In this poignant ballad, the lyricist navigates through the tumultuous waves of a failed relationship, yearning for reconciliation and peace. The recurring wish for a 'treaty' symbolizes a desperate longing to mend the emotional rifts that have grown between him and his partner. Through vivid metaphors such as changing water into wine then back to water, Cohen expresses the fluctuating dynamics of love - its transformative power and its ability to revert back to its original state. The reference to 'Jubilee', a biblical term signifying liberation from debts and bondage, suggests an ironic freedom gained through loss. The song culminates with the poignant realization that in their quest for love, they've lost their authentic selves, underlining the destructive potential of unbalanced relationships.
