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What I have called dream-displacement might equally be described as ‘a transvaluation of psychical values.’ I shall not have given an exhaustive estimate of this phenomenon, however, unless I add that this work of displacement or transvaluation is performed to a very varying degree in different dreams. There are dreams which come about almost without any displacement. These are the ones which make sense and are intelligible, such, for instance, as those which we have recognized as undisguised wishful dreams. On the other hand, there are dreams in which not a single piece of the dream-thoughts has retained its own psychical value, or in which everything that is essential in the dream-thoughts has been replaced by something trivial. And we can find a complete series of transitional cases between these two extremes. The more obscure and confused a dream appears to be, the greater the share in its construction which may be attributed to the factor of displacement.

Our specimen dream exhibits displacement to this extent at least, that its content seems to have a different centre from its dream-thoughts. In the foreground of the dream-content a prominent place is taken by a situation in which a woman seems to be making advances to me; while in the dream-thoughts the chief emphasis is laid on a wish for once to enjoy unselfish love, love which ‘costs nothing’ - an idea concealed behind the phrase about ‘beautiful eyes’ and the far-fetched allusion to ‘spinach.’

If we undo dream-displacement by means of analysis, we obtain what seems to be completely trustworthy information on two much-disputed problems concerning dreams: as to their instigators and as to their connection with waking life. There are dreams which immediately reveal their derivation from events of the day; there are others in which no trace of any such derivation is to be discovered. If we seek the help of analysis, we find that every dream without any possible exception goes back to an impression of the past few days, or, it is probably more correct to say, of the day immediately preceding the dream, of the dream-day.’ The impression which plays the part of dream-instigator may be such an important one that we feel no surprise at being concerned with it in the daytime, and in that case we rightly speak of the dream as carrying on with the significant interests of our waking life. As a rule, however, if a connection is to be found in the content of the dream with any impression of the previous day, that impression is so trivial, insignificant and unmemorable, that it is only with difficulty that we ourselves can recall it. And in such cases the content of the dream itself, even if it is connected and intelligible, seems to be concerned with the most indifferent trivialities, which would be unworthy of our interest if we were awake. A good deal of the contempt in which dreams are held is due to the preference thus shown in their content for what is indifferent and trivial.