Currency War

by Lawrence B. Lindsey

  “No, General. Your choices are superb ones. And I am most grateful that you would consider me worthy of being a member. I am happy to serve China. My presence would certainly ease the financial transition. There is a lot to do.”

  Deng smiled. Li would get his plan approved but Deng would control the Politburo. “As to the downsizing, the arrests will be made swiftly and without warning. But to prevent panic among the people, we must have the new Politburo in place to assure a smooth transition.”

  “General Deng, you have been most thorough.” Li had more to say to Deng, but he needed a little time to process this new information about the Politburo. Besides, he was not about to call him Comrade yet. He decided to shift gears to buy himself some thinking time. “But I have concerns still about the safety of my family as well.”

  “As a member of the Politburo,” Deng said, “you will have the best security available to both yourself and your family. I would be horrified if anything happened to any of you, and since I have access to the best in security, I will give very firm instructions to keep you all safe.”

  “I am sure you will. But as a member of the Politburo I would also have the privilege of directing security in situations like this. So from this point on the security detail reports to me and to my wife. Are we clear?”

  “Comrade Li, you do not seem to trust me despite my complete support for your new monetary policy initiative.”

  There was the opening he was looking for. His thoughts now in order, Li said, “General Deng, I am not the only one who has been busy doing things in America this last week.”

  Deng put on a puzzled look. “I’m not sure what you mean.”

  “The dinner that my wife and I were supposed to have with Chairman Coleman and his lovely wife was abruptly canceled after Mrs. Coleman was kidnapped.”

  “Oh, yes. Most unfortunate. I received a memo about the incident a few hours ago. It certainly does not speak well of the level of security America provides its top people.”

  “Deng Wenxi.” Li deliberately dropped all honorifics in addressing the man before him. “You did not need a memorandum to inform you of Bernadette Coleman’s abduction, did you?”

  Deng was shocked. In part it was the insulting nature by which he had been addressed, but his real worry was what Li might know. “Comrade. I am not sure what you mean. The memo I received said that it was the work of the Irish Republican Army. It seems that the Red Ninja has made a world full of people angry with her. Though I will admit she is not my favorite person—”

  Li cut him off. “Let’s cut the bullshit, Comrade Deng. Now that we are going to be comrades there is no room for that kind of lie telling between us. You have boasted of your reach, but you failed to recognize that I have reach as well. I know the man who abducted her was Sean O’Malley, a former member of the IRA. He is now an arms dealer with a very diversified client base. You have been one of his key suppliers throughout his career.”

  “I have no idea what you are talking about,” replied Deng.

  “Oh, but you do, Comrade General. I have the web traffic to prove it. And I know a little bit about your blackjack side bet habits. You have a love of capturing queens.” Li studied the look on Deng’s face. “Don’t worry, Comrade General. The Americans have no idea. At least not now—”

  “I suspect they never will, Comrade Governor.” The sarcasm was evident in Deng’s voice. “Especially not with your lovely wife and daughter in that country.”

  “That is where you’re wrong, General. If anything were to happen to them, then the evidence that I have will be delivered to Chairman Coleman. Physically it already has. He just doesn’t know the encryption code or the contents of the zip drive. But he knows where to find it in the event anything happens to me or my family. He and I have developed a high level of trust. He will not breach the confidentiality prematurely. He has too much at stake to do it. And I will not lift a finger. But if my fingers for some reason cannot be lifted… he will know what to do.”

  Deng went back to the chair behind his desk and sat. It was a play for time. But his mind sensed that he was defeated. He could not believe that Li had him. But why take the chance over such a trivial matter? “You are absolutely correct, Comrade. Any member of the Politburo has the right to control his own security detail. And if you wish the same for your family then who am I to stand in your way?”

  “Thank you, Comrade. I knew you would understand. Now there is one other issue I would like to discuss.”

  Deng looked at him quizzically.

  “I agree that a new Politburo is of critical importance at this juncture. But we need far more technocratic talent than you proposed on your current roster. They have diverse expertise in economic and social management. You have selected several fine members of the military, but they are overrepresented relative to China’s most pressing needs. They know very little about technocratic management. A balanced coalition of technocrats and those with military experience seems ideal. I believe the following individuals have those needed skills.” Li began ticking off a list of six names, counting them on his fingers as he went.

  Deng did the math. They were all longtime allies of Li’s. This would give him an upper hand within the Politburo. What an uppity bastard. He chose to negotiate. “Sorry, Feng and Shen will not fit in well.”

  “Comrade, there are many things that might not fit in well with your plans. Or be in the best interests of China, such as exposure of your links to O’Malley. Or your responsibility for ordering the kidnapping of the wife of the Chairman of the Federal Reserve, a man we are counting on to save China economically. The evidence I have suggests that you were going to have her killed, this woman who is a trusted adviser to the head of the CIA and the best friend of the First Lady of the United States. Even if what I have does not definitively prove it, how will this be received with our new partners in prosperity?”

  Deng had never seen this side of Li’s personality before. Knowing he was cornered, he assumed a rigid military posture. “Very well, Comrade. If you feel that a more technocratic Politburo is necessary for China’s success, then who am I to stand in the way? We obviously both care about China first and foremost.”

  * * *

  Nothing could have prepared Ben for the reception he got in Beijing. There was the red carpet with Governor Li. Other officials waited at the bottom of the staircase to shake his hand and thank him for coming. Li insisted that Ben ride with him in his limo to the central bank. “It will give us a chance to talk.”

  As they drove Ben said, “It is also giving you a chance to show off.”

  Li smiled. “I have learned a new skill. Organizing the equivalent of a state summit.”

  On every lamppost along the road there were small Chinese and American flags flying side by side. Every overpass had a banner in Mandarin and English of the agreed upon slogan: China and America: Partners in Prosperity.

  By the time the road turned from a super-highway into a broad city street, crowds were forming along the route. At first they were in small bunches. Then the entire street was lined with a single row of citizens, most holding flags, some holding banners. When they were within half a mile of the Central Bank the crowds were clogging the sidewalks four and five deep. Everyone in the crowd was clapping.

  “What did you do?” Ben said. “Give everyone the day off?”

  “Actually, no. But we did provide the likely schedule of the motorcade to both the citizens and the businesses. Almost all the businesses encouraged their employees to take an extended lunch hour. You are right, I am showing off. I do hope you are impressed. This is how much your idea means to me and to China.”

  “It was your idea too,” said Ben.

  “No. Remember at the Metropolitan Club? All I said was that I read your mind and your past speeches and knew where you were headed. This is all Ben Coleman.”

  “Please don’t say that in public. This is President Turner’s plan. As they say in Washington, you can only get things d
one if you don’t care who gets the credit. I am sure the same principle applies here.”

  Li said, “In Beijing we get this done giving you the credit for delivering America. You brought the American president along and you are giving your imprimatur to China’s new currency. If we didn’t have you, we would be bickering among ourselves as to who to give the credit to.”

  The entire plaza in front of the People’s Bank headquarters was packed with throngs of people. All were cheering wildly and waving American and Chinese flags. Across the circular portico that shielded arriving cars from the elements hung a massive version of the Partners in Prosperity banner, at least twenty feet high, the Mandarin about three times as high as the English.

  The massive entrance hall was packed as well. At the front sat a raised dais with a table and two chairs. Microphones were placed at each chair. In front of the dais stood the press with its bank of cameras. The room thundered with applause as Ben and Li ascended the stairs to the dais. Both men acknowledged the crowd and then took their seats. Ben noticed most of the people in the hall wore earpieces, which meant that simultaneous translation would be taking place.

  Li’s talk was about his close working relationship with Chairman Coleman. What a brilliant and thoughtful man Chairman Coleman was. How he and Chairman Coleman had come up with this plan to have both countries launch gold coins. On and on. Ben did not bother with the earpiece. He knew a smattering of Mandarin and besides, the name Coleman was used over and over. Not wearing an earpiece was a way of encouraging the people watching to overestimate his fondness of China. This, like his now-famous nickname, was one of those times when overestimation easily trumped the advantages of being underestimated.

  He heard his full name and Li turned to face him. He rose and the entire hall delivered a standing ovation. Game time, he thought, and began to speak, giving pause between sentences for the translators to keep up.

  “Thank you so much, my good friend. Your comments were far too generous. If credit is to be assigned for this momentous agreement, then it should go to Li Xue. His sage wisdom and desire to produce an outcome that was in China’s best interest guided us away from a course that would have led to disaster for China and for the world.” Ben turned and applauded Li and again the entire room rose to its feet in a long, standing ovation.

  “Thanks to his efforts, the people of China will now be able to put their money in the banks with complete confidence that it is sound.” Ben paused for applause.

  “The poor and the elderly here in China will no longer have to worry about rampant inflation destroying their ability to make ends meet.” More applause.

  “Investors in China can have renewed confidence in their ability to successfully make a profit and workers will find jobs plentiful and wages rising.” Another standing ovation.

  “This is also important for the world. Not only for the global economy, but for global peace. America and China will now be working together. As the banner says above the entrance, ‘China and America, Partners in Prosperity.’ ”

  Wild applause followed with repeated chanting, “Partners in Prosperity.”

  With help from Bernadette, Ben had memorized the last sentence of his speech in Mandarin. “Fellow citizens of planet Earth, today we usher in a new era of peace and prosperity for all mankind.”

  This time Li rose to his feet and shook Ben’s hand. Then both men embraced in a hug.

  Two men came on stage, each carrying a leather-bound document holder containing the agreement for the swap of gold coins. The document was solemnly presented to each man to sign. Then they were switched for the matching signatures. After Li and Ben had each signed both documents, they closed the document holder, shook hands, and exchanged holders once more. The room broke out in applause and more chants of “Partners in Prosperity.” The two men descended the stairs from the dais as the chanting continued.

  “That went well,” said Li.

  “I hope it will go as well this evening at dinner,” said Ben.

  “I am quite confident that it will.”

  * * *

  Ben and the ambassador got out of the elevator at the top floor of the Party headquarters.

  “Never been here before,” said the ambassador. “I guess I need to accompany a world celebrity to make the cut.” He smiled to show he spoke without malice.

  Ben saw General Deng approaching them, accompanied by his nephew, Deng Fei. The younger man wore a cheap suit and no tie. Ben could barely hide his shock. Then he saw Li standing off to the side but within listening distance and with a clear view of the proceedings. General Deng stopped about two feet away from Ben and extended his hand. Suppressing his visceral dislike for the man, Ben grabbed it and shook.

  Then the general grunted and Deng Fei fell to one knee. His head was bowed, and his hands crossed over the other knee. Ben could understand the General’s brief phrase to his nephew. “You may speak.”

  Deng Fei spoke perfect English, though this time it was obviously rehearsed. “Most noble and distinguished Chairman. I humbly beseech your forgiveness for my behavior in your country. Truly, I never meant any harm to your wife or to the First Lady. I beg your forgiveness and ask that you will convey my deepest apologies to both of them as well.”

  Out of the corner of his eye Ben spotted Li shooting video of the scene with his iPhone.

  General Deng motioned to his nephew, telling him to translate as he spoke. “My nephew is a good man, Mr. Chairman. But he had the easy life like so many in his generation. The public calls them ‘the Princes’ because everything they have is due to family. He never had to learn humility. Nor has he ever had to face a worthy adversary. He obviously was bested by your most accomplished wife. His arrogance made him careless. And as a result, he embarrassed himself, his family, and China.”

  Ben thought how humiliating it must be for Deng Fei to have to translate this string of insults from his uncle. On bended knee and to a Westerner much less. China had always been a face-based culture using shame quite liberally as a disciplinary tool.

  Deng continued with the humility. “I am actually grateful to you and your country for teaching him a lesson. Li will tell you that once I received his letter and the one from your president, I thought I might not have minded some slightly harsher treatment. I hope you will convey my sentiments to your wife, the President, and the First Lady.” General Deng extended his hand again.

  Ignoring the nephew as Deng had, and using him merely as a translator, Ben said, “General Deng. I will be happy to convey your sentiments to all concerned. As you know your nephew’s pardon is conditioned on him never returning to America. Should he ever return I can assure you that the President will make sure that his next visit to one of our prisons will be more memorable, and if the President is feeling generous toward me, he may let me beat the crap out of him before he goes there.”

  Deng said through his nephew, “If he is that careless again, I will be happy to toss a coin with you on who gets to beat the crap out of him first.”

  General Deng grunted again, “You may rise.” Deng Fei did so, his head still down, and backed away from the three as a servant would. In a moment he had disappeared into an elevator while his uncle moved on to another circle of attendees.

  Li approached, saying, “I told you that I was confident the night would go well. I hope that this humiliation of Deng Fei helps convey the depth of my gratitude.” He handed Ben the cell phone he had used to record the interaction. “I got this just for this occasion so that you might take it with you without our having to pass on this information in a way that all of the intelligence agencies in the world see.” But Li knew that all the right people would see it. He was counting on it.

  * * *

  Ben headed straight home after his flight landed in D.C. He’d had a few drinks on the plane and then promptly slept for almost seven hours. He knew he was about to be debriefed by the best and in a very intimate way. The last thing he wanted to do was fall asleep during the
debriefing.

  “The conquering hero,” came from the living room as Ben opened the door. That was quickly followed by the kind of kiss welcoming heroes are supposed to get on their homecoming. “The media coverage here has been extremely favorable. You wowed them. The cognoscenti are all calling you a man who bridged a great cultural divide.”

  Ben peeled himself from Bernadette long enough to take a theatrical bow. “So what does a conquering hero have to do to get sex around here?”

  Bernadette starting unbuttoning Ben’s shirt. “I guess that my Chairman Stud has even more energy than I thought he would after such a long flight.” Bernadette unbuckled his belt and unclasped his trousers.

  “Do you mind if we continue this conversation upstairs?” Ben grasped his pants to hold them up and proceeded toward the stairs. “We have a lot to talk about.”

  Bernadette followed Ben up the stairs but more slowly. She was still a bit sore, but certainly not enough to forgo the home coming celebration. Then she noticed that he had left his luggage by the door. It can wait I suppose, she thought.

  By the time she got to the bedroom Ben was in his boxer briefs, lying on the bed. He held a cell phone in his hand, but it didn’t look like his.

  When he showed her video of Deng Fei’s apology, Bernadette grabbed the phone, turned it off, and hurried to her dresser. She pulled out a leaded case that blocked all wireless access to the phone. “Who gave you this?”

  “Li. He was the one who shot the video.”

  “I love it, but that might have not been his sole purpose in giving you the phone. You never know. He doubtless wanted you to show it around.” She put the phone into the case and clicked it shut. “Let me run into the office for a bit tomorrow and get the phone checked, have the video downloaded in a secure way. We will want copies to pass around tomorrow night.”