Tom Clancy - Debt of Honor

"How do you know we can operate safely?"

"You know that I cannot—"

"Boris Il'ych, my life is in your hands. You know I have a wife and two daughters. My life is important to me, and to them," John said reasonably, making himself appear all the more formidable to the pro across the table. It wasn't about fear. John knew that he was a capable field spook, and Scherenko gave the same impression. "Trust" was a concept both central to and alien from intelligence operations. You had to trust your people, and yet you could never trust them all the way in a business where dualisms were a way of life.

"Your cover works better for you than you think. The Japanese think that you are Russians. Because of that, they will not trouble you. We can see to that," the deputy rezident told them confidently.

"For how long?" Clark asked rather astutely, Scherenko thought.

"Yes, there is always that question, isn't there?"

"How do we communicate?" John asked.

"I understand that you require a high-quality telephone circuit." He handed a card under the table. "All of Tokyo is now fiberoptic. We have several similar lines to Moscow. Your special communications gear is being flown there as we speak. I understand it is excellent. I would like to see it," Boris said with a raised eyebrow.

"It's just a ROM chip, man," Chavez told him. "I couldn't even tell you which one it is."

"Clever," Scherenko thought.

"How serious are they?" the younger man asked him.

"They appear to have moved a total of three divisions to the Marianas. Their navy has attacked yours." Scherenko gave what details he knew. "I should tell you that our estimate is that you will face great difficulties in taking your islands back."

"How great? "Clark asked.

The Russian shrugged, not without sympathy. "Moscow believes it unlikely. Your capabilities are almost as puny as ours have become."

And that's why this is happening , Clark decided on the spot. That was why he had a new friend in a foreign land. He'd told Chavez, practically on their first meeting, a quote from Henry Kissinger: "Even paranoids have enemies." He sometimes wondered why the Russians didn't print that on their money, rather like America's Epluribus unum. The hell of it was, they had a lot of history to back that one up. And so, for that matter, did America.

"Keep talking."

"We have their government intelligence organs thoroughly penetrated, also their military, but THISTLE is a commercial network, and I gather you have developed better data than I have. I'm not sure what that means."

Which wasn't strictly true, but Scherenko was distinguishing between what he knew and what he thought; and, like a good spook, giving voice only to the former for now.

"So we both have a lot of work to do."

Scherenko nodded. "Feel free to come to the chancery."

"Let me know when the communications gear gets to Moscow." Clark could have gone on, but held back. He wouldn't be completely sure until he got the proper electronic acknowledgment. So strange, he thought, that he needed it, but if Scherenko was telling the truth about his degree of penetration in the Japanese government, then he could have been "flipped" himself. And old habits died especially hard in this business. The one comforting thing was that his interlocutor knew that he was holding back, and didn't appear to mind for the moment.

"I will."

It didn't take many people to crowd the Oval Office. The premier power room in what Ryan still hoped was the world's most powerful nation was smaller than the office he'd occupied during his return to the investment business—and in fact smaller than his corner office in the West Wing, Jack realized for the first time.

They were all tired. Brett Hanson was especially haggard. Only Arnie van Damm looked approximately normal, but, then, Arnie always looked as though he were coming off a bender. Buzz Fiedler looked to be in something close to despair. The Secretary of Defense was the worst of all, however. It was he who had supervised the downsizing of the American military, who had told Congress almost on a weekly basis that our capabilities were far in excess of our needs. Ryan remembered the testimony on TV, the internal memos that dated back several years, the almost desperate objections by the uniformed chiefs of staff which they had faithfully not leaked to the media. It wasn't hard to guess what SecDef was thinking now. This brilliant bureaucrat, so confident in his vision and his judgment, had just run hard into the flat, unforgiving wall called reality.

"The economic problem," President Durling said, much to SecDef's relief.

"The hard part is the banks. They're going to be running scared until we rectify the DTC situation. So many banks now make trades that they don't know what their own reserves are. People are going to try to cash in their mutual-fund holdings controlled by those banks. The Fed Chairman has already started jawboning them."

"Saying what?" Jack asked.

"Saying they had an unlimited line of credit. Saying that the money supply will be enough for their needs. Saying that they can loan all the money they want."

"Inflationary," van Damm observed. "That's very dangerous."

"Not really," Ryan said. "In the short term inflation is like a bad cold, you take aspirin and chicken soup for it. What happened Friday is like a heart attack. You treat that first. If the banks don't open for business as usual…Confidence is the big issue. Buzz is right."

Not for the first time, Roger Durling blessed the fact that Ryan's first departure from government had taken him back into the financial sector.

"And the markets?" the President asked SecTreas.

"Closed. I've talked to all of the exchanges. Until the DTC records are re-created, there will be no organized trading."

"What does that mean?" Hanson asked. Ryan noticed that the Defense Secretary wasn't saying anything. Ordinarily such a confident guy, too, Jack thought, quick to render an opinion. In other circumstances he would have found the man's newly found reticence very welcome indeed.

"You don't have to trade stocks on the floor of the NYSE," Fiedler explained. "You can do it in the country-club men's room if you want."

"And people will," Ryan added. "Not many, but some."

"Will it matter? What about foreign exchanges?" Durling asked. "They trade our stocks all over the world."

"Not enough liquidity overseas," Fiedler answered. "Oh, there's some, but the New York exchanges make the benchmarks that everybody uses, and without those nobody knows what the values are."

"They have records of the tickers, don't they?" van Damm asked.

"Yes, but the records are compromised, and you don't gamble millions on faulty information. Okay, it's not really a bad thing that the information on DTC leaked. It gives us a cover story that we can use for a day or two," Ryan thought. "People can relate to the fact that a system fault had knocked stuff down. It'll hold them off from a total panic for a while. How long to fix the records?"

"They still don't know," Fiedler admitted. "They're still trying to assemble the records."

"We probably have until Wednesday, then." Ryan rubbed his eyes. He wanted to get up and pace, just get his blood circulating, but only the President did that in the Oval Office.

"I had a conference call with all the exchange heads. They're calling everyone in to work, like for a normal day. They have orders to shuffle around and look busy for the TV cameras."

"Nice idea, Buzz," the President managed to say first. Ryan gave SecTreas a thumbs-up.

"We have to come up with some sort of solution fast," Fiedler went on.

"Jack's probably right. By late Wednesday it's a real panic, and I can't tell you what'll happen," he ended soberly. But the news wasn't all that bad for this evening. There was a little breathing space, and there were other breaths to be taken.