He has the power to stop the flow of life,
To hold the pulse with the wave of a hand
And resume in stop and go the motion,
Humanity in suspended animation.
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I like your perspective, it's being allowed to create anything from your imagination. The traffic light attempts to inject order into the chaos of a busy day. We obey the traffic light and if we don't, we suffer the consequences. Your eye is like the traffic light or a camera and in your poetry words are the consequence.
Interesting! ... I would change the title though (so as not to give it away right from the beginning) with maybe 'Between Stop and Go'....and use the title as the ending of your poem: What grand power is this In the hands of one so mortal? Suspending life as he pleased This God of the intersection