► Subscribe to the Financial Times on YouTube: br 0:05 Obama at NATO conferencebr 0:38 Defence analyst Francis Tusa and Blenheim Capital's Grant Roganbr 1:30 Instability in the Persian Gulfbr 2:11 Western military cutting budget, rest of world increasing budgetbr 3:15 How does the shift in purchasing affect the trade in influence?br 4:12 How does the flexibility of the French on foreign policy help them?br 4:37 The rise of the Chinese as an exporterbr br Nato defence budgets have been cut drastically in the past three years, yet global military spending has not changed because of big purchases in the Gulf and Asia.