Tom Clancy - Debt of Honor

Japan needed and doubtless wanted direct access to natural resources. It had a superb and fully developed economic base, a highly skilled manpower pool, all manner of high-tech assets. But Japan had a relatively small population in proportion to her economic strength.

China had a vast pool of people, but not as yet highly trained, a rapidly developing economy still somewhat lacking in high technology. And like Japan, China needed better access to resources.

And to the immediate north of both China and Japan was the world's last unexploited treasure house.

Taking the Marianas would prevent or at least hinder the approach of America's principal strategic arm, the U.S. Navy, from approaching the area of interest. The only other way to protect Siberia was from the west, through all of Russia. Meaning that the area was in fact cut off from outside assistance. China had her own nuclear capacity to deter Russia, and a larger land army to defend the conquest. It was a considerable gamble, to be sure, but with the American and European economies in a shambles, unable to help Russia, yes, it did all make good strategic sense. Global war on the installment plan.

The operational art, moreover, was not new in the least. First cripple the strong enemy, then gobble up the weak one. Exactly the same thing had been attempted in 1941-1942. The Japanese strategic concept had never been to conquer America, but to cripple the larger country so severely that acquiescence to her southern conquests would become a political necessity. Pretty simple stuff, really, Ryan told himself. You just had to break the code.

That's when the phone rang. It was his number-four line. "Hello, Sergey," Ryan said.

"How did you know?" Golovko demanded.

Jack might have answered that the line was set aside for the Russian's direct access, but didn't. "Because you just read the same thing I did."

"Tell me what you think?"

"I think you are their objective, Sergey Nikolay'ch. Probably for next year." Ryan's voice was light, still in the flush of discovery, which was always pleasant despite the nature of the new knowledge.

"Earlier. Autumn, I should imagine. The weather will work more in their favor that way." Then came a lengthy pause. "Can you help us, Ivan Emmetovich? No, wrong question. Will you help us?"

"Alliances, like friendships, are always bilateral," Jack pointed out.

"You have a president to brief. So do I."

As an officer who had once hoped to command a ship like this one, Captain Sanchez was glad he'd chosen to remain aboard instead of flying his fighter off to the Naval Air Station at Barbers Point. Six gray tugboats had nudged USS John Stennis into the graving dock. There were over a hundred professional engineers aboard, including fifty new arrivals from Newport News Shipbuilding, all of them below and looking at the power plant. Trucks were lined up on the perimeter of the graving dock, and with them hundreds of sailors and civilian yard employees, like doctors or EMTs, Bud imagined, ready to switch out body parts.

As Captain Sanchez watched, a crane lifted the first brow from its cradle, and another started turning, to lift what looked like a construction trailer, probably to rest on the flight deck. The gate on the dock wasn't even closed yet. Somebody, he saw, was in a hurry.

"Captain Sanchez?"

Bud turned to see a Marine corporal. He handed over a message form after saluting. "You're wanted at CINCPACFLT Operations, sir."

"That's totally crazy," the president of the New York Stock Exchange said, managing to get the first word in.

The big conference room at the FBI's New York office looked remarkably like a courtroom, with seats for a hundred people or more. It was about half empty, and the majority of people present were government employees of one sort or another, mainly FBI and SEC officials who'd been working the takedown case since Friday evening. But the front row was filled entirely with senior traders and institution chairmen.

George had just taken them through his version of the events of the previous week, using an overhead projector to display trends and trades and going slowly because of the fatigue level that had to affect the judgment of everyone trying to understand what he was saying. The Fed Chairman just then entered the room, having made his calls to Europe. He gave Winston and Fiedler a thumbs-up and took a seat in the back for the moment.

"It may be crazy, but that's what happened."

The NYSE head thought about that. "That's all well and good," he said after a few seconds, meaning that it wasn't well and good at all, and everybody knew it. "But we're still stuck in the middle of a swamp, and the alligators are gathering around us. I don't think we can hold them off much longer." There was general agreement on that point. Everyone in the front row was surprised to see their former colleague smile.

Winston turned to the Secretary of the Treasury. "Buzz, why don't you deliver the good news?"

"Ladies and gentlemen, there is a way out," Fiedler said confidently. His next sixty seconds generated incredulous silence. The traders didn't even have the wit to turn and look at one another. But if they didn't exactly nod with approval, neither did anyone object, even after a seemingly endless period of consideration.

The first to speak, predictably, was the managing director of Cummings, Carter, and Cantor. CCC had died around 3:15 on the previous Friday, caught moving the wrong way, its cash reserves wiped out, and then denied help from Merrill Lynch in a move which, in fairness, the managing director could not really fault.

"Is it legal?" he asked.

"Neither the United States Department of Justice nor the Securities and Exchange Commission will consider your cooperation to be any sort of violation. I will say," Fiedler added, "that any attempt to exploit the situation will be dealt with very severely indeed—but if we all work together, anti-trust and other considerations will be set aside in the interests of national security. That is irregular, but it is now on record, and you all heard me say it. Ladies and gentlemen, that is the intention and the word of the United States government."

Well, damn , the assembled multitude thought. Especially the law-enforcement people.

"Well, you all know what happened to us at Triple-C," the director said, looking around, and his natural skepticism was tempered with the beginnings of genuine relief. "I don't have a choice here. I have to buy into this."

"I have something to add." Now the Fed Chairman walked to the front of the room. "I just finished calling the central-bank heads of Britain, France, Germany, Switzerland, Belgium, and the Netherlands. They're all flying here tonight. We'll get together right here tomorrow morning to set up a system by which they also can cooperate in this effort. We are going to stabilize the dollar. We are going to fix the T-Bill market. The American banking system will not go down on us. I am going to propose to the Open Market Committee that anyone who holds on to U.S. Treasuries—that is, extends the three-month and six-month notes for one renewal cycle—gets an extra fifty basis points as a reward from the U.S. government for helping us through this situation. We will also give the same bonus to anyone who buys T-Bills in the next ten days after the markets reopen."

Smart move, Winston thought. Very smart move. That would draw foreign money into America, away from Japan, and really firm up the dollar—while attacking the yen. The Asian banks that dumped on the dollar would get it in the back of the neck for the move. So two could play the game, eh?

"You need legislation for that," a treasuries expert objected.

"We'll get it, we'll have ink on paper by Friday-a-week. For the moment, that is the policy of the Federal Reserve, approved and supported by the President of the United States," the Chairman added.