John Authers, Columnist

Guns Versus Butter Debate Has a Clear Winner

September 25, 2025 at 4:33 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Arms spending has ample room to increase everywhere.
Photographer: Morris MacMatzen/Getty Images

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