Here the saying is taken from Shakespeare's "King Lear" (Act 5, scene 3). Initially, Edgar (the Earl of Gloucester's legitimate son and heir, and Lear's godson) says, "The dark and vicious place where thee he (Gloucester) got; Cost him his eyes." These words are easy to believe since Edgar is known to an honest man, incapable of seeing that others might not be, and is fond of his younger half-brother Edmund, whose advice he takes.

Edmund, who is present and hears Edgar, replies, "Th' hast spoken right, 'tis true. The wheel is come full circle, I am here."

The clear and recognizable idea is that the wheel of fortune has turned a complete circle: Gloucester's adulterous lust led to his losing his eyes. The punishment has come for Gloucester's sin. Also, Edmund's villainy, in the end, will result in him being brought low, rightly or wrongly. Edgar is an individual who is good enough to best Edmund in a fight.

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