A major goal of multimodal research is to improve machine understanding of images and text. Tasks include image captioning, text-to-image generation, and vision-language representation learning. So far, research has focused on the relationships between images and text. For example, captioning models attempt to understand the semantics of images which are then transformed into text. An important question is: which annotation reflects best a deep understanding of image content? Similarly, given a text, what is the best image that can present the semantics of the text? In this work, we argue that the best text or caption for a given image is the text which would generate the image which is the most similar to that image. Likewise, the best image for a given text is the image that results in the caption which is best aligned with the original text. To this end, we propose a unified framework that includes both a text-to-image generative model and an image-to-text generative model. Extensive experiments validate our approach.