When Rome’s first diagnosed as a bit swings and roundabouts they stick him on the new anti-depressants, the SSRIs, Selective Serotonin Re-uptake Inhibitors like Prozac, that in 1995 appear to be the British medical profession’s first response to anything from clinical depression to occasional ennui. The drugs, in Rome’s opinion, are born of the probably-American idea that those in the developed world have an inalienable right to be contented every hour of their existence. So what if these happy-pills haven’t been around long enough for any adverse side-effects to show up so far; are effectively untested? There’s a market eager for an end to all their troubles, there are pharmaceutics corporations eager to make money, and the blue sky ethos of that endless economic boom-time stipulates instant gratification. Anyone dissenting from this mandatory manic optimism is a Gloomy Gus, a scaremonger or pessimist, is out of step with all the laissez-faire euphoria and would most probably feel better on a course of Prozac. Rome gives it a go, not having been informed that one occasional by-product of SSRIs is suicidal black depression. When Dean asks what’s wrong Rome drop-kicks him across the living room. He throws the pills away and in the dark troughs he goes for long walks and sorts it out himself. The manic peaks he saves for council meetings, for campaigns or organising protests. Energy efficiency. It’s one of the first principles you learn in engineering.
Newton, who’s familiar with the principle, brings chemical and mathematic know-how to the mint. After his Great Recoinage he’s asked to repeat the trick in Scotland, 1707. This leads to a common currency and the new kingdom of Great Britain. Not content yet, in 1717 the seventy-six-year-old first proclaims his bi-metallic standard where twenty-one silver shillings equals one gold guinea. England’s policy of paying for imports with silver while receiving payment for exports in gold means there’s a silver shortage, so what Newton’s doing here is moving Britain’s standard from silver to gold without announcing it. Personally he’s doing nicely, coining it, well-minted. Trusting his ability with sums to double up his cash he invests in the sure-fire high-return world of the South Sea Bubble, dropping twenty grand — three million by the current reckoning — when in 1721 the whole thing goes tits up. The fiscal genius of the day loses his shirt. He lets greed override his risk-assessment faculties, displays an expert’s fatal overconfidence in his abilities, the way that it’s mostly mycologists who end up killing themselves with a death cap omelette. And what brings Sir Isaac down is dabbling where he should know better, in a market bloated by a form of bonds known as derivatives, partly responsible for the Dutch Tulip-bulb fiasco that occurs in 1637 five years before Newton’s birth, and probably about to sink the world economy nearly three hundred years after his death.
Roman and Dean get digs in St. Luke’s House, a block between St. Andrew’s Street and Lower Harding Street, where Bellbarn used to be. He’s known the Boroughs all his life but this is the first time he’s lived there. Roman finds himself in love with its crushed population, with its relic tower blocks braced against the rain. Blanched grass sprouts from the seams of maisonettes and in it Rome can read an English bottom line. This area is up in the top two per cent of UK deprivation. Simply living here takes ten years off your life. These people at the shitty end of economic theory are the product of all that creative number-crunching. Individuals betrayed by bankers, governments and, yes, Rome sticks his hand up, by the left wing. Dean’s mixed race and they’re both gay, but neither of them see much benefit from the left wing’s promotion of racial and sexual equality. How does it help that Peter Mandelson and Oona King are doing okay, when the inequality between the rich and poor that socialism was intended to put right remains conspicuously unaddressed? Rome turns in his red star in ’97 at the first whiff of New Labour and its rictus-grinning frontman, to become an anarchist and activist. The malcontents that he attracts are sometimes “Defend Council Housing”, sometimes “Save Our NHS”, depending what will look most swinish to oppose. Thompson the Leveller has found his sticking place: the levelled ground where he can stage his gunsmoke stand.
Dying 1727, in his eighties and still at the mint, Newton sees the beginning of the shift to paper money. In 1725 banks issue notes where the pound sign is printed, but the date, amount and other details are hand-written by the signatory, like a cheque. Cash gradually becomes more abstract, but a greater sleight of hand takes place hundreds of years before with the invention of derivatives, the concept that helps scupper Newton. A derivative — a bond deriving from the actual goods for sale — occurs when someone makes a deal to sell their goods for an agreed sum at some future date. Whether the market price rises or falls before that time determines who’s made the best bet, but what’s important is that the derivative bond now has a potential value and can be sold on, with its projected worth continually increasing. This uncoupling of money and real goods contributes to the Tulip Craze and South Sea Bubble, while the current value of the world’s derivatives, from what Rome hears, is up to ten times larger than the sixty or so trillion dollars that is the whole planet’s fiscal output. The divide between reality and economics is a hairline fissure widening across the centuries to a deep ocean vent from which unprecedented forms of life squirm up with dismal regularity: bubbles and crazes, Wall Street crashes and Black Wednesdays, Enron and whatever bigger fuck-up is inevitably coming next; the bad dreams of a rational age that good old William Blake calls “Newton’s sleep”.
Rome combs the Boroughs streets looking for trouble. In some of the last remaining council dwellings there’s asbestos that the council won’t own up to, much less take away. Attempts to entice people into private housing schemes by entering them in a draw for prizes that are never won; do not exist. There’s endless scams or deprivations to attend and Rome has mission-creep, as likely to campaign against the selling-off of eighteenth-century houses in Abington Park as to bellow abuse through a loudhailer when they bring in Yvette Cooper, housing minister, to launch the NEWLIFE towers flogged to a housing company by former councillor Jim Cockie just before he joins their board. And there’s always some new affront on the horizon. At the moment there’s moves to put Euro-dosh meant for the Boroughs into a big needle like the Express Lifts Tower, but on Black Lion Hill. Roman suspects that this is to facilitate backhanders from whichever company lands the deal. Rome plans to feign disinterest, let them think his eye is off the ball. They’ll set dates for a secret ballot, to vote the proposals through without constituents knowing that they’ve backed this clearly bad idea. Then, on the afternoon before, Rome will call in a favour from someone with council clout, get them to change it to an open ballot, lift the stone to shed light on the wriggling things beneath and make them vote against it if they want to keep their seats. It’s all a complicated business, but then he’s a complicated man.
Money continues to evolve — particularly after the remarkable events at a Northampton cornmill that Rome has related to a slack-jawed Alma not an hour ago. 1745 sees partly-printed notes from twenty to a thousand pounds. Fifty years later, after the Napoleonic Wars, the bank stops paying gold for notes in what’s called the Restriction Period. This is when Sheridan calls the bank “an elderly lady in the City”, which cartoonist Gilray artfully tarts up as “the Old Lady of Threadneedle Street”. In 1821 the gold standard’s reinstituted and endures in a robust condition up until the First World War. The part-handwritten papers are made legal tender for all sums over five pounds in 1833, becoming proper modern banknotes. Then in 1855 they go the whole hog with the notes completely printed. Britain finally leaves the gold standard in 1931, its currency now backed up by paper securities rather than bars of precious metal. By the middle of the twentieth century, as Roman sees it, we’ve a world economy relying more and more upon the logic of a huge casino, and we’re just about to see a wave of post-war innovation that will change the planet. When these new ideas impact on the money markets they create the preconditions for a scale of ruin never previously witnessed or imagined. Eddies in the cash flow deepen into whirlpools, maelstroms, and we have the makings of a catastrophic storm. As they say in the ’Sixties, it don’t take a weatherman.