An alarming story at the BBC reports that worldwide arms spending has for the first time ever hit the $1 trillion mark:
Spending on weapons around the world topped $1 trillion (£560bn) for the first time in 2004, a new report says.
A study by the Stockholm International Peace Research Institute (Sipri) found that countries around the world spent $162 on weapons for each person alive.
The US alone accounted for 47% of the global total, mainly because of soaring spending on its “global war on terror”.
Arms companies were benefiting from the demand, with sales at the top 100 firms up 25% in 2003 on the year before.
The pace of mega-mergers in the arms trade in recent years had slackened, Sipri said, but had left major military suppliers comparable in size and influence to top multinational corporations.
Large spending on weapons is always a sign of instability, and this bodes some bad news indeed. With all this spending on weapons and debt we are sure to have huge problems in the future. Bleek, very bleek indeed….
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