The Way We Live Now
Just two weeks ago I chose with some trepidation a novel by Anthony Trollope called The Way We Live Now for use in a class at
It’s about the kind of speculation that was going on in
The metaphor of the card game occurs a lot in the novel – played by idle young aristocrats until early in the morning. Of course you start out betting cash but as players lose, their cash runs out and so they sign IOUs. Pretty soon, for want of ready cash, the IOUs become the currency of the game. For instance, Sir Felix has a streak of luck that leaves him with a handful of IOUs. Since he himself is out of cash, whenever he loses, he pays off the winner with the IOUs he has from Tom, Dick and Harry, which leaves the winner dependent not on Felix but on Tom, Dick and Harry to pay up. This gets entirely out of hand. IOUs become so worn and old that they never get paid. They are pledges of no value at all, mere paper the way so many purchased shares in today’s marketplace have become mere paper – the pledges of companies gone bankrupt – or of a Mr. Madoff who spent people’s investments on himself.
Indeed there is just such a fraud described in the novel. A company is formed whose aim is to build a railroad from
I’m kind of glad I went into a Franciscan monastery when I was a mere child. It left me ignorant of “the way we live now”. Which reminds me of penniless Stephen Dedalus in James Joyce’s Ulysses. Stephen used to grub loans from more successful people like George Russell, whose pen name was AE. When Russell asks Stephen to pay up, Stephen meditates: must I pay it back? when? do I have to pay it back? not really, because my body has undergone so much molecular change that I’m not the same Stephen I was when I borrowed it. But then, no. Stephen has a conscience, something we seem to have lost, considering “the way we live now”. And so Stephen concludes: “A.E.I.O.U.”