Debt of Honor - Tom Clancy [271]
For his part, Jack realized that it was just one more thing that they hadn't thought through. If America were at war, he was the National Security Advisor to the President, and, yes, that made him a high-value target. And his wife. And his three children. Irrational? What about war was not?
"I don't think so," he replied after a moment's consideration, "but, well, we might want to—we might have some additional houseguests. I don't know. I'll have to ask."
"You said they attacked our navy?"
"Yes, honey, but you can't—"
"That means war, doesn't it?"
"I don't know, honey." He was so exhausted that he was asleep thirty seconds after hitting the pillow, and his last conscious thought was a recognition that he knew very little of what he needed to know in order to answer his wife's questions, or, for that matter, his own.
Nobody was sleeping in lower Manhattan, at least nobody whom others might think important. It occurred to more than one tired trailing executive to observe that they were really earning their money now, but the truth of the matter was that they were accomplishing very little. Proud executives all, they looked around trading rooms filled with computers whose collective value was something only the accounting department knew, and whose current utility was approximately zero. The European markets would soon open. And do what? everyone wondered. There was ordinarily a nightwatch here whose job it was to trade European equities, to keep track of the Eurodollar market, the commodities and metals market, and all the economic activity that occurred on the eastern side of the Atlantic as well as the western. On most days it was like the prologue to a book, a precursor to the real action, interesting but not overly vital except, perhaps, for flavor, because the real substance was decided here in New York City.
But none of that was true today. There was no guessing what would happen this day. Today Europe was the only game in town, and all of the rules had been swept away. The people who manned the computers for this part of the watch cycle were often considered second-string by those who showed up at eight in the morning, which was both untrue and unfair, but in any community there had to be internal competition. This time, as they showed up at their accustomed and ungodly hour, the people who did this regularly noted the presence of front-row executives, and felt a combination of unease and exhilaration. Here was their chance to show their stuff. And here was their chance to screw up, live and in color.
It started exactly at four in the morning, Eastern Standard Time. "Treasuries." The word was spoken simultaneously in twenty houses as European banks that still had enormous quantities of U.S. T-Bills as a hedge against the struggling European economies and their currencies suddenly felt quite uneasy about holding them. It seemed odd to some that the word had been slow to get out to their European cousins on Friday, but it was always that way, really, and the opening moves, everyone in New York thought, were actually rather cautious. It was soon clear why. There were plenty of "asks," but not many "bids." People were trying to sell Treasury Notes, but the interest in buying them was less enthusiastic. The result was prices that dropped just as fast as European confidence in the dollar.
"This is a steal, down three thirty-seconds already. What can we do?"
That question, too, was asked in more than one place, and in each the answer was identical:
"Nothing," a word in every case spoken with disgust. There followed something else, usually a variant of Fucking Europeans, depending on the linguistic peculiarities of the senior executives in question. So it had started again, a run on the