There were a number of points to examine regarding Freeport Copper & Gold Inc’s $9 billion purchase of two energy companies. Sadly, it doesn’t appear that the Corporate Media has latched onto any of them.

One report characterized this deal as:

a bold bid to diversify into the U.S. energy sector as copper’s prospects wane.

While this quote does absolutely nothing to explain the Freeport deal, it does perhaps come close to a record for cramming the most idiocy into a fourteen word sentence-fragment.

Let’s begin with the suggestion that “copper’s prospects” have waned. Has anyone heard the government of China (or any of the other Asian Tigers) proclaim that they planned to “stop growing” their economies? Has anyone ever heard of a modern economy which could develop itself without large amounts of copper (particularly copper wiring)?

The ¾ of the world’s population in “emerging economies” are at most ¼ of the way toward catching up with the more technologically advanced West. This means we are still in the early stages of the longest/strongest global economic boom in history. Thus the inference that Freeport is somehow bailing-out of copper production and moving into oil & gas is just silly.

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