Joseph Kennedy

"Victory belongs to everyone who believes this country can overcome its troubles."

Roosevelt's gaze was gentle. "Then tell me, Feilan Roosevelt, all grown up now, what are you busy with these days? Continuing your studies, or have you already found a cause worth fighting for?"

"At present, I make some investments in the stock market. But through those dealings, Uncle Franklin, I recently noticed some... troubling things."

"Oh?"

Roosevelt's interest was piqued. "Tell me about it, child."

"First, gold flows. The Federal Reserve Bank of New York's gold reserves have fallen by nearly 15% over the past three months. Net outflows to Europe, in particular, are accelerating. This is not normal trade settlement. It looks more like capital fleeing because they may no longer trust our currency to maintain its gold parity."

"Second, the commercial paper market. Over the past two weeks, rates on high-grade commercial paper have jumped by 80 basis points, yet trading volume has shrunk by 40%. Clearly, banks are unwilling to lend to one another, even for the shortest-term funds. This is an early sign of a credit freeze. Financial institutions have begun hoarding liquidity solely for themselves."

"Feilan..."

Helen lightly touched Feilan's arm beside him, issuing a quiet warning.

But Feilan did not stop. "Finally, the balance sheets of regional banks. Through certain channels, I have seen that small and medium-sized banks in Midwestern agricultural states have already seen their loan delinquency rates rise to catastrophic levels. Their capital has long since been eroded away, and they are barely staying afloat through short-term borrowing from the Federal Reserve."

"Once there is even the slightest disturbance, such as a negative rumor about an important bank, depositors' confidence will collapse like a sandcastle on a beach. The question is not whether it will happen, but when."

He stared straight into Roosevelt's eyes. "In my judgment, a nationwide catastrophic bank run will break out no later than next March. Its force will be enough to bring every bank in the United States to a standstill!"

Roosevelt, seated in his wheelchair, was visibly stunned after hearing this.

"Feilan!"

Helen's voice was stern as she turned to Roosevelt. "Uncle Franklin, don't listen to this boy's nonsense."

She tried to pull Feilan away, but his feet seemed nailed to the floor.

At the same time, Roosevelt's secretary was signaling to him that it was nearly time.

There was no time to worry about that.

Feilan abruptly pulled the proposal from the inner pocket of his suit and handed it to Roosevelt. "Uncle Franklin, this is a Crisis Contingency Plan. It may be of some help to you."

Roosevelt's gaze shifted from Feilan's face to the document in his hand. In the end, he extended his right hand and took it. "Caring about the country is a good thing. Thank you, child."

Then his assistant slowly pushed him away.

Feilan's eyes remained fixed on that proposal.

But what he saw was that, as Roosevelt was being pushed toward the center of the hall, he did not open it. Instead, he casually handed the document to a bespectacled assistant behind him.

The assistant accepted it and slipped it into the leather briefcase he carried with him.

Feilan's heart sank.

All he could do was pray that Roosevelt would look at it after the dinner ended.

"Are you satisfied now?"

Helen's icy voice rang out. "On what should have been a night of celebration, you chose to pass along words some speculator put in your head to my uncle. Bringing you here today may have been a huge mistake!"

Feilan turned around. "You're wrong, Helen. I wasn't speaking for any speculator. I was only saying what I believed was right,

"I think you should be spouting off in the clubs with your disreputable friends, not here!"

With those words, Helen left without looking back.

"Sorry to disturb you."

Feilan turned his head. The newcomer was a middle-aged man in his forties, dressed in a dark suit, his hair impeccably combed.

Joseph Kennedy.

That name carried considerable weight in his memories as a historian.

The future United States ambassador to Britain, the father of the thirty-fifth president, John Kennedy, and one of Roosevelt's early major supporters and financial backers.

A legend who had climbed from Boston's Irish slums to the pinnacle of power, and also a man capable of chilling ruthlessness in pursuit of his goals.

One of his most notorious acts was allowing doctors to perform a lobotomy on his rebellious daughter because he feared she would affect the Lineage's political future, completely destroying her life.

After Roosevelt's death, to pave the way for his son's political career, he had ruthlessly distanced himself from the New Deal legacy and even publicly attacked it to win conservative support.

He was a complex speculator, a financial shark with an exceptionally keen nose, and a ruthless man who placed Lineage ambition above everything else.

Joseph extended his hand. "Joseph Kennedy."

"Feilan Roosevelt."

Feilan extended his hand as well and shook it.

"Mr. Feilan, I don't recognize you."

"As an illegitimate son, I suppose it is only natural that you wouldn't."

Hearing Feilan's self-mocking tone, Joseph smiled. "My father was a bar owner. My grandfather fled Ireland's potato fields during the famine, hauled sacks at the docks, and worked as a sewer laborer. In this country, where you come from is the starting point, not the finish line. What matters is what you can seize and... what you are willing to pay for it."

"So, Mr. Kennedy, what can I do for you?"

Feilan had little fondness for someone like this poisonous snake.

"Please forgive me. I happened to overhear some of your conversation with the president just now. Those... 'abnormal signs' in the financial markets that you mentioned—what specific data or models led you to such a bold conclusion?"

"You flatter me, Mr. Kennedy. There was no complicated model. I was merely mulling things over in the market lately and making random associations."

Feilan, who loathed capitalists, had no desire to reveal too much information and allow this man to prepare in advance.

Joseph's gaze lingered on Feilan's face for several seconds. Then he said meaningfully, "Random associations? Let us hope your associations do not come true. Otherwise, the entire United States will suffer."

As he spoke, the band at the front of the hall suddenly struck up a solemn overture, immediately drawing everyone's attention.

The banquet's climax was about to begin: the president-elect's speech.

"It seems the speech is about to begin. It was a pleasure meeting you, Mr. Feilan."

Feilan gave a slight nod.

Joseph turned and joined the crowd gathering before the podium.

For the remainder of the evening, Roosevelt took the stage and delivered an impassioned speech.

He first thanked his supporters and recalled the path of struggle they had traveled, while also calling on everyone to unite and work in the days ahead to help the United States overcome its troubles.

His words were full of hope. Applause thundered, champagne was raised once more, and smiles returned to every face.

The banquet came to an end amid the illusion that hosts and guests alike had enjoyed themselves.