Sunday I sent the manuscript for my book to my publisher (which is to say, to my son Darien). Writing How Beowulf Can Save America: An Epic Hero’s Guide to Defeating the Politics of Rage has been an eye-opening experience for me. As I let the poem guide me to an understanding of contemporary America, I realized as never before the depth of our “greedy king” problem—which is to say, how damaging it is for a society to have a growing income gap between the very rich and everyone else.
The statistics are startling. To cite just a couple, America’s 450 wealthiest citizens now have as much money as the bottom 150 million, and as we were climbing out of a major recession in 2010 (according to Berkeley economist Emmanuel Saez), the top one percent captured 93 percent of income gains. In other words, even as most of us saw the value of our homes and retirement plans drop, those at the top were claiming an even greater share of the country’s wealth.
This is not healthy for anyone—not for the wealthy, who increasingly feel cut off from the rest of us, and not for America as a whole. Beowulf shows us how countries that are victimized by hoarding kings fall into dragon gloom.
The following excerpt is from my book. In it I quote a lengthy speech by Danish King Hrothgar on how a creeping sense of entitlement takes over those who have wealth and power. They may start out as good kings but it is as though they are stalked by “an archer who draws a deadly bow,” who shoots them in the heart. Their old possessions appear to them “paltry” and they covet and resent. The end result is paranoia and separation from their fellows.
Here’s the excerpt:
It all begins with a sense of entitlement, with the moneyed interests feeling they deserve an ever bigger slice of the American pie. Their belief that they are entitled far surpasses that of the poor, accused by Mitt Romney of expecting handouts. Ironically, anxiety rather than contentment arises from the conservative elite’s growing prosperity. The more they get, the more worried they are that (in the words of New York Magazine blogger Jonathan Chait) the “masses” will use their political power “to gang up on us and seize our wealth.”
Chait arrived at his understanding while trying to figure out why Supreme Court rulings are increasingly favoring the wealthy. The Obama era, he says, appears to have “unleashed deep-rooted conservative fears of economic democracy”:
Conservatives have come to see the majority’s threatening ability to shape economic policy not merely as an impediment but as a dire existential threat.
A similar sense of paranoia is captured in Beowulf when King Hrothgar describes the evolution of a greedy king. I quote the extended description in full because it brilliantly charts the psychological progression.Hrothgar begins by noting how the wealthy and the powerful have been blessed with “fulfillment and felicity on earth,” and I have noted how, in recent American history, the upward movement of the country’s wealth began in the 1980’s. That’s when tax rates began to go down and financial speculation increased. Treasures were heaped upon our men and women “of distinguished birth”—if not by God, then by a globalized economy and favorable legislation:
It is a great wonder
how Almighty God in His magnificence
favors our race with rank and scope
and the gift of wisdom; His sway is wide.
Sometimes He allows the mind of a man
of distinguished birth to follow its bent,
grants him fulfillment and felicity on earth
and forts to command in his own country.
He permits him to lord it in many lands . . .
The first sign of trouble is when the king starts to take all these gifts as his due. He thinks he is rich because “the whole world conforms to his will,” not because he is fortunate to have been born into a race (in our case, the United States) that has been graced “with rank and scope and the gift of wisdom”:
. . . until the man in his unthinkingness
forgets that it will ever end for him.
He indulges his desires; illness and old age
mean nothing to him; his mind is untroubled
by envy or malice or the thought of enemies
with their hate-honed swords. The whole world
conforms to his will, he is kept from the worst . . .
Arrogance, and with it discontent, continues to grow. The passage notes the imperceptible gradualness of the change. Instead of seeing himself joined with the country in a common enterprise, the king gradually finds himself resenting others. The “devious promptings of the demon start” as he imagines them eyeing “his” possessions:
. . . until an element of overweening
enters him and takes hold
while the soul’s guard, its sentry, drowses,
grown too distracted. A killer stalks him,
an archer who draws a deadly bow.
And then the man is hit in the heart,
the arrow flies beneath his defenses,
the devious promptings of the demon start.
His old possessions seem paltry to him now.
He covets and resents; dishonors custom
and bestows no gold; and because of good things
he ignores the shape of things to come.
In the end, the poem predicts, the king will reap what he has sown:
Then finally the end arrives
when the body he was lent collapses and falls
prey to its death; ancestral possessions
and the goods he hoarded are inherited by another
who lets them go with a liberal hand. . . .
With our own wealthy citizens and their political and media allies, what once would have been seen as munificent is now regarded as “paltry.” It is now assumed, for instance, that CEOs should be paid hundreds of times what their employees make, that golden parachutes should be the norm, and that any attempts to redistribute the wealth—say, through increasing income tax rates—are an egregious infringement. They even seek to forestall, through their angry opposition to the estate tax, the poem’s fantasy of their money being liberally redistributed when they die.
The poem doesn’t tell us exactly what it means to covet, resent, dishonor and bestow no gold, but we can come up with our own contemporary examples. For instance, if we believe that basic fairness should prevail in America and that everyone should have equal opportunity to succeed, then legislators dishonor that spirit when, seduced by lobbying dollars, they write favorable legislation for big corporations and steer large contracts and generous subsidies their way. If Americans on both the Left and the Right were furious over the TARP bank bailout, necessary though it may have been, it was because they feared that once again they were being scammed.
My book goes on to show how Beowulf, himself in danger of falling into dragon gloom, shakes himself free and liberates the dragon’s treasure so that it can circulate freely and reinvigorate society. I describe how he can’t do it alone but must work in concert with the next generation. I’ll have details soon on how to get a copy of the book.


3 Comments
Congratulations on finishing your book, Robin! How exciting. I’m looking forward to reading the whole.
An aside on the “entitlement shift.” In my Cultural Economics class we were discussing the factors that contributed to the demise of the Hollywood Studios (antitrust suit by Paramount, TV and the tax code). As a lead in I asked them what they thought the highest income and corporate tax rates were at the time (1940-1950). They guessed 17% and 5%; the correct answer: 90% (income) and 60% (corporate). As I pointed out, claims we are, as a society, being taxed at unprecedentedly high rates just doesn’t wash!
Congratulations as well on the book. I look forward to reading it, but more as a study on a mindset that is very foreign from my own.
For example, the first paragraph of the excerpt, the notion that the wealthy feel a sense of entitlement seems strange. Though I don’t know any of the wealthiest 450, I know many in the top 1% on both sides of the political spectrum and have never had the impression that they feel entitlement.
Also, it doesn’t seem strange that anyone, of any income, would want to protect their wealth, especially as they create more. Our country was founded on that need. For the first 100 years or so of our country, only property owners could vote in order to protect the wealth from the masses.
I also hope to learn more about the different opinions on wealth creation. Or, should it be called wealth acquisition (with the notion that if someone acquires wealth, someone else looses it)? Is it possible to just leave the wealthy alone and just work on teaching the 150 million how to create wealth? Is it possible to create massive wealth ethically? Or do the 150 million just need to take more from the wealthy as it must be misbegotten wealth? Is it possible to have true “equality of opportunity” which would result in an enormous wealth gap, as some, like me, would choose to enjoy simpler aspects of life. Or, is there something inherently evil about a wealth gap, that even if all had equal opportunity to create wealth (a huge stretch), that no one should be allowed to create and control too much.
Thanks for writing, Sean. I’m sure that you’re right that not everyone feels a sense of entitlement. Warren Buffett famously thinks his taxes should be raised since he realizes how he was nurtured by the country and sees that he should be giving back. I’m not as sure as you are that a lot of the speculative wealth that is being created is benefiting the country or creating jobs for others. Nor do I think that we are anywhere close to having equal opportunity to create wealth. I think that, as tax rates have gone down, the middle class is finding it harder and harder to live up to your idea of creating their own wealth. To cite one instance I see as a college teacher, it is becoming more difficult for middle class kids to go to college (or to graduate without a large debt). If something close to equal opportunity were the operating principle (which is what I think the signers of the “Declaration of Independence” had in mind), then few would have problems with the fact that some make better use of that opportunity than others. No one is arguing equal outcomes.
There was a post by Kevin Drum of Mother Jones this morning exploring why Wall Street has turned on Obama after (in many instances) supporting him in 2008. He does see something like a sense of entitlement going on. I share his explanation for what it’s worth:
Over the past three decades they’ve gotten accustomed to the kind of deference normally offered to grand viziers of the Sublime Porte, and they’re simply enraged at the fact that Obama not only doesn’t seem very impressed by their accomplishments, but even criticizes them every once in a while. At this point, they have fully convinced themselves that (a) they weren’t responsible for the 2008 crash in any way, (b) it’s populist demagoguery to suggest otherwise, and (c) the government should stand with them against the rabble rousers so that they have the freedom to run the world again. Obama doesn’t quite agree — not totally, anyway — and that maddens them.
Which brings us to the second thing: regulation. Like a lot of business people, I think they hate regulation more than they hate reduced profits. They’ll fight higher taxes, but in the end, that’s a pure money thing and they’re accustomed to winning and losing money battles. But regulation wounds them far more. It’s a signal that they aren’t to be trusted. It’s a reminder that someone else can tell them what to do. It makes it harder to earn money from purely financial manipulation. Dodd-Frank and Basel III may, in the end, not be very stringent regulatory regimes, but they’re still viewed as unfair punishment. And we all know how children react to punishment they view as unfair. They sulk.
In 2008 Wall Street somehow convinced itself that Obama understood them and would protect them from the mob. In reality, he’s mostly done that. But he’s only done it 80%, not 100%. That missing 20% is the reason they’ve turned on him like a pack of rabid dogs.
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[...] next—an in-depth description of a greedy and increasingly insular king–I included it in a previous post. And of course you can get the book in its entirety from Amazon. I am currently working out an [...]