fbpx
Home » Report » REPORT: US Arms Sales Inflame Wars

REPORT: US Arms Sales Inflame Wars

A front-page story by New York Times journalists Mark Mazzetti and Helene Cooper reveals billion-dollar windfalls to defense contractors such as Boeing, Lockheed Martin and General Atomics for sales of American missiles, bombs and other weapons to clients in the Middle East.

Conflicts in that region have created a military spending boom. The defense industry represents an estimated $1.5 trillion per year in worldwide trade (about 2.7% of global GDP) with a growing chunk of the business the result of escalating tensions throughout the Arab world.

With such powerful financial interests in arms sales, the U.S. government is clearly under pressure by the defense (and Wall Street) lobby to approve these deals even while trying to play a leading role in international money laundering and terrorist financing countermeasures. According to the New York Times, this situation raises “the prospect of a dangerous new arms race in a region where the map of alliances has been sharply redrawn.”

How is this relevant to the digital currency revolution? Many aspects of these same money laundering and terrorist financing countermeasures may find their way into regional and national regulatory frameworks for cryptocurrency. I think it’s fair to question U.S. positions on these subjects until they find a way to resolve these dangerous inconsistencies.

Avatar

Early Stage Investor, Bitcoin Business Strategy Architect and Project Leader for Complex Internet SolutionsSee generalseven.com for more info.

View all posts by
Geoff Goodell, Researcher at University College London
Geoff Goodell

Geoff Goodellis a researcher at the Department of Computer Science at University College London and an authority on the interface between computer science, finance and public policy. His talk for Bitcoin Wednesday will cover the range of available options on the subject of financial privacy, from total surveillance as represented by traditional financial institutions to the use of cryptocurrencies and related privacy enhancing technologies.

Lyn Ulbricht, mother of Ross Ulbricht
Lyn Ulbricht

Lyn Ulbricht is the mother of Ross Ulbricht, the man sentenced to life in prison at the age of 36 for his involvement in Silk Road. The dark web marketplace has made an indelible impact on the industry.

JP Thieriot, CEO of Uphold
J.P. Thieriot

J.P. Thieriot is CEO of Uphold, a digital money platform that serves 1.7 million customers in more than 184 country and has processed almost $6 billion in transactions.

Ruben Merre, CEO of ngrave
Cold Hardware Wallets

Ruben Merreis co-founder and CEO of Ngrave, an end-to-end hardware wallet solution that tackles the what-ifs of managing digital assets and cryptocurrencies.

Patrick Dai, CEO of Qtum
Patrick Dai

Patrick Dai is CEO of Qtum. He will talk about how Qtum built a smart contract system on top of Bitcoin’s infrastructure.

Thomas Borrel, CPO of Polymath
Thomas Borrel

Thomas Borrel leads the Product Strategy, Product Management and Product Marketing teams across Polymath’s product portfolio. Prior to joining Polymath, Thomas was Director of Product Management at Extreme Networks where he led Extreme’s Software and Cloud offerings.

Micha Roon, CTO of EnergyWeb
Micha Roon

Micha Roon is the CTO of the Energy Web Foundation and the Share&Charge Foundation. He is an authority on energy grid decarbonization, electrical vehicle charging and the tokenization of renewable energy.