Cold War 2?

Last week, Russian President Putin said that Russia will counter NATO’S U.S. led missile defense programs by deploying weapons capable of piercing any defense shield. Additionally, Putin told defense officials “that by developing defenses against ballistic missiles Washington aims to neutralize Russia’s strategic nuclear deterrent and gain a decisive military superiority .”  His response was to develop strike systems capable of penetrating any missile defenses. The U.S. has argued that the shield was aimed to fend off missile threats from nations such as Iran and North Korea. Russia on the other hand has argued that despite Iran’s nuclear deal with 6 world powers that had curbed its nuclear program in exchange for relief, the U.S has continued to work on its missile shield. Additionally, Putin added that in the future, Russia will work on the development of their own missile defense shield, but for now the primary focus is commissioning new strike weapons. My question for you guys would be, do you think this situation will lead to a arms race or something similar to the space race back in the Cold War Era?

http://www.usnews.com/news/world/articles/2015/11/10/russia-to-deploy-new-weapons-to-counter-us-missile-shield