Apocalypse Drift (12 page)

Another 20 minutes of discussion ensued before the president issued his final statement. “I don’t know about all of you, but I’m sick and tired of America playing the victim. Our friends on the Asian mainland have manipulated currency, tariffs, manufacturing agreements, international finance, and practically every other aspect of global trade, with little to any regard for anyone but themselves. They have blocked uncounted initiatives and resolutions in the United Nations, while doing business under the table with such rogue regimes as North Korea, Iran, and Venezuela.”

The most powerful man in the world paused for just a few moments, carefully selecting his words. “I’ve had enough. I believe the American people will accept waiting a few days for their checks and deposits in order to stop this blatant attack. We’ve always pulled together when aggressors have sought to harm our nation. I don’t see how this situation is any different. We need to stop the diversion of our funds to China. Chairman Gordon, please stop payment on all US Treasury checks immediately.”

February 15, 2017

White House Press Room

The room was abuzz with hushed conversations projecting from a dozen small groups of reporters. The anticipation thickened the air, and everyone could smell the adrenaline flowing through the gathering. It had been months since an “all hands on deck” press conference had been called. These things didn’t happen unless something big was in the works.

Several of the reporters noted that their sources inside the government had been very silent today – an unusual circumstance. Others speculated about the last minute changes posted to the president’s calendar. The extensive line of government vehicles arriving at the White House in a steady flow served to further heighten the furor. 

The press secretary marched purposefully to the podium and pushed downward on the platform with both hands while repeating, “Ladies and gentlemen…. Ladies and gentlemen, please be seated. The president will be with you in just a moment. Please take your seats.”

In a few minutes, the room quieted as the owners of pad computers, multifarious hand-held recorders, and low-tech paper and pencil anticipated the coming announcement.

To everyone’s surprise, an assortment of government officials strode onto the small stage. The gathered reporters faced an odd mix of familiar faces
. Several members of the House Banking and Finance Committee were first, quickly followed by the secretary of treasury, the chairman of the joint chiefs and finally the secretary of homeland security.

An unspoken current ran through the rows of journalists – this was big!

When the president stepped to the lectern, everyone stood. He immediately signaled them to their seats and began speaking. “I’m going to issue a brief statement and then take a few questions. “

The tired-looking chief executive scanned the room and then glanced down at his prepared remarks. “This morning, it came to our attention that something was amiss at the Department of Treasury. Tens of thousands of suspicious tax returns have been filed using the online computer system familiar to many Americans. As of this point in time, I have ordered a full investigation by the Department of Homeland Security into the matter.”

Younger members of the press corps perceived the announcement by the commander-in-chief as anticlimactic at best. Several of them wondered what the big deal was. A computer glitch? A problem with the IRS’s system? Ho-hum. Those with more experience waited for the other shoe to drop. They knew that the collection of officials standing behind the president hadn’t been called together over some computer error.

The president continued, “As many Americans know, the payment of social security benefits, military salaries, government pensions, and the payroll of federal employees all originate at the Department of Treasury. Temporarily…and let me stress that word ‘temporarily,’ the severity of this issue leads us no option but to suspend those payments.”

Millions of television viewers suddenly were rapt with attention. Every person in the pressroom moved to the edge of his seat, with many barely controlling the urge to shout out questions. After a brief pause to let his words soak in, the president continued in a very controlled voice. “I want to stress to every citizen of the United States and those who do business with her, this situation has nothing to do with the solvency of our government. I want to make it perfectly clear that we expect to resolve this matter quickly and return to business as usual.”

The chief executive
half-turned and pointed to the secretary of homeland security. “We are taking no chances on such a serious matter. I have every branch of our government investigating not only the cause and resolution of this situation, but a method to ensure nothing like this happens again. I asked these department heads to join me today in order to assure the American people that we are taking this situation seriously, and every available resource is being used to correct this problem.”

The experienced journalists in the room began immediately analyzing the collection of people standing behind the president. Every facial expression, stance and gesture was scrutinized. The diagnosis wasn’t good. Even the generals from the Pentagon seemed uptight – a sure sign this was a very serious topic.

The president cleared his throat and stated, “I’ll take a few questions now,” pointing to a reporter from the New York Times seated in the front row.

“Sir, would you describe this as a computer glitch, some sort of fraud, or something else? Could you please expand on exactly what is happening?”

Relieved at the question, the president turned and pointed to the secretary of treasury. “I’ll let Secretary Palmer answer that.”

Looking absolutely shocked to be put in front of millions of viewers, Palmer took a few, small steps to the microphone. She cleared her throat and stated, “At this moment we cannot say with certainty what or who is the cause. What we know is that billions of dollars’ worth of checks, wire transfers, and direct deposits
have already been sent. These
will not
be honored, and all new transactions will be withheld until we are aware of all of the facts.”

Palmer started back to her original position, but the Times reporter wasn’t going to let it go at that. “Ma’am, are you saying if someone has received, but not cashed his social security check, it will bounce?” A low murmur hummed through the room, many surprised at the reporter’s choice of the word “bounce.”

Again clearing her nervous throat, Palmer replied, “Yes, that is what we are saying. We advise all citizens to hold onto any government checks in their possession. Furthermore, we advise every recipient of US federal government funds to verify that any recently deposited checks were honored. As of 10 a.m. eastern standard time this morning, the Federal Reserve is no longer honoring those checks.”

While the pressroom maintained some semblance of order, Secretary Palmer’s last statement had more than one unintended consequence beyond the White House walls. A large segment of the American population abandoned their televisions in order to access their online banking systems. Within eight minutes, the servers at every major
US bank, as well as at hundreds of smaller financial institutions, were overwhelmed. Hundreds of thousands of people were given error messages saying “System Unavailable,” which more than a few interpreted as meaning their funds were unavailable. All across America, folks were gathering their purses, slipping on their shoes, and heading to the local bank.

Secretary Palmer stepped away from the microphone, signaling with a nod to the president that she was done. Every arm shot up, and a chorus of “Mr. President…Mr. President!” blasted the room. Calmly, he pointed at an AP reporter, which silenced everyone else.

“Mr. President, why can’t the government simply stop payment on the fraudulent checks? Why stop them all?”

The chief executive smiled and nodded at the question, “That’s a very good question Steve, one of the first ones I asked myself. It was explained to me that the technology used to process the millions and millions of payments issued by the federal government simply does not have that capability. Historically, any time someone has received an incorrect check or deposit, the government has simply asked for the money back. The percentages have been so small; the capability to stop one or more payments was never developed. This is one of the items we are working on, so that this situation never happens again.”

“A follow-up, Mr. President! So the government is in a situation where it’s ‘all’ or ‘none,’ and your administration determined the problem is big enough to opt for none?”

The president metered his answer, responding, “Yes, that is accurate. Until we gain a full understanding of the source and scope of the issue, I have been advised that this is the safest and best course for our nation.”

All over the world, important phones were ringing. Bankers, investors, and government officials were being roused from slumber and having meals interrupted. The message was basically the same – the United States isn’t paying its bills.

Cable news producers were dialing experts, trying to book interviews with analysts while the press conference was still in progress. The opposing political party’s think tanks began creating spin, centering primarily on the integrity of the current administration’s announcement – maybe they were hiding something even more dark and sinister.

In China, several ministers watched a translated version of the press conference. While it was impolite to squeal with joy, several knowing smiles flashed.

The Minister of Finance wasn’t viewing the news conference, instead enjoying the company of his #1 administrative assistant. The persistent knocking at his door resulted in an annoy
ed response. It was one of the Premier’s messengers, delivering a simple, one sentence note:

Implement Phase II of Operation Golden Mountain.

As the paper was being sucked into his shredder, the minister was on the phone, issuing orders to the Chinese Central Bank. US Treasury notes, of which the Chinese government held a position exceeding $1.5 trillion, were immediately listed for sale on the international markets, essentially flooding the supply side and causing the price to drop dramatically. The Ministry of the Interior began placing electronic orders for oil futures, thus driving the price on the world’s commodity exchanges higher. 

Alternative news sources and bloggers by the thousands were spinning up conspiracy theories almost as quickly as the reporters threw questions at the president. Most of the uninformed speculation revolved around the premise of a federal government unable to pay its bills due to massive federal debt.

Communication infrastructure was stretched to the limit. American wives were hitting “1” on speed dial to make sure their husbands had heard the news. Adult children were reaching out to their retired parents to determine the status of the elders’ bank accounts. Phone systems at bank branches were overwhelmed in moments, the busy signals adding to the paranoia already spreading throughout the general population. More than a handful of experienced bank managers knew what was coming and tried desperately to call for cash deliveries - their email, cell phones and landlines now useless.

Private
citizens weren’t the only ones in a panic. All over the nation, state controllers speculated if the suspension of federal funds applied to them. The unemployment, social services, and educational funds were all dependent on federal monies. Was Treasury stopping payment on their lifelines as well?

Every financial market in the world practically froze. Essentially, the number of shares being traded on Wall Street fell to zero while traders tried to ascertain what was really going on. Currency traders, futures markets, and commodities all followed suit, the enormous global financial engine suddenly screeching to a halt. America couldn’t pay her bills. It didn’t matter if by choice or not, the fact was the fact.