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At the heart of The Lord of the Rings are the assertions which Gandalf makes in Book 1/2, his long conversation with Frodo. If they are not accepted, then the whole point of the story collapses. And these assertions are in essence three. First, Gandalf says that the Ring is immensely powerful, in the right or the wrong hands. If Sauron regains it, then he will be invincible at least for the foreseeable future: ‘If he recovers it, then he will command [all the other Rings of Power] again, even the Three [held by the elves], and all that has been wrought with them will be laid bare, and he will be stronger than ever.’ Second, though, Gandalf insists that the Ring is deadly dangerous to all its possessors: it will take them over, ‘devour’ them, ‘possess’ them. The process may be long or short, depending on how ‘strong or well-meaning’ the possessor may be, but ‘neither strength nor good purpose will last – sooner or later the dark power will devour him’. Furthermore this will not be just a physical take-over. The Ring turns everything to evil, including its wearers. There is no one who can be trusted to use it, even in the right hands, for good purposes: there are no right hands, and all good purposes will turn bad if reached through the Ring. Elrond repeats this assertion later on, ‘I will not take the Ring’, as does Galadriel, ‘I will diminish, and go into the West, and remain Galadriel’. But finally, and this third point is one which Gandalf has to re-emphasize strongly and against opposition in ‘The Council of Elrond’, the Ring cannot simply be left unused, put aside, thrown away: it has to be destroyed, and the only place where it can be destroyed is the place of its fabrication, Orodruin, the Cracks of Doom.
These assertions determine the story. It becomes, as has often been noted,
not a quest but an anti-quest, whose goal is not to find or regain something but to reject and destroy something.
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Tom Shippey (J.R.R. Tolkien: Author of the Century)