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Re marcus_of_augustus and other commentators about China, I think that we (USA, probably Europe as well) need to be thinking hard about the longer-term. And we need to be thinking fast as much of what I list below takes time, but we need to do these things for our national security and to be less dependent on Communist China.
- We need to be manufacturing much more of our pharmaceuticals (including the vital precursor chemicals) here. In US plants (Europe as well). It is awful that we have to put up with Chicom threats to cutting us off our pharma. I understand that many pharma companies strongly resist this (higher costs, they are not ready, etc.). Well TS. We should have started this process a long time ago.
- Similarly we need to start mining Rare Earth metals here in North America (Europe has some deposits as well). These are vital to new technologies and for alternative energy (inc. electric cars). We have to break down the barriers to opening rare earth mines, and to build the processing plants to turn the minerals into useful products (magnets, etc.).
- And we need to produce more electronic components here in North America and Europe. Trump has already suggested to Tim Cook that Apple building more plants here in the USA would be a good idea. We are very dependent on China in components as well.
Yes, I understand that doing the above would drive costs of pharma and other products way up. OK, but look at what COVID-19 has done to us re driving up costs! The above suggestions would also create a lot of good jobs, many of them just the sort of STEM jobs that we apparently really need in addition to safeguarding our security.
We are likely sliding into an economic depression. Rebuilding vital parts of our industrial base seems very important. And time's a-wasting. Let's get this started!
(Similar comments about infrastructure, but that will be another post)
