At this point in the album, protagonist Pink has lost hope ("You cannot reach me now") and his thinking has decayed, bringing to mind the "worms".
In his hallucination, he is a fascist dictator, fomenting racist outrage and violence, as begun in the preceding song, "Run Like Hell".
The song is a slow, leaden march in G Major, begun with David Gilmour and Roger Waters alternating calm and strident voices, respectively.
Waters takes over with an extended vamp on A minor, musically similar to the album's earlier "The Happiest Days of Our Lives".
Through a megaphone, he barks forceful invectives ("Waiting to put on a black shirt ... for the queens and the coons and the Reds and the Jews").
", a dog biting meat off a hook then consumed by a larger one (from the Animals tour), and the famous goose-stepping hammer sequence, Pink is seen yelling "Stop".
The song would build up until the lights extinguish in preparation to introduce the "Pink puppet" that sings "Stop".