Tom Clancy - Debt of Honor

"Our confidence is a harder and tougher target than people realize, and that is something we're going to prove today."

Most of the people in the trading business were en route to their offices and missed the speech, but their employers had all taped it, and there were also printed copies on every desk and at every computer terminal. The trading day would not start until noon, moreover, and there were strategy sessions to be held everywhere, though nobody really had much idea of what to do. The most obvious response to the situation was indeed so obvious that no one knew whether or not to try it.

"They're doing it to us," Matsuda said, watching his screens. "What can we do to stop it?"

"It depends on what their stock market does," his senior technical trader replied, not knowing what else to say and not knowing what to expect, either.

"Do you think it'll work, Jack?" Durling asked. He had two speeches sitting in folders on his desk, and didn't know which he would be giving in the evening.

The National Security Advisor shrugged. "Don't know. It gives them a way out. Whether or not they make use of it is up to them."

"So now we just get to sit and wait?"

"That's about it, Mr. President."

The second session was held in the State Department. Secretary Hanson huddled with Scott Adler, who then met with his negotiating team and waited. The Japanese delegation arrived at 9:45.

"Good morning," Adler said pleasantly.

"A pleasure to see you again," the Ambassador replied, taking his hand, but not as confidently as on the day before. Not surprisingly, he had not had time to receive detailed instructions from Tokyo. Adler had halfway expected a request for a postponement of the session, but, no, that would have been too obvious a sign of weakness, and so the Ambassador, a skilled and experienced diplomat, was in the most precarious of diplomatic positions—he was forced to represent his government with nothing more to fall back on than his wits and his knowledge. Adler walked him to his seat, then returned to his side of the table. Since America was the host today, Japan got to speak first. Adler had placed a side bet with the Secretary as to the Ambassador's opening statement.

"First of all it needs to be said that my government objects in the strongest terms to the attack on our currency engineered by the United States…"

That's ten bucks you owe me , Mr. Secretary, Adler thought behind an impassive face.

"Mr. Ambassador," he replied, "that is something we could say just as easily. In fact, here is the data which we have developed on the events of last week." Binders appeared on the table and were slid across to the Japanese diplomats. "I need to tell you that we are now conducting an investigation that could well lead to the indictment of Raizo Yamata for wire- and securities fraud."

It was a bold play for a number of reasons. It showed everything that the Americans knew about the attack on Wall Street and pointed to the things yet to he learned. As such, it could have no effect other than to ruin the criminal case against Yamata and his allies, should it come to that. But that was a side issue. Adler had a war to stop, and stop quickly. He'd let the boys and girls at Justice worry about the other stuff.

"It might be better of course for your country to deal with this man and his acts," Adler offered next, giving generous maneuvering room to the Ambassador and his government. "The net effect of his actions, as may be seen today, will be to cause greater hardship to your country than to ours.

"Now, if we may, I should like us to return to the issue of the Mariana Islands."

The one-two punch predictably staggered the Japanese delegation. As was often the case, nearly everything was left unsaid: We know what you did. We know how you did it. We are prepared to deal with all of it. The brutally direct method was designed to conceal the real American problem—the inability to make an immediate military counter—but it also provided Japan with the ability to separate her government from the acts of certain of her citizens. And that, Ryan and Adler had decided the previous night, was the best means of achieving a quick and clean end to the situation. To that end, a large carrot was required.

"The United States seeks little more than a return to normal relations. The immediate evacuation of the Marianas will allow us to consider a more lenient interpretation of the Trade Reform Act. This, also, is something we are willing to place on the table for consideration." It was probably a mistake to hit him with this much, Adler thought, but the alternative was further bloodshed. By the end of the first session of formal negotiations, something remarkable had happened. Neither side had repeated a position. Rather, it had been, in diplomatic terms, a free-form exchange of views, few of them well considered.

"Chris," Adler whispered when he stood. "Find out what they're really thinking."

"Got it," Cook replied. He got himself some coffee and headed out to the terrace, where Nagumo stood on the edge, looking out toward the Lincoln Memorial.

"It's an elegant way out, Seiji," Cook offered.

"You push us too hard," Nagumo said without turning.

"If you want a chance to end this without getting people killed, this is the best one."

"The best for you, perhaps. What of our interests?"

"We'll cut a deal on trade." Cook didn't understand it all. Unschooled in financial matters, he was as yet unaware of what was happening on that front. To him the recovery of the dollar and the protection of the American economy was an isolated act. Nagumo knew different. The attack his country had begun could be balanced only by a counterattack. The effect would not be restoration of the status quo ante, but, rather, serious damage to his own country's economy on top of preexisting damage from the Trade Reform Act. In this, Nagumo knew something that Cook did not: unless America acceded to Japanese demands for some territorial gain, then the war was quite real.

"We need time, Christopher."

"Seiji, there isn't time. Look, the media haven't picked up on this yet. That can change at any moment. If the public finds out, there's going to be hell to pay." Because Cook was right, he'd given Nagumo an opening.

"Yes, there may well be, Chris. But I am protected by my diplomatic status and you are not." He didn't need to say more than that.

"Now, wait a minute, Seiji…"

"My country needs more than what you offer," Nagumo replied coldly.

"We're giving you a way out."

"We must have more." There was no turning back now, was there? Nagumo wondered if the ambassador knew that yet. Probably not, he judged, from the way the senior diplomat was looking in his direction. It was suddenly clear to him. Yamata and his allies had committed his country to action from which there was no backing away, and he couldn't decide if they'd known it or not when they'd begun. But that didn't matter now. "We must have something," he went on, "to show for our actions."

At about that time, Cook realized how slow he'd been on the uptake. Looking in Nagumo's eyes, he saw it all. Not so much cruelty as resolve. The Deputy Assistant Secretary of State thought about the money sitting in a numbered account, and the questions that would be asked, and what possible explanation he might have for it.

It sounded like an old-fashioned school bell when the digital clock turned from 11:59:59 to 12:00:00.

"Thank you, H. G. Wells," a trader breathed, standing on the wooden floor of the New York Stock Exchange. The time machine was in operation. For the first time in his memory, at this hour of the day the floor was clean. Not a single paper slip lay there. The various traders at their kiosks looked around and saw some signs of normality. The ticker had been running for half an hour, showing the same data it had displayed the previous week, really as a way of synchronizing their minds with the new day, and everyone used it as a touchstone, a personal contact with reality that both was and was not.