  The fluid theory of plasmas is extended to include the properties of electron
spin. The linear theory of waves in a magnetized plasma is presented, and it is
shown that the spin effects causes a change of the magnetic permeability.
Furthemore, by changing the direction of the external magnetic field, the
magnetic permability may become negative. This leads to instabilities in the
long wavelength regimes. If these can be controlled, however, the spin plasma
becomes a metamaterial for a broad range of frequencies, i.e. above the ion
cyclotron frequency but below the electron cyclotron frequency. The
consequences of our results are discussed.
