MORE ECHOES OF FIFTY YEARS AGO.

It was during 1973 that Chile's last experiment against reality ran into reality.  They seem doomed to repeat it.

Leftist Chilean President Gabriel Boric on Thursday announced plans to slowly nationalize the country's lithium industry, aiming to take advantage of massive reserves of the metal, key to electric vehicle batteries and other technology, while protecting the environment.

"Today we present a national lithium strategy that's technically solid and ambitious," Boric declared during a televised address, outlining his plan—which needs congressional approval—to create "a Chile that distributes wealth we all generate in a more just way."

"This is the best chance we have at transitioning to a sustainable and developed economy," he argued. "We can't afford to waste it."

Reuters reported that "Boric said the country would look to protect biodiversity and share mining benefits with Indigenous and surrounding communities."

About 60% of the world's reserves are located in the South American "lithium triangle," which includes Bolivia (21 million tons), Argentina (19.3 million tons), and Chile (9.6 million tons), according to the U.S. Geological Survey. For now, Chile is leading those nations in terms of production and ranked second globally last year, after Australia.

If those lithium mines are being developed by some latter-day Francisco d'Anconia, there will be a slow nationalization of empty holes.  Under the "transition," prospectors are likely to "transition" out of the country.  In addition, advocates of those electric automobiles aren't going to take too kindly to having to pay more for their battery packs.