Reagan, holding a teddy bear, kisses the chimp goodnight, falls asleep and begins to have a nightmare, which sets the premise for the entire video.

The video intermittently features a line of feet in combat boots marching through a swamp past the heads of Cold War-era political figures including François Mitterrand, Margaret Thatcher, Ferdinand Marcos, and Henry Kissinger.

Caricatured versions of the band members are shown playing instruments on stage during a concert: Tony Banks on an array of synthesizers (as well as a cash register full of cookies), Mike Rutherford on a four-necked guitar, and two Phil Collins puppets: one on the drums, and one singing.

Meanwhile, the "real world" Reagan is shown exhaling in a large pool of his own sweat (at one point, a rubber duck floats by), as Nancy and the chimp look out the window.

During the bridge, the Superman-costumed Reagan and a dinosaur resembling a ceratopsid watch a television showing various clips including Ed McMahon and Johnny Carson, Walter Cronkite, Richard Nixon, Mr. Spock (with a Rubik's Cube), and Bob Hope (reading out from cue cards).

This segues into a sequence set in prehistoric times, where the ceratopsid from earlier and a large theropod wearing a bow tie meet with Ronald and Nancy Reagan, as a bizarre, pig-nosed mammal eats an egg and reads a newspaper, and Sylvester Stallone as Rambo standing in the background.

On the verse "we're not just making promises", the bone finally lands on top of David Bowie and Bob Dylan, barely missing Mick Jagger.

The caricatured benefit recordings show a large group of spoofed celebrity and leader puppets, including Bruce Springsteen, Tina Turner, Sting, Cliff Richard, Bette Midler, Michael Jackson, Madonna (with a second mouth in place of her navel), Bill Cosby, Queen Elizabeth II, Paul McCartney, Ringo Starr, Princess Diana and Hulk Hogan singing along to the chorus of the song, with Pope John Paul II playing an electric guitar.

[35] The American heavy metal band Disturbed released a cover of the song on their third studio album, Ten Thousand Fists (2005).

It then shows military forces bearing the symbol of a dollar sign[38] within a circle of white within a field of red, followed by legions of black-clad soldiers reminiscent of Adolf Hitler's Schutzstaffel (SS).

Later on, leaders of various nations of the world (bearing close physical resemblance to George W. Bush, Vladimir Putin, Jacques Chirac, Junichiro Koizumi and Tony Blair) are shown sitting at a table with the same dollar sign on it.

The Guy then leads the angry mob into a back room where they confront the real power behind the throne, a gigantic, bloated Fat Cat.