Ever wondered how much money the world spends fighting wars? Well, wonder no longer - the Stockholm International Peace Research Institute keeps track of such things. In 2008, according to SIPRI, combined global military spending reached an astonishing $1.4 trillion, or about 2.4% of the world's total gross domestic product. That amount, up 45% since 1999, was a new record.
For the most part, it's an American story as nearly two-thirds of the increase came from the United States. U.S. military spending increased 10% in 2008 to $607 billion, or 42% of the global total, while China was second with a relatively paltry $84.9 billion. The United States spends so much on its military that the Pentagon's secret "black budget" of $50 billion is more than the entire defense budget of most countries, including the United Kingdom, France and Japan, and more than triple Canada's.
China was actually second in spending for the first time in 2008 - usually it's the U.K. that follows the U.S. Fear not, though. Defense experts don't believe China is gearing up for a war, but rather modernizing its military, which still consists largely of 1950s Soviet era weapons.
Some alarmists would have people believe that a war between the United States and China is inevitable but if you ask me, it's highly unlikely given how interwoven the economies of the two countries are. If war broke out between them, the flow of goods to the United States would completely stop while China would lose its biggest market. That would mean utter and total economic meltdown for both countries and thereby the world. Like it or not, the two countries are inextricably linked and must therefore maintain some level of civility toward the other.
That said, this interwoven-ness is clearly not stopping anyone from spending on weapons. The bright side of that is that a lot of the money is going into researching new technology, which of course ultimately flows to the every-day Joe in the form of cellphones, microwave ovens and GPS devices.
GrubGrade
Food News: Southwest Chicken Bowl from Jack in the Box
2 hours ago