Debt of Honor - Tom Clancy [65]
"Well, yes, it is true that her bosoms are too big for real beauty, but there are sacrifices we all must make in life, and truly I have seen worse deformities…"
Such a good raconteur, Nomuri thought. He did have a gift for it. In a moment he heard the sound of a cork being pulled, as another man refilled the little cups. Drink was actually prohibited in the bathhouse for health reasons, but, rarely for this country, it was a rule largely ignored. Nomuri reached for his cup, his eyes still closed, and made a great show of forming a mental picture masked by a blissful smile, as additional details slid across the steaming surface of the water. The description became more specific, fitting ever closer to the photograph and to other details he'd been passed on his early-morning train. It was hardly conclusive yet. Any of thousands of girls could fit the description, and Nomuri wasn't particularly outraged by the event. She'd taken her chances one way or another, but she was an American citizen, and if it were possible to help her, then he would. It seemed a trivial sidebar to his overall assignment, but if nothing else it had caused him to ask a question that would make him appear even more a member of this group of men. It made it more likely, therefore, to get important information out of them at a later date.
"We have no choice," a man said in another, similar bathhouse, not so far away. "We need your help."
It wasn't unexpected, the other five men thought. It was just a matter of who would hit the wall first. Fate had made it this man and his company. That did not lessen his personal disgrace at being forced to ask for help, and the other men felt his pain while outwardly displaying only dispassionate good manners. Indeed, those men who listened felt something else as well: fear. Now that it had happened once, it would be far easier for it to happen again. Who would be next?
Generally there could be no safer form of investment than real estate, real fixed property with physical reality, something you could touch and feel, build, and live on, that others could see and measure. Although there were continuing efforts in Japan to make new fill land, to build new airports, for example, the general rule was as true here as it was elsewhere: it made sense to buy land because the supply of real land was fixed, and because of that the price was not going to drop.
But in Japan that truth had been distorted by unique local conditions.
Land-use policy in the country was skewed by the inordinate power of the small holders of farmland, and it was not unusual to see a small patch of land in the midst of a suburban setting allocated to the growing of a quarter hectare of vegetables. Small already—the entire nation was about the size of California, and populated with roughly half the people of the United States—their country was further crowded by the fact that little of the land was arable, and since arable land also tended to be land on which people could more easily live, the major part of the population was further concentrated into a handful of large, dense cities, where real-estate prices became more precious still. The remarkable result of these seemingly ordinary facts was that the commercial real estate in the city of Tokyo alone had a higher "book" value than that of all the land in America's forty-eight contiguous states. More remarkably still, this absurd fiction was accepted by everyone as though it made sense, when in fact it was every bit as madly artificial as the Dutch Tulip Mania of the seventeenth century.
But as with America, what was a national economy, after all, but a collective belief? Or so everyone had thought for a generation. The frugal Japanese citizens saved a high proportion of their earnings. Those savings went into banks, in such vast quantities that the supply of capital for lending was similarly huge, as a result of which the interest rates for those loans were correspondingly low, which allowed businesses to purchase land and build on it despite prices that anywhere else in the world would