China's geology, cost structure and disregard for environmental degradation have led to rare earth world domination. But the landscape is changing.

Trillions of dollars of debt, a bond bubble on the verge of bursting, and economic distortions that make it difficult for investors to know what is going on behind the curtain have created what author Doug Casey calls a crisis economy.

Starved of cash, nearly 150 mining companies listed on the Australian Stock Exchange went into bankruptcy during the fiscal year that ended June 30, and another 23 have gone under since then.