Firstly, I thought James Cumes' other articles on economics were quite good, however ...

The threats to Australia through global environmental degradation and the depletion of oil supplies upon which our economy and agriculture depends are greater than any threat that a missile defence shield could hope to protect us from.

In any case, if the finite and diminishing natural resources of the region are squandered on all sides on a renewed arms race, then our hope of confronting these environmental threats are almost nil.