Planet Money

How to get what Greenland has, with permission

February 18, 2026

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  • Greenland's value stems from its strategic geographic location and its deposits of heavy rare earth minerals, which are critical for modern technology and defense systems. 
  • The U.S. dependence on China for rare earth processing, stemming from the U.S. decision to de-prioritize domestic production since the mid-1980s, creates a national security vulnerability. 
  • Mineral security for the U.S. requires international cooperation and trade agreements, as controlling the source of minerals alone is insufficient without the necessary processing technology, making Greenland a long-term, not immediate, solution. 

Segments

Introduction to Greenland Expert
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(00:00:44)
  • Key Takeaway: Mining economist Grace Lynn Baskarin specializes in rare earth minerals and Greenland’s geology.
  • Summary: Grace Lynn Baskarin, a mining economist, is introduced as an expert on Greenland and rare earth minerals. She directs the Critical Minerals Security Program at the Center for Strategic and International Studies. Rare earth minerals, despite being incredibly valuable for technology like fighter jets and phones, look like ordinary gray rocks.
Greenland’s Strategic Importance
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(00:02:43)
  • Key Takeaway: Greenland’s value is derived from its strategic location between the U.S., Russia, and China, and its rare earth deposits.
  • Summary: Greenland is strategically positioned along an emerging Arctic shipping route and sits between major global powers. Its location is critical for missile defense, as the shortest missile path to the U.S. would cross the territory. The episode frames the discussion around how the U.S. arrived at this moment of coveting Greenland.
Greenland’s Geography and Ownership
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(00:05:28)
  • Key Takeaway: Greenland is sparsely populated, lacks highways connecting towns, and its land cannot be privately owned, rooted in Inuit beliefs.
  • Summary: Greenland has a small population of 56,000 to 57,000 people, mostly indigenous Inuit, living along the coast as 80% of the country is ice-covered. Towns are not connected by roads; travel between them requires a helicopter, plane, or boat. Land ownership is prohibited, reflecting the Inuit belief that land is meant to be shared, not sold.
Rare Earths: U.S. Dependence on China
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(00:08:18)
  • Key Takeaway: Greenland possesses valuable heavy rare earths, but the U.S. faces a critical supply chain risk due to China’s near-monopoly on processing.
  • Summary: Greenland has heavy rare earths, a type the U.S. is not well-endowed with, unlike light rare earths found in California. Approximately 90% of the world’s rare earths are processed in China, creating a vulnerability demonstrated when China restricted exports, briefly halting Ford Explorer manufacturing in the U.S.
History of U.S. Mineral Policy
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(00:09:33)
  • Key Takeaway: The U.S. ceded global rare earth leadership to China after ceasing to prioritize mineral production and closing the Bureau of Mines in 1996.
  • Summary: From the 1950s to the mid-1980s, the U.S. was the top rare earth producer, but it backed off as China began mining and refining. China actively built dominance by acquiring mines globally and processing the minerals domestically. The U.S. stopped making minerals a strategic focus, closing the Bureau of Mines in 1996.
China’s Soft Power Investment Strategy
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(00:10:28)
  • Key Takeaway: China pursues mineral access in Greenland through ‘soft power’ infrastructure investment, contrasting with the U.S. administration’s hardline approach.
  • Summary: China invests significantly in Greenland’s infrastructure, such as airports, as a method to secure future access to natural resources, mirroring its Belt and Road Initiative strategy. China also secured a stake in a major Greenland rare earth mine project by agreeing to process the extracted minerals.
Why Buying Greenland is Not the Answer
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(00:12:28)
  • Key Takeaway: Controlling Greenland’s minerals is not a short-term fix, as extraction is decades away and costly, and Greenland prefers partnering with Western nations.
  • Summary: Greenland’s government prefers working with the U.S. over China, and Denmark has previously stalled Chinese investment projects. Developing Greenland’s resources could take decades and cost a trillion dollars due to the lack of infrastructure like roads and ports under punishing Arctic conditions. Other nations like Brazil and Australia offer faster short-term rare earth alternatives.
Mineral Security Through Cooperation
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(00:14:33)
  • Key Takeaway: True mineral security relies on global cooperation for both geological sourcing and technological processing capabilities, not solo control.
  • Summary: No single country can counter China’s dominance alone, as geological control is useless without processing technology, which is also geographically dispersed. Countries like Australia, Saudi Arabia, and Canada are emerging as key partners for processing technology. The U.S. has historically secured resources through creative trade arrangements, such as trading butter for Jamaican bauxite.
Strategic Location vs. Mineral Value
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(00:16:35)
  • Key Takeaway: The U.S. already possesses significant defense access in Greenland via existing military bases established through prior agreements.
  • Summary: President Trump acknowledged that Greenland’s strategic location, not just its minerals, is the primary driver for wanting control. The U.S. already maintains a massive military base in Greenland, established in 1951, used for missile defense and surveillance. This base operates with permission, meaning the U.S. can expand its defense presence without colonizing the territory.
Expanding Territory Through Bases
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(00:19:11)
  • Key Takeaway: The U.S. continues to expand its effective territory through military bases abroad, which often exert sovereignty-like control.
  • Summary: The U.S. has hundreds of military bases globally, which function as an expansion of territory, even if they are not formally sovereign land. These bases operate under profound rights that resemble sovereignty, exemplified by the long-standing U.S. control over Guantanamo Bay in Cuba. The U.S. determines the rules and jurisdiction on these hosted territories.
Greenland’s Perspective on Global Order
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(00:26:40)
  • Key Takeaway: Indigenous Greenlander Saha Olsvig fears aggressive U.S. actions normalize the taboo of taking land by force, threatening broader global peace.
  • Summary: Saha Olsvig, representing the Inuit Circumpolar Council, insists Greenlanders are active trade partners, not passive spectators, having built their economy through international relations for millennia. She expressed concern that aggressive assertions over Greenland make the idea of territorial takeover seem less taboo globally. Greenland is not seeking a new colonizer.
Planet Money Tour Announcement
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(00:28:37)
  • Key Takeaway: Planet Money is launching its first live tour, starting April 6th in New York City, featuring economist Emily Oster.
  • Summary: The hosts announced their first-ever live tour, with tickets available at planetmoneybook.com. The inaugural event is scheduled for April 6th in New York City at the 92nd Street Y. Attendees purchasing tickets will receive a limited edition tote bag while supplies last.