The future of global defense spending trends in one chart (and several paragraphs).
That's via the International Institute of Strategic Studies, which has released its comprehensive report on global military trends.
A teaser:
'While the Middle East region is clearly in a state of flux, all around it the global redistribution of military power is continuing. Reflecting the subdued global economic climate, total defence spending actually fell in real terms in 2012 for a second year running. However, real increases were seen in the Middle East and North Africa, Russia and Eurasia, Latin America and in Asia, while real declines were seen in North America and Europe. As we predicted this time last year, 2012 saw nominal Asian defence spending overtake that of NATO European states for the first time. '