source.

Back then the Russian scare story, for that’s what it was, served as a useful diversion from far more important issues. Such as the 19,000 emails released from the DNC database showing that the party chiefs had preordained Clinton’s presidential nomination over her Democrat rival Bernie Sanders. Much-vaunted «US democracy» was exposed as a fraud, and so the Washington establishment quickly went into damage-limitation mode by smearing Russia. It was the whistleblower site Wikileaks, run by Australian journalist Julian Assange, that released the embarrassing emails. It had nothing to do with Russia. Assange has since hinted that his source was within the Democrat party itself. This is where it gets really explosive. Assange has vowed to release more emails that will prove that Clinton as Secretary of State back in 2011-2012 masterminded the supply of weapons and money to Islamist terror networks in Libya and Syria for the objective of regime change. Furthermore, Assange says that the emails prove that Clinton lied under oath to Congress when she denied in 2013 that she was had any involvement in facilitating arms to the jihadists. Assange has said that Wikileaks is going to publish the incriminating emails on Clinton’s alleged gun-running to terrorists this month. If the evidence stands up, Clinton could be prosecuted for perjury as well as treason in aiding and abetting official terrorist enemies of the US.

The White Helmets have been demonstrated to be a primarily US and NATO funded organisation embedded in Al Nusra and ISIS held areas exclusively. This is an alleged “non-governmental” organisation, the definition of an NGO, that thus far has received funding from at least three major NATO governments, including $23 million from the US Government and $29 million (£19.7 million) from the UK Government, $4.5 million (€4 million) from the Dutch Government. In addition, it receives material assistance and training funded and run by a variety of other EU Nations. A request has been put into the EU Secretary General to provide all correspondence relating to the funding and training of the White Helmets. By law this information must be made transparent and available to the public. There has been a concerted campaign by a range of investigative journalists to expose the true roots of these Syria Civil Defence operatives, known as the White Helmets.  The most damning statement, however, did not come from us, but from their funders and backers in the US State Department who attempted to explain the US deportation of the prominent White Helmet leader, Raed Saleh, from Dulles airport on the 18th April 2016.

To condense our research on the Syria White Helmets, we have collated all relevant articles and interviews below.  We condemn wholeheartedly any senseless murder but we recommend that there is serious public and political re-evauluation of the morality of funding a US NATO organisation established to further “regime change” objectives in Syria. Mass murder is being committed across Syria and the region by US and NATO proxy terrorist militants. Funding the White Helmets will serve to prolong the suffering and bloodshed of the Syrian people.

Vanessa Beeley 21st Century Wire Who are the White Helmets? This is a question that everyone should be asking themselves. A hideous murder of a rising star in UK politics, Jo Cox MP, has just sent shock waves across the world. Within hours of her death, a special fund was established in her name to raise money for 3 causes. One of those causes is the Syrian White Helmets. Are we seeing a cynical and obscene exploitation of Jo Cox’s murder to revive the flagging credibility of a US State Department & UK Foreign Office asset on the ground in Syria, created and sustained as first responders for the US and NATO Al Nusra/Al Qaeda forces?

The yuan is about to enter the IMF’s basket of reserve currencies this coming Saturday - alongside the US dollar, pound, euro and yen. This is no less than a geoeconomic earthquake. Not only does this represent yet another step in China’s irresistible path towards economic primacy; the Chinese currency’s inclusion in the Special Drawing Rights (SDR) basket will also lead central banks and hyper-wealthy funds – especially from the US – to increasingly buy more Chinese assets.At the first US presidential debate, Donald Trump took no prisoners, criticizing China’s currency manipulation. This is what he said:“You look at what China’s doing to our country in terms of making our product, they’re devaluing their currency and there’s nobody in our government to fight them… They’re using our country as a piggy bank to rebuild China, and many other countries are doing the same thing.”

Well, China is not “making our product”; the manufacturing process is Made in China – then exported to the US. Most of the profits benefit US corporations – everything from design, licensing and royalties to advertising, financing and retail margins. If the mantras manage to spell out a partial truth - the US has lost manufacturing jobs to China, China is the “factory of the world” – they don't spell out the hidden truth that those who profit are essentially major corporations.China does not “devalue their currency”; the People’s Bank of China periodically adjusts the yuan according to a very narrow band. The major practitioners of quantitative easing (QE) are actually the US, as well as Japan and the European Central Bank (ECB). And the currency of global consumer goods manufacturing continues to be the US dollar, not the yuan.

Beijing also is not “using our country as a piggy bank to rebuild China.” This is all about balance of payments. What US consumers spend on Made in China products – many of them delocalized by US corporations – is pumped back to the US as capital inflows that keep interest rates down and help to support the Empire of Chaos’s global hegemony.

The United States government has already declared that in regards to what it alleges to be a Russian cyberattack against the U.S. Democratic Party, the U.S. reserves the right to go to war against Russia. NATO has accordingly changed its policy so as to assert that a cyberattack (in this case actually cyber-espionage, such as the U.S. government itself perpetrates against even its own allies such as Angela Merkel by tapping her phone) constitutes an act of war by the alleged cyberattacker, and so requires all NATO member nations to join any cyberattacked NATO nation in war against its alleged (cyber)attacker, if the cyberattacked member declares war against its alleged cyberattacker. Excuses are being sought for a war against Russia; and expanding the definition of “invasion,” to include mere espionage, is one such excuse. But it’s not the only one that the Obama Administration has cooked up. U.S. Senator Mike Lee has asserted that President Barack Obama must obtain a declaration of war against Syria — which is allied with and defended by Russia — before invading Syria. Syria has, for the past few years, already been invaded by tens of thousands of foreign jihadists (financed mainly by the royal Sauds and Qataris, and armed mainly with U.S. weaponry) who are trying to overthrow and replace the Syrian government so that pipelines can be built through Syria into Europe to transport Saudi oil and Qatari gas into the EU, the world’s biggest energy-market, which now is dominated by Russia’s oil and gas. Since Syria is already being defended by Russia (those royals’ major competitor in the oil and gas markets), America’s invasion of Syria would necessarily place U.S. and Russia into an air-war against each other (for the benefit of those royal Arabs — who finance jihadist groups, as even Hillary Clinton acknowledges): Syria would thus become a battleground in a broader war against Russia. So: declaring war against Syria would be a second excuse for World War III, and one which would especially serve the desires not only of U.S. ‘defense’ firms but of the U.S. aristocracy’s royal Arabic allies, who buy much of those ‘defense’ firms’ exports (weaponry), and also U.S. oilfield services firms such as pipelines by Halliburton. (It’s good business for them, no one else. Taxpayers and war-victims pay, but those corporations — and royal families — would profit.)

The U.S. government also declares that Russia ‘conquered’ Crimea in 2014 and that Russia must restore it to Ukraine. The U.S. government wants Ukraine to be accepted into NATO, so that all NATO nations will be at war against Russia if Russia doesn’t return Crimea to Ukraine, of which Crimea had only briefly (1954-2014) been a part, until Crimeans voted on 16 March 2014 to rejoin Russia. This Crimean issue is already the basis for America’s economic sanctions against Russia, and thus Russia’s continuing refusal to coerce Crimeans to accept again being part of Ukraine would be yet a third excuse for WW III.

Hillary Clinton says “As President, I will make it clear, that the United States will treat cyber attacks just like any other attack.” She alleges that when information was unauthorizedly made public from Democratic National Committee computers, the cyberattacker was Russia. She can be counted as a strong proponent of that excuse for WW3. She’s with Barack Obama and the other neocons on that. She has furthermore said that the U.S. should shoot down any Russian and Syrian bombers in Syria — the phrase for that proposed U.S. policy is to “establish a no-fly zone” there. She makes clear: “I am advocating the no-fly zone.” It would be war against not only Syria, but Russia. (After all: a no-fly zone in which the U.S. is shooting down the government’s planes and Russia’s planes, would be war by the U.S. against both Syria and Russia, but that’s what she wants to do.) She can thus be counted as a strong proponent of those two excuses for WW3.

Eighty two percent of the wealth generated last year went to the richest one percent of the global population, while the 3.7 billion people who make up the poorest half of the world saw no increase in their wealth, according to a new Oxfam report released today.  The report is being launched as political and business elites gather for the World Economic Forum in Davos, Switzerland. ‘Reward Work, Not Wealth’ reveals how the global economy enables a wealthy elite to accumulate vast fortunes while hundreds of millions of people are struggling to survive on poverty pay. Billionaire wealth has risen by an annual average of 13 percent since 2010 – six times faster than the wages of ordinary workers, which have risen by a yearly average of just 2 percent. The number of billionaires rose at an unprecedented rate of one every two days between March 2016 and March 2017. It takes just four days for a CEO from one of the top five global fashion brands to earn what a Bangladeshi garment worker will earn in her lifetime. In the US, it takes slightly over one working day for a CEO to earn what an ordinary worker makes in a year. It would cost $2.2 billion a year to increase the wages of all 2.5 million Vietnamese garment workers to a living wage. This is about a third of the amount paid out to wealthy shareholders by the top 5 companies in the garment sector in 2016.

According to Syrian Democratic Forces (SDF) spokesman Talal Silo, the strategic interests of the United States in Syria dictate that its forces will continue to occupy the northern regions of the country, in collusion with Kurdish separatist wishes, for many decades to come. According to the SDF representative, Washington will continue to develop its strategic policies in SDF-occupied northern Syria via various military and economic cooperation initiatives with Kurdish-dominated political structures that have been established under the Democratic Union Party (PYD) long after ISIS in gone. In the past, Silo has openly admitted that the SDF is a tool of American foreign policy in Syria and that the alliance group is forbidden by its US handlers from cooperating with either the Damascus government or Russia. The announcement by Silo comes around the same time British Army representative for Operation Inherent Resolve Major General Rupert Jones said that the US-led coalition (supposedly against ISIS) would not allow “Syrian regime forces” to move north of the Euphrates River (into SDF-occupied regions). In doing so, Jones essential confirmed suspicions long-expressed by pro-Damascus analysts that Western powers (led by US) pursue a second unspoken policy in Syria aimed at preventing government forces from restoring sovereignty in the country’s northern regions.

Washington’s renewed sanctions on Tehran supports China’s newly established oil futures, analysts say. The sanctions can make the yuan a more preferable currency than the dollar on the oil market. Since their launch in May, the interest in the renminbi-backed oil contracts has steadily surged. Traded daily volumes hit a record 250,000 lots last Wednesday, and the share of yuan contracts in global trading jumped to 12 percent compared to eight percent in March.

“The contract is thundering into action,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore, as quoted by Reuters. “It makes sense for Iran to begin selling oil under contracts denominated in yuan rather than dollars.”China is the largest oil consumer in the world and also buys the most from Iran, a major OPEC producer. Beijing buys 25 percent of Iranian oil exports, which accounts for eight percent of its needs.“The sanctions... can potentially accelerate this process of establishing a 3rd (oil) benchmark,” said senior vice president for derivatives in Singapore at financial services firm INTL FCStone, Barry White.By using more yuan in the oil trade, Beijing both saves the costs of exchanging dollars and promotes the renminbi as a global currency, analysts say. Last week, Shanghai futures rose to a dollar-converted record high of around $75.40 per barrel, growing faster than rival benchmarks Brent and WTI.

Islands Brygge, an idyllic harbor park that stretches along the east bank of Copenhagen, was alive with a celebratory crowd on Monday as three ships were about to steam towards Gaza. The 2018 Freedom Flotilla—two ships from Sweden and one from Norway — will call at ports in Germany, Holland, Belgium, France, Spain, Portugal and Italy before traveling through the Mediterranean Sea to its final destination: Gaza harbor. Volunteer boat guides explained the history and mission of the Gaza Flotilla movement, which has organized a number of journeys to demonstrate solidarity with the people of Gaza and break the illegal economic siege.

Reaching the harbor of Gaza (which means “jewel” in Arabic) should be as simple and straightforward as entering any harbor in Germany, France or Spain. But instead, Israel has denied Gazans use of their own harbor for commerce, trade and travel, and has bombed it on numerous occasions, along with their electric power plants and sewage systems, making life miserable for the local population and rendering 97 percent of the drinking water toxic.

Geert Wilders, who is often called “the Dutch Donald Trump,” will not necessarily head the government even if he wins the most seats in parliament. But he has taught the current Prime Minister Mark Rutte to pit Dutch voters against immigrants and their children.The American right’s favorite Islamophobe and a columnist for Breitbart news, Wilders is campaigning with the slogan, “The Netherlands Ours Again.” He promises to close all mosques and ban the Qur’an. He also calls for “Nexit” — the Netherlands leaving the European Union.In the wake of Britain’s vote to leave the European Union (Brexit) and Trump’s election as US president, the world is obsessing over Dutch polls to see if “Trumpism” will score a victory in The Netherlands, one of the world’s most democratic countries.Wilders’s anti-Islamic, anti-EU and anti-immigration Party for Freedom (PVV) is in a tight race for the lead with Rutte’s center-right People’s Party for Freedom and Democracy (VVD). At a minimum, Wilders will likely add to his seats in parliament after the March 15 polls. About 40% of voters are undecided, giving hope to Dutch progressives that a left-wing coalition is still possible.

It is Rutte, in office since 2010, who has the best chance of forming a new government. Veering right, he is now competing with Wilders to articulate the feelings of a so-called “silent majority,” saying immigrant youth should fit in or pleur op (“fuck off”).The Dutch elections are the first in 2017’s super election year in Europe, with far-right parties in many countries campaigning on an anti-immigrant and anti-EU platform. The next test for populism, only a month away, will be in France, where the far-right leader Marine Le Pen seeks to become president. Germany’s Chancellor, Angela Merkel, faces elections in September and could lose to a challenger from the left.

If Wilders gains power, he says the first thing he will do is hold a Brexit-style referendum. Leaving the European Union, the world’s biggest economic trading bloc, would hardly seem to make sense for the Netherlands, a small country that has grown wealthy off trade.Still, a new opinion poll confirms that the Dutch are falling out of love with the EU. It shows a slight majority actually favor Nexit if EU membership could be replaced with “bilateral trade relations.”It should not be forgotten that the Dutch voted down the 2005 EU constitution, which later became the Lisbon Treaty. They also rejected, by a wide margin, an EU treaty with Ukraine in a referendum last spring.

Washington also has a history of targeting countries that are sitting on strategic resources or transport routes, or which attempt to mount any form of economic resistance. Trump has openly endorsed this practice by the way (which is a break from the typical propaganda cover that is usually employed).

Were you aware that it was recently discovered that North Korea is sitting on the worlds largest deposit of rare earth metals? In fact their deposit is twice as large as the world’s total known reserves prior to this discovery. This is find is estimated to be worth trillions of dollars (that’s trillions with a T). Rare earth metals are essential in the manufacture of modern electronics, which makes it a matter of strategic importance, and China currently has a monopoly on global production. In the context of an escalation in the South China or the East China seas, this would be a significant vulnerability for the west.