A white elephant symbolizes something no one wants
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The person who said this is A. St George.
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He was talking to a woman in the book St. George and the Dragon.
The statue and the imagery symbolize the fact that no matter how powerful you are you cannot fight against the passage of time.
He says that 'My name is Ozymandias, king of kings:
Look on my works, ye Mighty, and despair!'
But we see that the statue is broken and the land is barren.
