The song is about Waters' frustration with the leadership of the world since World War II,[5] mentioning many world leaders by name (Ronald Reagan, Alexander Haig, Menachem Begin, Margaret Thatcher, Ian Paisley, Leonid Brezhnev, Joseph McCarthy and Richard Nixon), suggesting that these "colonial wasters of life and limb" be segregated into a specially-founded retirement home. It labels all the world leaders as "overgrown infants" and "incurable tyrants" and suggests they are incapable of understanding anything other than violence or their own faces on a television screen.[6]
In its concluding lines, the narrator of the song gathers all of the "tyrants" inside the Fletcher Memorial Home and imagines applying "the Final Solution" to them.[6]
Fletcher in the name of the song is in honour and remembrance of Roger Waters' father, Eric Fletcher Waters, who was killed during the Second World War at Anzio.[5]