GFC makes no dent in the selling and buying of arms

The Global Financial Crisis, as it has become to be known, appears to have made no dent in the sale of military arms or their purchase.

The US leads the pack in sales, as The NY Times reports:

"Despite a recession that knocked down global arms sales last year, the United States expanded its role as the world’s leading weapons supplier, increasing its share to more than two-thirds of all foreign armaments deals, according to a new Congressional study.

The United States signed weapons agreements valued at $37.8 billion in 2008, or 68.4 percent of all business in the global arms bazaar, up significantly from American sales of $25.4 billion the year before.

Italy was a distant second, with $3.7 billion in worldwide weapons sales in 2008, while Russia was third with $3.5 billion in arms sales last year — down considerably from the $10.8 billion in weapons deals signed by Moscow in 2007."

And who is buying all this "stuff"?:

"The top buyers in the developing world in 2008 were the United Arab Emirates, which signed $9.7 billion in arms deals; Saudi Arabia, which signed $8.7 billion in weapons agreements; and Morocco, with $5.4 billion in arms purchases."

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