Cate Blanchett and Alec Baldwin in Blue Jasmine.

There was a time when Woody Allen was consistently making the best movies in the business—and Blue Jasmine is that return to form that some of us Allen fans have been waiting for, thanks in large part to a phenomenal central performance by Cate Blanchett.

Blanchett—sure to nab an Oscar nomination here—plays Jasmine, the wife of a Bernie Madoff-type financier (Alec Baldwin) who must relocate from New York to San Francisco after she is financially ruined and emotionally destroyed. She gulps martinis, criticizes her helpful sister, Ginger (Sally Hawkins), and, quite frighteningly, is prone to bouts of talking to herself.

Allen finds the dark humor in the story, and employs a supporting cast that includes Bobby Cannavale, Louis C.K. and, most astonishingly, Andrew Dice Clay, who, doggone it, delivers one amazing performance as Ginger’s financially destroyed ex-husband, Augie.

Above and beyond the humor, Allen makes his film a parable about how some deeds are irredeemable, and some folks are simply doomed. It’s as bittersweet as any movie you will see this year—or any year, for that matter.

As far as the Allen film canon goes, this is in the Top 5. It’s one of those films where everything comes together perfectly, with Blanchett at its powerful center.

Blue Jasmine is playing at theaters across the valley.