Fantastic literature, from Homer to Le Guin, can give us that sense that the stakes are high; a literary work, even though obviously dealing with imaginary persons, locales, events, may invite our attention as life-experience invites it. Frodo’s struggle with the growing power of the Ring doesn’t strike us as just a cool fantasy idea but as something partaking of the real world, and yet we remain deeply enjoying the reading of a literary fantasy as a fantasy.
I’m suggesting that Borges doesn’t give us the sense that the stakes are high. We are amused by his very great literary charm — and oh boy, is he ever a charmer! He knows it, too. But do we feel that the stakes are high? Does he not, rather, charm us, amuse us, but no more —as a rule?