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Leonard Cohen – By the Rivers Dark Lyrics 13 years ago
I would also like to indicate that the line "be the truth unsaid and the blessing gone / if I forget my Babylon" is almost the same like the Jewish prayer "If I forget thee, O Jerusalem, let my right hand wither" (Psalms, 137:5). This line is cited in so many Jewish rituals (including weddings!) to remind of the longing to Jerusalem (after the Babylonian exile).
I believe this is the peak of the song. Leonard Cohen, knowing how important this line is in Jewish tradition, twisted it so it refers to Babylon instead of Jerusalem, and thus strikes the listener who knows this prayer (which again is very prominent in Jewish tradition) with great astonishment - the act of betrayal has been completed! The singer pledges allegiance to BABYLON, not Jerusalem!
For me, this is a very strong line.

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Leonard Cohen – Hey, That's No Way to Say Goodbye Lyrics 14 years ago
If someone had broken up with me like THAT, surely things could have been better...

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Leonard Cohen – Hey, That's No Way to Say Goodbye Lyrics 14 years ago
I think "your eyes are soft with sorrow" may also be a biblical reference (like LC usually does in his songs and poems). It was Leah wife of Jacob who was described in the bible as having "soft eyes" (Genesis 29:17). All along the biblical story Leah is full with sorrow that Jacob does not love her, as a husband should love his wife, but rather her sister Rachel. What do you think?

Other than that, I think this song clearly talks about a break-up, where the person breaking up tries to keep it a nice goodbye, because love is still there, he still cares for her, but it's just not the love it's used to be anymore ("changes like the shoreline and the sea") and not the "right" one for a romantic relationship.

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