Lethal Trajectories - Michael Conley [157]
Nodding appreciatively, Clayton asked, “How are things going for you? Is your Politburo giving you a hard time?”
“So far so good, Clayton; they’re not jumping for joy over détente with the United States, but they’re starting to see the possibilities.”
“How about you, Cheng? How do you personally feel about the way things are going?” Clayton could see his question made Wang Peng uneasy and surmised that Peng’s boss was not one to discuss personal feelings.
“I’m comfortable with where we’re going,” Lin replied, with no hesitation. “I have no illusions about how difficult it’s going to be for both of our countries in the coming months, but we’ll weather the storm. I’ve been concerned for many years over the escalation of this maniacal cold war between our nations, and I deeply hope we can use this crisis as a springboard toward a more collaborative relationship.”
Clayton felt a warm wave of gratitude rising through his chest. When he thought about the climate-change challenges that went hand in hand with the global energy and economic issues, he knew their only chance was to act collaboratively. He thought carefully about how to frame what he was about to suggest.
“I share your concerns, and I think there are excellent opportunities for our two countries to work together after the current crisis is over. If we can learn from the immediate crisis and agree to pursue the relationship together beyond its resolution, it could be a very different world.” Lin Cheng nodded in thoughtful agreement.
“I know this is short notice, Cheng, but would you be willing to consider addressing a joint session of our Congress to share some of your hopes and aspirations for the future? If you’d be willing to consider it, I could arrange for it to happen within the next couple of days.”
Lin Cheng poured another cup of tea as he thought about Clayton’s suggestion. Clayton, Jack, and Wang Peng tried not to let their anxiety leak out into the silent room. They knew as well as Lin that this could be a pivotal moment in history. He stirred his tea slowly and sipped, buying a little extra time to think, and then answered with seven words that would shape Sino-American relationships for years to come.
“Yes, I believe I would be interested.”
57
The Winter of the Perfect Storm
November 2017—March 2018
At the time of his October address to Congress, Clayton McCarty had no idea his perfect storm metaphor would become a gut-wrenching reality by November. There were simply no precedents for the explosive fury of the storm.
The early shock waves from the Saudi crisis, in the form of rising energy prices in October, intensified in November and worsened thereafter with each passing day. Entire sectors of the economy staggered. Airline travel plunged and with it the hotel, restaurant, and vacation travel sectors dependent on airline traffic. Global commerce slowed to a crawl as de facto tariffs, in the form of increased shipping and distribution costs, acted like a brake on economic activity. The increased costs of extracting, processing, and shipping raw materials made virtually all end products more expensive. The price of food skyrocketed, reflecting the built-in cost components of fossil-fuel derivatives such as fertilizers, herbicides, and pesticides, not to mention other oil-based production costs. Consumer discretionary spending cratered as every spare dollar went toward the purchase of gas, food, or heat.
The global financial markets crumbled as unemployment rates in industrialized countries eventually reached Depression-era levels in excess of 25 percent. Safety nets evaporated as workers cashed in household savings, 401(k) plans, and other investments just to make ends meet. Families and communities focused increasingly on meeting