[larsga]

> Europe talks about ramping up production, not sure if that is actually happening.

It is happening, all right. There are four large ammunitions companies in Europe -- all are expanding. Pretty much every NATO country is increasing defense spending.

At the same time, it's true that a lot of it is empty bluster. The UK and Germany, in particular, think budget cuts are more important than defense spending and are holding back. On the other extreme are countries like Poland, headed for defense spending of 5% of GDP. So it's a mixed bag, but the overall curve is sharply up.