show the world that the disabled boy from Copenhagen could outsmart chambers of healthy politicians by manipulating their currencies. When he had clasped eyes on Ryan, he had known immediately that he was dealing with the genuine article. Ryan might be CIA, MI5, KGB, Mossad, it didn’t really matter. There was a plan somewhere to bring down Saudi Arabia and that plan could make somebody an awful lot of money. And for Peter Nielsen making money was what life was really all about.
Nielsen continued to tap the keyboard. ‘I’m checking the financial health of Saudi Arabia. If the patient is very ill, and that is apparently the case, I could very well be interested in helping you pursue your objective. Especially if I can make some hundreds of millions of dollars into the bargain. What do you know about finance, Mr Ryan?’
‘Nothing.’
Nielsen stopped and looked up from the screen. ‘But you know enough to feel that a run on the Saudi Riyal should be an integral part of your plan. How very intuitive of you.’
‘I’ve read one economics book in my life,’ Gallagher said. ‘And from that book I remember only one quote. John Maynard Keynes said, ‘ There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner not one man in a million is able to diagnose .’ That statement made an indelible impression on me.’
Nielsen’s craggy face lit up with a smile. ‘I think that I am going to enjoy working with you, Mr Ryan. I don’t normally connect with those on the other side of the law but in your case I’m willing to make an exception.’
‘I wasn’t aware that anything I had suggested was illegal,’ Gallagher returned the smile. ‘What I’m asking you to do is no different from what you and Soros did to the European currencies. The Saudi market is smaller but it’s also a lot more vulnerable than that of the members of the European Union.’
Nielsen’s brow furrowed for a moment. The name Soros was enough to raise his hackles. He had spent half a lifetime in competition with George Soros. Neither would recognise the other as an equal on the financial markets and both had made huge sums of money from jumping on the bandwagon created by the other. Nielsen hated Soros because he was so public and because he felt it incumbent on himself to dispense his gains as largesse. ‘Don’t mention Soros, if you please. The man is a media performer not a financial genius. Let’s get back to the matter at hand. From your limited economic perspective, how am I going to make money on debauching the Saudi currency?’
‘I have no idea,’ Gallagher said. ‘But I’m sure you do. I do know that if we’re successful, there’s every chance that the price of oil will go through the ceiling. In 1973, the oil crisis managed to increase the oil price by a factor of five. Anybody holding significant oil stocks is going to make a killing in the market. So I presume that you’re going to gain on both ends.’
Nielsen tapped some keys and then swivelled in Gallagher’s direction. The iMac’s screen was covered in figures and two charts were superimposed on each corner of the screen.
‘The patient is very ill indeed. One might say that the patient is terminally ill and that it is only a matter of time before the whole edifice collapses. Your project is timely. I have been watching the financial situation of the Kingdom closely for some time now.’
‘What will you do?’ Gallagher asked.
‘I’m going to start buying and selling Riyals using various front companies. Banks all over the world will begin buying and selling Riyals gradually driving the price down.’
‘Two questions,’ Gallagher said. ‘How much can you drive it down and how long will it take?’
‘The answer depends on how much the Saudis and their American friends want to defend the currency.
Nielsen continued to tap the keyboard. ‘I’m checking the financial health of Saudi Arabia. If the patient is very ill, and that is apparently the case, I could very well be interested in helping you pursue your objective. Especially if I can make some hundreds of millions of dollars into the bargain. What do you know about finance, Mr Ryan?’
‘Nothing.’
Nielsen stopped and looked up from the screen. ‘But you know enough to feel that a run on the Saudi Riyal should be an integral part of your plan. How very intuitive of you.’
‘I’ve read one economics book in my life,’ Gallagher said. ‘And from that book I remember only one quote. John Maynard Keynes said, ‘ There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner not one man in a million is able to diagnose .’ That statement made an indelible impression on me.’
Nielsen’s craggy face lit up with a smile. ‘I think that I am going to enjoy working with you, Mr Ryan. I don’t normally connect with those on the other side of the law but in your case I’m willing to make an exception.’
‘I wasn’t aware that anything I had suggested was illegal,’ Gallagher returned the smile. ‘What I’m asking you to do is no different from what you and Soros did to the European currencies. The Saudi market is smaller but it’s also a lot more vulnerable than that of the members of the European Union.’
Nielsen’s brow furrowed for a moment. The name Soros was enough to raise his hackles. He had spent half a lifetime in competition with George Soros. Neither would recognise the other as an equal on the financial markets and both had made huge sums of money from jumping on the bandwagon created by the other. Nielsen hated Soros because he was so public and because he felt it incumbent on himself to dispense his gains as largesse. ‘Don’t mention Soros, if you please. The man is a media performer not a financial genius. Let’s get back to the matter at hand. From your limited economic perspective, how am I going to make money on debauching the Saudi currency?’
‘I have no idea,’ Gallagher said. ‘But I’m sure you do. I do know that if we’re successful, there’s every chance that the price of oil will go through the ceiling. In 1973, the oil crisis managed to increase the oil price by a factor of five. Anybody holding significant oil stocks is going to make a killing in the market. So I presume that you’re going to gain on both ends.’
Nielsen tapped some keys and then swivelled in Gallagher’s direction. The iMac’s screen was covered in figures and two charts were superimposed on each corner of the screen.
‘The patient is very ill indeed. One might say that the patient is terminally ill and that it is only a matter of time before the whole edifice collapses. Your project is timely. I have been watching the financial situation of the Kingdom closely for some time now.’
‘What will you do?’ Gallagher asked.
‘I’m going to start buying and selling Riyals using various front companies. Banks all over the world will begin buying and selling Riyals gradually driving the price down.’
‘Two questions,’ Gallagher said. ‘How much can you drive it down and how long will it take?’
‘The answer depends on how much the Saudis and their American friends want to defend the currency.
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