Chapter 632

Daenerys felt the naked threat behind the phrase "The Second War Against the Dragon Queen." Her violet eyes narrowed slightly as she suppressed her anger.

Aegor pressed his lips together. In an instant, he had already mapped out Illyrio’s line of persuasion, sketched out his counterarguments, and the muscles in his cheeks barely concealed a trace of a cold smile.

Neither of them spoke. The silence stretched, unbroken until the merchant-governor resumed his speech.

"Your Grace’s great victory at Meereen shattered the first alliance of slavers, forcing the surrounding cities—New Ghis, Tolos, Qarth—to negotiate peace and abandon the slave trade. But across the thousand miles of the Narrow Sea, Volantis lost only a fleet. They never surrendered, never signed a peace treaty, and never suffered enough damage to cripple them. And so, for the past year, while you returned to Westeros, Volantis has remained in a state of war with you in all but name. The only reason they have not acted is because their ruling factions, the Tigers and the Elephants, were locked in internal struggles, shifting blame, and jockeying for power after their defeat."

Illyrio spoke smoothly, undeterred by the pressure radiating from both Daenerys and Aegor. He seamlessly transitioned into his next point.

"But now, with their internal conflict resolved, and with Your Grace on the verge of uniting the Seven Kingdoms—set to become the most powerful ruler in the known world—this loose end refuses to remain idle any longer. Volantis is now forming a second alliance against you."

With an air of friendly concern, Illyrio distanced himself from the slaver faction, recasting himself as a loyal friend of House Targaryen, a well-meaning informant who had traveled great distances to warn the queen of impending dangers. And he succeeded in redirecting the Queen’s anger elsewhere.

From his lips, Daenerys and Aegor learned of the unseen turmoil brewing across the Narrow Sea and why Illyrio had claimed they stood "surrounded by enemies on all sides."

Though Volantis had suffered a setback and briefly turned inward, in every aspect beyond military affairs, they had never truly ceased their efforts.

Propaganda: Picking up where Yunkai had left off, they spread rumors of Daenerys’ cruelty and bloodthirst, warning that she would soon abolish slavery everywhere and eradicate the entire slaver class. This fueled widespread fear and hostility.

Diplomacy: Branding themselves as "The First Daughter of Valyria," Volantis aggressively sought allies among the Free Cities. Mercenaries and pirates could always be bought, but the troubling development was Braavos—normally a neutral party—now showing keen interest in opposing Daenerys. Illyrio’s investigations revealed the cause: during a recent visit from the Iron Bank’s emissary, the queen had hinted at her reluctance to inherit House Baratheon’s debts. The Braavosi, after weighing their interests, concluded that a Targaryen ruler would be detrimental to them.

Economics: Volantis had begun forming a commercial alliance to place embargoes on specific goods bound for Westeros. The Free Cities were not a unified entity, and coordinating such a blockade would normally be near impossible. But with the most resource-rich (Volantis) and the most financially powerful (Braavos) cities spearheading the effort, the plan was gaining traction.

…

"This emergent faction calls itself the City-State Coalition. Its sole purpose is to unite against you should you successfully claim the Iron Throne and use the might of Westeros to threaten their long-standing institution of slavery." Illyrio spread his hands in a gesture of helplessness. "When the time comes, will Your Grace publicly renounce your original dream of abolishing slavery? Or will you grit your teeth, hold firm to your ideals, and fight a war on two fronts?"

As Illyrio concluded his speech, silence once again settled over the Queen’s audience chamber. Daenerys took a moment to absorb everything before finally speaking, her voice calm and composed.

"I appreciate your efforts, Lord Illyrio, and the warnings you bring. But if war comes, I will face it. I have fought enemies in both the east and the west, and my banners are carried by warriors of unmatched skill." She glanced at Aegor. "I do not believe a gathering of slavers could possibly field an army I cannot defeat."

"Your Grace misunderstands me," Illyrio corrected, shaking his head. "I do not doubt your battlefield prowess. What I mean is—your enemies need not fight you in open battle at all. The City-State Coalition does not seek to invade Westeros. Their goal is to prevent you from securing your rule. They will not amass their forces to challenge you head-on; instead, they will sever trade between Westeros and Essos, cut off critical supplies, and disrupt key industries.

"And they will not stop there. They will fund insurgents, incite unrest, and support opposition factions within your kingdom. By blockading trade, raiding coastal settlements, and sabotaging the recovery of Westeros’ economy after the war, they can foment dissatisfaction and rebellion from within—"

Illyrio leaned forward slightly, his voice lowering, his words gaining weight.

"Your western front will be plagued by the remnants of the Reach’s resistance and the Golden Company. Your eastern front will face the combined fleets of the Free Cities, hordes of mercenaries, and entire legions of paid pirates raiding your shores. Meanwhile, within Westeros itself, your enemies will breed dissension and unrest.

"Chaos will spread across your kingdom like wildfire. Your dragons and your armies, formidable as they are, cannot be everywhere at once. The vast coastline and immense territory of the Seven Kingdoms will turn your strength into a liability. You will be forced to stretch yourself thin, overwhelmed by ceaseless harassment, until exhaustion leads to a fatal mistake. And when that moment comes, your enemies will strike—and you will not even realize how you lost."

Another silence stretched between them before Illyrio let out a sigh, adopting a look of sorrowful concern.

"Westeros has already been devastated by years of war. The kingdom is a shadow of what it was in the waning days of the Usurper’s reign. And now, winter’s end approaches—it is a time for healing, for planting new seeds, for rebuilding.

"Your Grace, must you truly wage war without end? Must you utterly destroy your own kin and the last loyalists of your father’s reign?

"The only path forward is to secure peace within Westeros before facing the external threat. If the Seven Kingdoms can be united, standing as a strong and stable force against the City-State Coalition, then negotiation will be possible. I understand Your Grace has yet to appoint a Minister of Foreign Affairs, and your Hand is doubtless occupied with matters of state. If you would permit it, I am willing to act as your envoy to the Reach, to meet with Prince Aegon and House Tyrell, and persuade them to lay down their arms and swear fealty. In accepting your judgment and paying their due penance, they may yet regain your favor."

"We appreciate your offer, Lord Illyrio."

Aegor, who had been silent until now, finally seized upon the first flaw in the merchant-governor’s reasoning. He struck like a viper.

"But I find it curious—how exactly does the governor of Pentos claim such familiarity with the Reach and Prince Aegon? What connection do you have that gives you the confidence to negotiate on their behalf?"

"House Tyrell and I have longstanding trade in spices and gemstones, and as for Prince Aegon…"

Illyrio hesitated.

Was Aegor’s question a casual probe, or a deliberate trap?

It was a difficult decision. Denying any connection to Aegon would be the safest route, as he had done for years. But he could already sense the skepticism in Daenerys and Aegor. If they saw through his deception, his credibility—and Aegon’s fate—would be doomed.

Perhaps it was time to change his strategy. To take the necessary risk.

Making his choice in the span of a heartbeat, Illyrio let out a sigh.

"I have never met Prince Aegon. But Jon Connington sought me out before landing in Westeros. He relied upon my network and my intelligence."

He looked upon Daenerys with a regretful expression.

"Your Grace, you and your nephew are the last of the Targaryens. It breaks my heart to see kin turn swords against kin. I beg you—think carefully before making an irreversible mistake."