As I write this editorial, the Middle East is preparing to arm itself with weaponry estimated to cost more than $100 billion over the next five years. This mini arms race in the Gulf is clearly in response to the heightened tensions surrounding Iran’s nuclear ambitions and the dawning realization that Tehran will acquire the technology to make an atomic bomb. It is a policy born out of fear, and yet we know that it will end in either disaster or waste. In the event of any conflict, the armies of the Gulf Cooperation Council are unlikely to use their new-fangled hardware. They will be politely asked to stand aside as more experienced, and more muscular, interested parties step in. The odds are that the new kit will go to rust and the only winners will be those who made a fast, not to mention very big, buck out of
