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Over the course of the play, Edward admits that he cares for nothing but Gaveston, and when the nobles force him to sign a new banishment order, he tries to bribe them with lands and titles, desiring only to hold back "some nook or corner... to frolic with [his] dearest Gaveston." He is over-liberal in all of his gifts, not using them strategically to advance the state, but squandering them drunkenly. This lavishness and his constant reveling run the treasury dry, putting the entire country at risk, for he will not be able to conscript, feed, and arm a fighting force without money. Twice he acknowledges, using the same metaphor, that he'd rather England were overwhelmed by the sea than give up his minion; his carelessness nearly drowns his realm. Because of his behavior, honored peers and ambassadors have left his court, and his enemies in Scotland, France, Denmark, and Ireland have taken advantage of his weakness to make inroads into his territory.

Source(s)

Edward II: The Troublesome Reign and Lamentable End of Edward the Second, King of England, with the Tragical Fall of Proud Mortimer, BookRags