
The headline of a Financial Times article on December 28, 2023 seemed to be a wild celebration that global defence order books were bulging as budgets were on a war footing. It outlined that US$760 billion of hardware was in the pipeline, with rising tensions feeding demand, and that investors were piling into stocks.
The analysis painted an upbeat and positive outlook, rather than argue that this is a cause for grave concern. Nowhere in the report was there an examination of the travesty underpinning these developments. It is clearly business as usual despite growing tensions in the world and thus normal to talk about rising military stocks as if these are sanitisers in demand during an epidemic.