S2:1 and 2 make the most sense to me if Ed is terrified of mutiny.
He came back in s1 to find the crew just hoisting Izzy over the rail. He knows they turned on Izzy. He expects them to want to kill Izzy in s2 ep1, after he shoots him. When he realizes they haven't, that's when his downward spiral really begins. Because now he expects them to turn on him instead.
Because Izzy had been saying for years that Ed couldn’t handle a crew. He said he was the one who managed them whenever they wanted to mutiny; he was the one who wrangled their loyalty. He said Ed never won it. He might have even believed it. (Never mind that we don’t see Izzy wrangle them, we see Izzy tell Fang and Ivan that Ed's nuts. Ed doesn't know that.) Izzy insists they don't love Ed. And after Ed says he’ll give up piracy Izzy says that he doesn't want Ed either; that he only serves Blackbeard.
And after Ed heard Izzy, who's always told Ed he can't trust himself, he's too erratic, too distractible, he'd lose a crew the minute he lost Izzy -- after Ed heard Izzy tell him to watch his step, he is desperate to keep Izzy controlled, so Izzy can keep the crew controlled. He listened to them chant his name in 1:9 and looked afraid. The last time Ed had sent Izzy off, he'd returned with the Navy; he can't send him off for threatening him; he has to keep Izzy close. And he can't tell the crew Izzy threatened him; he has to keep him standing between Ed and the crew.
(And Ed has spent his whole life keeping hard, dangerous men off his back. It feels terribly familiar. It feels like this is just how life is.)
So in s2:2, when Izzy tells him the crew isn't happy, that he isn’t happy either, and it's because Ed loves Stede, Ed despairs. Ed thinks, I can't stop loving him. If that's what it would take, I'm never going to be good enough for Izzy. He isn’t keeping the crew happy. I can’t keep him happy. And I can't fire him. Why am I keeping him around? It can’t be worse than it is. They wanted to kill him; I should let them.
But then they won't do it. He asks Frenchie to, and says in near tears that they can just sail on together forever, fighting and looting, and Frenchie doesn't argue. He doesn't say that isn't what they want from Ed. He agrees; and then Frenchie and the rest save Izzy.
What that really means is that Frenchie is too scared of Ed to ask him what went wrong, why he came back without Stede and cast off half the crew and went wild. He doesn’t know Ed doesn’t want to be doing this. And he doesn’t choose Izzy over Ed; he isn’t trying to betray Ed. He’s just too loyal to his crewmates to kill one, even a dick.
But what Ed sees is: they all chose Izzy over me. I have no one’s loyalty. And nothing I do to keep them happy will ever be enough, and now I don't even have him covering my ass.
That's when Ed goes from depressed and drugged but functioning to fully begging someone to kill him; and on a rewatch, I really believe he's been afraid of it all along, waiting for the moment he forgets to watch his step and Izzy makes good his word, or the moment Izzy can't hold the crew off any more and they go after him again.
Ed thinks that's just how life at sea is, and that's how things are for people like him. He thought differently, once, but the only man who ever said he deserved better left him on a dock, so why wait for the others to give him the death they want to? Why not invite them to?
He asks Izzy to kill him, stop putting it off, but Izzy can't follow through on his threat. So Ed pushes the rest to do it. He’s sure they want to (the atmosphere on this ship is fucked!), that without Izzy between him and them he's done for and it might as well be now.
He has no idea they'd have been there for him if he'd asked. He no longer believes they really wanted the soft version of him who'd showed up on deck once upon a time. He thinks that version and every version of him was doomed, because there's something fundamentally wrong with him. He's soft, and people like him don't get to be.
So yeah -- I think if Izzy hadn't made him frightened of mutiny for years, then Ed would not have tried to get the crew to kill him; he wouldn't have been waiting for it. He wasn’t just suicidal because Stede was gone. He had been trained to be afraid, and he was so tired of it. He had been exhausted trying to be captain for so long; he would have willingly surrendered it, the way he tried to -- "Why are we even being pirates?" And he would have seen that he was loved.
But instead he was scared and tired to the bone. So he gives up. And it's not till Stede shows up to protect him that he feels he is safe enough to be soft again, to try and make amends and to do what he wants; and it's not till Izzy tells him at the end that he was holding Ed back and that the others have always loved him that Ed realizes he's never been alone, not on that ship. He didn’t have to be the legend Izzy demanded, or even the softer pirate Stede is. He can decide to be a fisherman, or an innkeeper, or just Ed, and he will be loved. There's always been people there who would want him, whoever he wanted to be, if he could have seen it.
Now he can see it.
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