It is not my claim that the ‘L¨ owenheim-Skolem paradox’ is an antinomy in formal logic; but I shall argue that it is an antinomy, or something close to it, in philosophy of language. Moreover, I shall argue that the resolution of the antinomy—the only resolution that I myself can see as making sense—has profound implications for the great metaphysical dispute about realism which has always been the central dispute in the philosophy of language.