Waters' lyrics refer to his dead father, the loss of Britain's shipbuilding industry to Japan, and Margaret Thatcher, before moving on to "Your Possible Pasts", a rewritten version of one of the songs rejected for The Wall.
Watersov tekst odnosi se na njegova mrtva oca, poraz Velike Britanije od Japana u brodogradnji i Margaret Thatcher, sve dok ne počne "Your Possible Pasts", jedna od ponovno napisanih pjesama koje su izvorno bile odbačene tijekom snimanja The Walla.