Far from it. The article is very reassuring about the ability of the world to survive regardless of whether or not rare earth materials become unavailable due to political reasons or become depleted naturally.
Explanation:
The author rather speaks to the reality that it may pose some challenge or discomfort if China decides to weaponize the commercial availability of her rare earth metal using trade restrictions but that it would only lead to one or all of the following:
Innovations that completely do without it such as happened in 2010 when Japan was cut off temporarily by China and their automobile manufacturers partially and in some cases completely sidelined the input from their production processes. See paragraph 10 and 11;
activation of other production sites and reservoirs. See paragraphs 6 and 7 where it is suggested that U.S and Australian mines at Mountain Pass, Calif. and Mount Weld could be activated to step up production;
use reusing and recycling: this will up the market for the demand for recycled electronic gadgets that have been produced using scarce metals.
