The Ouroboros often symbolizes self-reflexivity or cyclicality, especially in the sense of something constantly re-creating itself, the eternal return, and other things such as the phoenix which operate in cycles that begin anew as soon as they end. It can also represent the idea of primordial unity related to something existing in or persisting from the beginning with such force or qualities it cannot be extinguished. While first emerging in Ancient Egypt, the Ouroboros has been important in religious and mythological symbolism, but has also been frequently used in alchemical illustrations, where it symbolizes the circular nature of the alchemist's opus. It is also often associated with Gnosticism, and Hermeticism. http://en.wikipedia.org/wiki/Ouroboros

I have never heard that particular phrase. However, do you think it might be similar to the 'cat that chases its own tail?'...which means running around a lot but never getting anywhere! Hope that helps