The speaker is a curious wanderer on a quest to determine the nature of the true poet. They are led on a journey to the Titan goddess of memory, Moneta, who gives them a vision of the fallen Titans. The speaker bemoans the anguished state of the Titans and comes to understand that they must partake in the suffering of humanity to address it and become a true poet.
Moneta is the Titan goddess of memory and she is distraught over the fall of the Titans. She challenges the speaker in their understanding of the nature of the true poet.