The apology was Douglas’s first acknowledgment that the portfolio that may or may not have abracadabra-ed into a bunny rabbit was in the long run more his son’s than his own.
“I was going to ask you.” Carter’s tone was defeatist; he already knew the answer. “I have a 401(k), and a small pension from the Times. Is there anything I should do, to protect myself?”
“There’s nothing you can do, for as long as this asset freeze is in place—which is relaxing, too, isn’t it?” At last Douglas gentled his diatribe with a note of paternal tenderness. “As for when the SEC says, ‘Ready, set, go!’—I’d advise moving to gold, but that’s what millions of competing investors will be trying to do at the same time. There’s simply not that much of the metal on the planet, which is one of the main reasons it’s been a staple store of value for five thousand years. When the SEC called time, gold was already at an all-time high. When and if the game resumes, it will go through the roof before you can say Jack Robinson. I’m afraid the same advice pertains to any of the commodities that back the bancor. It’s too late,” Douglas announced elegiacally. “I wouldn’t bother.”
It had long before grown dark, and the banker’s lamp on the table between them cast a soft, protective glow. Once again Carter was struck by how nothing, or nothing tangible, had changed. He’d gulped a horrifying quantity of bourbon, and it was only mid-evening. He shouldn’t drive in this condition, and hadn’t the presence of mind to figure out the driverless function in the BeEtle now. He’d have to stay over. Jayne would be frantic. She wasn’t accustomed to spending the night alone. His wife had determinedly not kept up with the news this week, and wouldn’t be amenable to the idea that exceptional times required extensive consultation with his father. Jayne had become a firm believer in rising above news of any sort, all of which was bound to blow over if you ignored it resolutely enough. The head-in-a-paper-bag strategy worked a surprisingly high proportion of the time.
Douglas patted Carter’s thigh. “What say we have a bite? There’s the dining room, or Grace could whip up something here that isn’t low-salt, low-fat, low-fun.”
“This conversation hasn’t done wonders for my appetite.” Carter continued to slump. He didn’t call Jayne, who if she had attended to the nature of this errand at all would only want the gist. Which he still hadn’t grasped. A bit of bravery was in order—not his strong suit. “Have you been trying to tell me that we’re—that you’re wiped out?”
Douglas laughed. “No, no, no! It’s not as bad as that.”
Relief didn’t immediately drain the surge of adrenaline. Heart pounding in his ears, Carter felt faint, and dropped his head. “You never tell me about this stuff. Like you don’t trust me.” Hard booze made Carter morose.
“Not at all! I simply haven’t read you as interested in the nitty-gritty.”
“I guess I haven’t been. Now there’s nothing but nitty-gritty.”
“Quite. Some detail, then. I’ve steered clear of index funds, but only because I’ve got a piece of every company listed on the Dow.” The same pride once attended acquisition of the complete works of W. Somerset Maugham. “That aspect of the balance sheet could be grim. But I hold gold ETFs, mining stock, even the title to bullion in a safe-deposit box in downtown Manhattan. I always keep 10 percent in cash—with which one will still be able to buy a loaf of bread in the country, and you don’t have travel plans, do you?”
“No, the safari in Tanzania can wait for another year. No animals left anyway.”
“Good. Since the next endangered species will be the American tourist. Otherwise, a good tranche of the portfolio is in Treasuries. The yield is piss-poor, and they’ll drop in value now that the rate’s gone up, but, worse comes to worst, one can always wait for maturity. Times like these, it’s the principal you most want to hold on to.”
“But you said buying American bonds was a sign of worldwide gullibility.”
“That’s right! So why should I be any different?”
They were rising to head to the dining room—if Carter didn’t get some food into him soon he’d be sick—when a knock rapped on the library door. “Mr. Mandible, sir?” The orderly who’d been minding Luella poked his head in. “The president is about to address the nation on TV. The desk was sure you’d want to know.”
Good Evening, Fellow Americans
Mom! Alvarado’s on in a minute!”
“That’s okay, sweetie!” his mother shouted from the kitchen. “I’ll watch it later.”
This was another of those where-were-you-then moments, and it was ominous when they bunched together. Back against Great Grand Man’s heavy wine-colored sofa, Willing nestled cross-legged on the floor, where he always felt safer, more deeply seated. The thrum of the announcer’s in a few moments … has made only one other address to the nation … rose up from the wooden parquet and trembled in his palms. For once he didn’t feel self-conscious about the blare intruding on Kurt in the basement. Alvarado was their tenant’s president also. Kurt should be paying attention: Ladies and gentlemen, the President of the United States. That was another sign that stuff was going roachbar. When they had to say it the long way—not only “the President” but “the President of the United States.” “The United States of America.” That was the worst.
Milo barked. Just once, before huddling into the protection of Willing’s thigh. Milo had never seemed too sure about Alvarado.
His mother was making a mistake. There were copies of everything. The duplicates seemed identical to the originals. Willing, too, could wait and listen to this speech later. On fleX or catch-up TV, the address would be indistinguishable from the image he was following now. But the copy would not be happening. He couldn’t explain it, but that made it completely different. Forever after, Willing will have watched this address when it was happening. Those sounds again, the artificially downward music of the announcers’ suppressed excitement, the forcing of their voices into darker, whispering tones when really they wanted to shout, assured him that later he would be glad and proud that he was watching this now and not after the fact.
Because big news got old fast. If you waited, somebody was bound to tell you about it before you learned it for yourself. They’d change the words around, too, and get everything in the wrong order. Willing hated being told what had happened. The telling people always seemed so smug and powerful, and they maintained their power by keeping their special knowledge to themselves for as long as possible. So they would feed you bits of information in sadistic dribs, like dog treats for Milo. You couldn’t trust the telling person either. Even if they claimed to hand over all that they knew, they only conveyed the part that they liked or especially hated. Being told—it was not the way to find anything out.
Buenas noches, mis compatriotas americanos. Daré instrucciones en español inmediatamente después de esta