ETFFIN Finance >> ETFFIN >  >> Foreign exchange >> banking

Dreams in an Empty City: A Play Exploring 1980s Economic Shifts

In our Great Australian Plays series, we nominate the best of Australian drama.

There is no single event foreshadowing the darker mood of the 1980s, as the election of the Whitlam Labor government presaged the expansive atmosphere of the 1970s. Margaret Thatcher, “the Iron Lady”, became UK Prime Minister in 1979. The neo-conservative Ronald Reagan was elected US President in 1981. Thereafter came a firestorm of social and economic changes: the deregulation of financial markets; the rise of Islamic fundamentalism; the dismantling of trade barriers; the collapse of Eastern bloc communism; the re-opening of China to the West; Fukuyama’s End of History.

No one could accuse 1970s Australian drama of being simplistic or trouble-free. But its spirit is rambunctious. Its love affair with the popular theatre of the past ensures that even its most serious offerings have a bright and breezy feel. This quality disappears entirely in the 1980s, to be replaced by a grim preoccupation, a tonal umbra flecked with fury, phantasmagoria and perturbation. Realism and anti-realism – the two stalwarts of our play classification system thus far – writhe in their genre categories, as if possessed by an alien intelligence. Individual plays of the period are neither one style nor the other, or both simultaneously, or a new, disturbing mutation.

Its complicated plot defies detailed summary. Three main storylines can be identified, which wind in and out of each other like a knot garden. The first is a high-stakes feud between Simon Wilson, an ageing, silver-tail financier, and Derek Wiesland, an uncouth, criminal billionaire of the sort Australia regularly produces. This narrative, which has a number of subplots to it, is one in which two men attempt to destroy each other for strictly business reasons, thus demonstrating, in Wilson’s words, “moral death, the capacity for passionless violence, the terror of meaningless”. (Dreams is exceedingly existential in some of its dialogue).

The second storyline revolves around an ex-priest-turned-actor, Chris O’Brian, who discovers there is a contract out on his life. Chris is the emotional heart of the action. Renouncing pre-emptive violence, yet refusing to run, he has no choice but to await his fate and try to find out the reason for it. He lives with Karen, a one-time socialist, and many of their conversations involve a lugubrious thrashing-through of ethical questions, both personal and political. Chris is starring in a play where he is a South American priest caught up in a scenario of self-sacrifice and redemption. (Dreams eschews light irony in favour of full-strength symbolism).

As it turns out, Chris himself is also looking for redemption: for a murder he committed years previously in Thailand. The skeletal hand of the past is felt everywhere in Sewell’s play, reminding audiences of Karl Marx’s famous saying that “the tradition of all dead generations weighs like a nightmare on the brains of the living”. (You can watch part of a major speech by Chris performed by a young actor here).

The third and final storyline is about banking itself. At its centre is Interbank Australia, a subsidiary of an American investment firm so large that if were to fail, it would crash the banking system and the economy around it (sound familiar?). Interbank’s biggest debtor is Derek Wiesland, who it discovers has been inflating the value of his property portfolio in order to borrow more money, in order to buy more property, in order to borrow more money… etc.

Dreams in an Empty City: A Play Exploring 1980s Economic Shifts

Instead of being contrite, Wiesland, a potty-mouthed thug with no time for bankers’ hypocrisies, insists his debt is Interbank’s problem, and it should buy back his buildings on terms favourable to him. As it turns out, Interbank has no choice but to do this, because the US company who own them is going down the gurgler thanks to their own poor loan strategy (familiar again?).

Thus a foul and insolvent entrepreneur is propped up by a duplicitous bank. Between them, they decide there is only one way out of their dilemma – to heat up the Australian property market, attract mums-and-dads investors, and pass on their losses to them.

What brings these three storylines to the point of convergence is a decision by Chris’s brother, Mark, who ran the O’Brian family building company before it was taken over by Wiesland, to reveal to Wilson the extent of Wiesland’s debts. The three men are thus feloniously linked. Some months previously, Wilson set up an offshore tax fraud scheme for Wiesland – Caracalla Ltd – which Mark abetted, secretly putting Chris’s name on company deeds.

Chris’s murder is necessary to either hush him up, lest the tax fraud scheme be exposed, or revenge Mark’s betrayal of an unforgiving employer. Whichever way, Chris is a dead man, and for no other reason, ultimately, than the people around him are totally corrupt. The name Caracalla, it is revealed, is taken from the Roman Emperor who killed his brother to gain power, and then destroyed all images of him, to hide his crime.

Money and morality

The dialogue of Dreams in an Empty City is as layered as its narrative, and deftly switches between different registers. The two most important are talk about money, and talk about morality. In respect of the first, Sewell shows an astounding ability to parse the language of banking and present it to audiences in such a way that its complexity is acknowledged, even as its consequences are rendered accessible.

Dreams in an Empty City: A Play Exploring 1980s Economic Shifts

Here, for example, is Interbank Australia’s floor manager, Harry (a good American) chatting to a friend he runs into at an Embassy dinner. It’s early in the play, before trouble starts:

Sewell is a playwright who loves words. For state of the nation drama, less is not more. More is more. Dreams in an Empty City exudes verbal superfluity, a compulsion to give audiences in excess of what they paid for. This prolixity is not gratuitous, however, but is motivated by an obsessive desire to communicate. The play wears its heart on its sleeve, even as its story traverses strange intellectual and emotional pathways.

An example of the dialogue around morality comes at the end, when Wilson, who has engineered Chris’s death, offers to save him if he will agree to become his heir. Wilson is dying of cancer, and lost his only son years before. During the course of the play he befriends Chris, attracted to the ex-priest’s agonized integrity as necessary to a fully human existence. Being who he is, however, Wilson tries to lure Chris to his own debased view of life:

If audiences discern echoes of Satan’s temptation of Jesus in the desert, they’d be correct. Dreams in an Empty City is saturated in Christian eschatological imagery; of blood, guilt, sacrifice, the beauty of innocence, the horror of sin and, ultimately and most importantly, the rejection of violence.

The dramatic use of religious symbolism is reminiscent of The Cake Man ten years prior. But whereas Robert Merritt blends Christianity and Dreamtime story, Sewell blends Christianity and modern economic and political theory.

The discombobulation is similar, but the dramatic results strikingly contrast. In mood and mode, The Cake Man is warm, elegiac and bittersweet. Dreams in an Empty City is as cold and bare as bones in a crypt. As Interbank’s manager Nat Boas (a bad American), admits at the end of the play, when asked why she has unscrupulously precipitated global financial collapse, “because banking’s the only industry that runs on trust, and bankers are the last people you should”.

A provocative statement in 1986. Today, more like the unvarnished truth.