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"Perhaps even more to the point, we have this assault fleet component. Think about that for a moment. As Admiral Murakuma herself pointed out to me years ago, no reasonable race would sacrifice hundreds of capital ships in headlong assaults on a succession of defended warp points. Against warp points they knew were critical to their opponent, yes; perhaps they would do that if it was the only way to break through. But simple mathematics would make that unthinkable as a routine tactic. It takes us the better part of two standard years to build an SD. Completely ignoring the question of training a capital ship's crew, no one can afford to expend that big a chunk of industrial output without a good reason.

"These people, however, seem to have found an approach they think is cost-effective. There's no way to prove it—yet—but Commander Ling's initial analysis agrees with mine: the ships they used for that simultaneous transit were purpose built. Whatever we don't know about our enemies' psychology, we've been given very convincing evidence that they're willing to accept massive losses in light units—which can be replaced in a much shorter time frame—to clear the way for their heavies. To me, at least, this suggests we can expect to see suicide tactics on the Rigelian or Theban model, and I advise all of you to be on the lookout for them.

"Finally, I'd like to return to the losses in capital ships which they have so far accepted... which suggest we have to assume an industrial base at least as large as our own." Someone made a sound of disagreement, and LeBlanc smiled grimly. "I realize we're accustomed to considering the Federation's industrial capacity as unmatched in the galaxy. To date, we've had every reason to think just that, but could we expend so many SDs to capture what are obviously colonies, not core systems? Let me stress once more that, however ferocious he may be, the enemy still has to build the starships he's using up. More, he has to realize we're still redeploying to meet him—that we may have a much greater strength to throw at him than he's seen yet. In similar circumstances, our response would be to use probing forces we could afford to lose. We certainly wouldn't cut our mobile forces to the bone in offensive operations that left us unable to meet counterattacks. While we dare not assume our own idea of logic governs these people, I find it very difficult to believe we're that different. And if we aren't, their losses to date must represent an acceptable loss rate. Which, in turn, suggests they have enormous reserves of capital ships, and for that to be true, they have to have an industrial base capable of building them in the first place."

LeBlanc shrugged, and more than one of the grim faces around the table paled. The enemy's insensitivity to losses had been a tactical concern, but the Federation's status as the most productive civilization in galactic history was so fundamentally accepted—by nonhumans, as well as humans—that few of them had gotten around to considering what LeBlanc had just said. It simply wasn't possible for anyone to outproduce them... was it?

Murakuma let them live with the implications for a few moments, then cleared her throat.

"We can't know if Captain LeBlanc is correct, but the consequences of overestimating an enemy are certainly less likely to be fatal than those of underestimating him. And whether he's correct or not, our concern has to be slowing these people down until the rest of Battle Fleet can respond."

Several people nodded, and she smiled a thin, cold smile.

"Very well, then. Since we do seem to possess the technological edge at the moment, I suggest we decide how best to use it. Commander Ling's current analysis of the Erebor action is available on your terminals. Please take fifteen or twenty minutes to peruse it. After that—" her smile was colder and thinner than ever "—the floor will be open for suggestions."

* * *

Vanessa Murakuma sat in her palatial day cabin and watched a display with empty green eyes. K-45 was no more than an empty spot where three warp lines met, and the massed ships of Task Force 59, Terran Federation Navy, held station on TFNS Cobra as she floated in that emptiness. It was a powerful force—twelve battleships, twenty battle-cruisers, and twelve light carriers, plus escorts—and she supposed she should be excited to have it under her flag. Yet she felt no elation. She'd fought all her life to exercise an authority just like this one, and now, as she faced the hideous decisions that authority was about to force upon her, all she felt was a sick, gnawing need to pass it to someone—anyone—else.

She killed the display, blanking away the light dots of the thousands of human beings waiting to live or die at her orders, and her face twisted as her eye fell on the innocent-looking data chip on her desk. She stared at it, bile churning in the back of her throat, then drew a deep breath and made herself look away as her cabin's entry chime sounded.

She squared her shoulders, forcing the sick despair from her expression, and pressed the admittance stud. The hatch slid open, and the officers she'd asked to join her walked through it. Rear Admiral Teller led the way, followed by Demosthenes Waldeck, Leroy Mackenna and Marcus LeBlanc. The four of them sat in the comfortable chairs facing her desk at her gesture, and she made herself pick up the data chip.

"Thank you for coming, gentlemen." Her flat voice sounded over-controlled even to her, but it was the only one she had. "I assume you've all viewed the visual records from Erebor?"

Heads nodded, and she felt a stab of sympathy for Teller's haunted eyes. It wasn't his fault. He'd gotten everyone he possibly could out, yet it made no difference to his bitter self-loathing, and Murakuma understood only too well. Just as she knew it would make no difference to her own when the time came. She studied his face for a moment, then cleared her throat.

"Before we continue, Admiral Teller, I'd like to thank you for your efforts in Erebor." Dull surprise flickered in the junior admiral's eyes, and she faced him directly. "I can only imagine what you're feeling, Jackson," she said quietly. "I'm very much afraid that will change shortly, and I'll be honest with you—with all of you—" she let her eyes sweep over the others "—and admit that terrifies me. It terrifies all of us now," her hand tightened on the data chip, "but we can't admit that. We have to put it away somewhere deep inside and pretend it isn't there, because if we don't, if we let it show and affect our personnel or, even worse, paralyze us..."

She shook her head. The others looked back without speaking, but Waldeck nodded curtly. Demosthenes Waldeck came from one of the most powerful of the Corporate World dynasties which ruled the Federation, and many of Murakuma's fellow Fringers, including her own chief of staff, were prepared to hate him for that. Despite the Federation military's long-standing tradition of political neutrality, the festering hatred between the Fringe, which produced an ever growing percentage of the Fleet's total manpower, and the Corporate Worlds had spilled over into the Navy, and that saddened Murakuma. She understood it, and watching the Corporate World politicos' cynical manipulation of political power disgusted her, yet she felt something precious and irreplaceable slipping away from the Fleet. It was like virginity, she thought sadly. That sense of something special and almost holy—of being a fellowship of arms whose dedication to protect and preserve placed it above political factionalism and pettiness—could never be regained once it was lost.

Even worse, it sowed distrust, and that was something the human race simply could not afford. She and Leroy Mackenna had come as close to a shouting match over that as they ever had, for Mackenna was from Shilo, whose economy had been devastated fifty years back for daring to defy a major Corporate World shipping line. The Liberal-Progressive Party had enacted special legislation to "clarify" the dispute between the system government and Trans-Stellar Shipping, and Mackenna's family was one of the many who'd been paupered by its provisions. Expecting him ever to forgive the Corporate Worlds for that was not only unreasonable but wrong, yet Murakuma had no option but to insist that he put it aside in his new position.