“Economics and security,” Bolcke said. “Together, we can control the entire market in rare earth elements. As you know, I broker much of the remaining world output—from places like India, Brazil, and South Africa—which I sell to you, bolstering prices. I can easily contract for long-term delivery from these sources before you announce a halt in exports, locking in those supplies. As for Mount Weld, if you fund my purchase, I will repay you in ore, which you can quietly resell to select trading partners at exorbitant profits, if you so desire. With the Americans out of commission, China will control virtually the entire global output of rare earth.”

“We already control the bulk of the market,” Jintai said.

“True, but you can control it all. The fire at Mountain Pass didn’t happen by accident. Mount Weld didn’t suddenly suspend operations of their own volition. It was all due to my influence.”

“You have been a valued trading partner for both minerals and American defense technology,” Tao said. “So—prices are driven up, and we ultimately profit from the sale of the minerals . . .”

“No,” Bolcke said, “you can do better than that. With full control of the market, you can force every global company that uses rare earth elements to consign their manufacturing and technology to China. Every smartphone and laptop, every wind turbine, every space satellite, will be yours. And technology’s the key. Nearly every cutting-edge technology today makes use of rare earth elements, and that will place you in a dominant position for tomorrow’s advances in consumer products and, more importantly, defense weaponry.”

He stared at Jintai. “Wouldn’t you rather introduce the most advanced attack helicopter yourself rather than copy somebody else’s?”

The general simply nodded.

“Instead of playing catch-up with Western technology, China will lead the way. By totally controlling the supply of rare earths, you put an immediate halt to a multitude of Western military advances. New generations of American missiles, lasers, radars—even ship propulsion systems—rely on rare earth elements. By shutting off the supply, you can erase the technology gap. Rather than China copying Western defense technologies, they will be copying you.” Bolcke casually collected the photos and returned them to his briefcase. “As I said, it’s a matter of economics and security. They go hand in hand—and you can dominate the world in both arenas.”

The comments struck a nerve with Jintai, who constantly decried the inferior weapons the People’s Liberation Army fielded. “Perhaps it would be an appropriate time to act,” he said to Tao.

“Perhaps,” Tao said, “but wouldn’t it create havoc with our Western trading partners?”

“It’s possible,” Bolcke said, “but what can they really do? To maintain their own shaky economies, they will have no choice but to partner with you and share in their developments.”

The spymaster casually lit a cigarette with an expensive lighter. “What is in all this for you, Mr. Bolcke?”