But O O O O

 that Shakespearean Rag—
It's so elegant
So intelligent

But O O O O

 that Shakespearean Rag

The song change from Mysterious Rag to Shakepearean Rag, perhaps is re-mentioning The Tempest from above? It may mean that our life right now is like a drama, a song or maybe a tragedy, like most of Shakespeare play are.

It's so elegant
So intelligent

  “So intelligent”, “So elegant”, is without a doubt, mocking. I could very likely be that Eliot is mocking the society right now.Edit

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