Honestly, even if it were legal, who would be able to afford it? It'd just mean the ultra wealthy would have even more powerful private armies. A single missile costs at least a few hundred thousand dollars, with some systems costing millions per missile. Which is unfathomably expensive when you think of what you can buy with a few million dollars.
No, it's a fancy term for "I want to create hyperinflation because no one has the balls to either raise taxes to cover it or cut military spending to afford it."
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