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Line. 46-49: His trust was.....all his fear.
These lines are a description of Moloch, as he rose to give his advice to the assembly of the rebel angels in Pandemonium. Moloch was the fiercest spirit that fell from Heaven. His ambition was to be regarded as equal in might with God, and as far as he was concerned he was fully confident that he was. He cared not to be regarded as less mighty than God and rather than be so, he preferred not to exist at all. Because his conceit was so great, he feared not God at all.
The great conceit of Moloch, and his absolute recklessness are revealed in this passage. Milton here explains why Moloch was so fierce a spirit.