Review
Books
Culture
7 min read

Cormac McCarthy's harrowed inheritance

Written before the death of Cormac McCarthy, Austin Stevenson reviews the acclaimed author's last sibling novels, exploring the frugal conversations within them and how dialogues shape virtue.

Austin is a philosophical theologian who works at the intersection of philosophy, religion, and culture.

A diver swims above a crashed plane lying on the sea bed.
A diver investigates a crashed plane on the seabed.
Mael Balland via Unsplash.

This review was first published in March 2023, before Cormac McCarthy's death in June 2023.

When reading The Passenger, the first novel Cormac McCarthy has published since his Pulitzer Prize winning book The Road came out in 2006, I was reminded of a comment E. M. Forster jotted in his notebook about Henry James. ‘However hard you shake his sentences no banality falls out.’ McCarthy has drawn forth prodigious lyricism and acuity by some syntactical alchemy. Rarely in contemporary fiction have I drawn so much delight from just the words on the page. Much of his prose is poetry shrouded in paragraphs.  

He scanned the landscape.  

Here’s a dream. 

This man was a forger of antiquities. 

He travelled in documentation. 

In the instruments for their preparation. 

An old world figure. A dark suit, somewhat travelled in. 

A down at the heels formality 

to which yet clung the odor of the exotic. 

A spectre of saccharine sincerity haunts modern fiction, and the fear of it has all but eviscerated mainstream novels of the polyphonic ornamentation of classical literature. What McCarthy has accomplished here is to recover the elegance, musicality, and intricacy of such great works, but in the context of a spare and denuded grammatical landscape. Sentimentality could not survive for a moment in these two novels, and yet they are genuine and raw to the core.   

The Passenger follows Bobby Western, a deep-sea salvage diver who is inspecting a private jet that crashed off the Gulf Coast. He observes that, among the bodies strapped to the seats in this sunken tomb, one passenger from the manifest is missing. This kicks off the plot of the novel, wherein shadowy figures interrogate and surveil Bobby to ascertain what he knows about the missing passenger, seizing his assets and pushing him to an itinerant existence on the road. And yet, to explain the plot of The Passenger is largely to conceal what it is about, for it is primarily a book about ideas: physics, metaphysics, mathematics, and language. 

The Passenger’s sibling novel, Stella Maris, is set eight years earlier, in 1972, and follows Bobby’s younger sister, Alicia. It is named for the midwestern psychiatric institution Alicia checks herself into and consists of conversations between Alicia and her psychiatrist. Bobby and Alicia are the children of a physicist who worked on the Manhattan Project with Oppenheimer. “His father. Who had created out of the absolute dust of the earth an evil sun by whose light men saw like some hideous adumbration of their own ends through cloth and flesh the bones in one another’s bodies.” Both initially followed his footsteps into academia, but Bobby dropped out of Caltech to race cars in Europe. Alicia quit after having exhausted the intellectual grist internal to mathematics and failed to resolve the foundational questions haunting the discipline (and reality) itself. “She knew that in the end you really cant know. You cant get hold of the world. You can only draw a picture.” 

Bobby is lying in a coma in Europe for the entirety of Stella Maris after crashing in a Formula 2 race. By the time he wakes, Alicia has died by suicide. She is ever-present in The Passenger but only as a memory, and the novel is punctuated by chapters that recount her conversations with the Kid, a hallucinatory figure that has followed her since puberty. “The Thalidomide Kid and the old lady with the roadkill stole and Bathless Grogan and the dwarves and the Minstrel Show. All of them gathered at the foot of her bed.” Alicia may or may not be schizophrenic. And autistic. She is also a world-class violinist.  

The philosopher Alasdair MacIntyre has argued that it is from those who came before us that we receive the depth or poverty of our language and, to some degree, our conversational habits, and it is through the right kinds of conversations that we learn the relationship between the various goods to which we order our lives and become educated in the virtues. The poverty of conversational idioms that many of us have received does much to cut us off from participation in and pursuit of the goods that contribute to our flourishing. I wonder if literature is a possible antidote to this. Specifically, literature with rich dialogue. And this is one of McCarthy’s great strengths. 

'McCarthy is intent on exploring the nature of reality in this novel.'

In dialogue, his characters often start with the end in mind, and then find their way together. Or don’t. Their conversations are frugal, consisting primarily of three- or four-word sentences, and yet they almost always stumble onto to questions of deep significance. There are a lot of rough characters in these novels, but they share a surprising vulnerability. As always, McCarthy doesn’t use quotation marks or tell us who is speaking. When he wants us to, it is easy to follow the flow of dialogue, but occasionally he throws us off the scent. Particularly when Alicia is conversing with her hallucinations, their voices often meld together. The effect amplifies the ethereal quality of their exchanges. 

Bobby is in the habit of asking people if they believe in God—a practise he seems to have picked up from his Granellen (his grandmother).    

Do you believe in God, Bobby? 

I don’t know, Granellen. You asked me that before. I told you. I dont know anything. The best I can say is that I think he and I have pretty much the same opinions. On my better days anyway. 

No one has confident answers to this question, but it often serves to push the conversation along an interesting direction. “I dont know who God is or what he is. But I dont believe all this stuff got here by itself.” McCarthy is intent on exploring the nature of reality in this novel, and for him, the question of God is clearly part of that exploration, wherever it may lead. Fortunately, he is well aware that the question of God is not the same question under debate between fundamentalists and atheists.  

Do you think of yourself as an atheist?  

God no. Those were the good old days.  

In their own ways, these characters exhibit an immanence that is haunted by transcendence. This search for some kind of meaning in the everyday stuff of existence might stand behind McCarthy’s frequent use of sacramental imagery drawn from the Catholicism of his youth. Evil cannot be depicted adequately without a conception of the good of which it is a privation. One might read McCarthy as reverse-engineering this process—ascertaining goodness by staring down its absence.  

There is a tension in these novels between words and numbers. Which is more real? These questions are closely bound up with the characters’ struggles with mental illness and grief. For Alicia, “intelligence is numbers. It’s not words. Words are things we’ve made up. Mathematics is not.” She insists on the transcendent nature of mathematics and many of her conversations with her therapist centre on precisely these questions about what is real, true, stable, with frequent mention of Platonism. This brought to mind Viktor Frankl’s insistence that treating mental illness requires that we acknowledge its existential dimension. ’Man’s search for meaning is the primary motivation in his life.’ Alicia’s mental illness is bound up with her own search for meaning, and vice versa, as well as with the dark cloud that hangs over her family’s legacy. “For a long time I’ve suspected that we might be simply incapable of imagining the epochal evils of which we stand rightly accused and I thought it at least a possibility that the structure of reality itself harbors something like the forms of which our sordid history is only a pale reflection.” History falls short of the forms of the age.   

Transcendence isn’t the only spectre that haunts these pages, and there is a kind of paranoia running through the narrative that seems fitting in an era rife with conspiracy thinking. Given his father’s exploits, Bobby is not particularly surprised to discover documents missing from Granellen’s home, or his own apartment rifled through while he’s gone. As Joseph Heller wrote, 'Just because you’re paranoid doesn’t mean they’re not after you.' It’s clear that someone is after Bobby, and the entire family may or may not be subject to clandestine observation. But there is also a broader sense of powers beyond our control watching, hounding, manipulating.   

You think somebody’s after you? 

I don’t know. I just wonder if maybe lots of people dont feel that way. 

For no reason. 

Yeah. 

They have inherited a troubled legacy, but each, in their own way, has learned to talk about it, and that’s no small thing. This may be McCarthy’s most ambitious work, and you don’t need to understand it to find it extremely enjoyable.   

 

Article
Culture
Economics
Ethics
6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?
A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.
$Trump coin marketing image.
gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend. 

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin. 

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”. 

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap. 

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.  

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages). 

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history. 

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators. 

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s. 

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities? 

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources... 

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment. 

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis. 

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation). 

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production. 

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold. 

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.  

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains. 

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one. 

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded. 

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank. 

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option. 

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”. 

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud. 

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved. 

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.