Global arms spending rises with US, China leading the way

World governments spent a record $1.46 trillion on upgrading their armed forces last year despite the economic downturn, with China climbing to second place behind top military spender the United States, a Swedish research group said Monday. Global military spending was 4 percent higher than in 2007 and up 45 percent from a decade ago, the Stockholm International Peace Research Institute, or SIPRI, said in its annual report. Full Story : Taragana.com….