Lyric discussion by dokdoforever 

I think it's a great song. It seems that the original meaning in the movie is about how many other nations don't enjoy the freedoms that Americans do. But I think that a couple of other meanings have emerged. Bowie plays the song to a British crowd in 2000 - check youtube - and there it seems to have the meaning of "we're British, not American." Another youtube video also used the song to spread a progressive message - that the George W administration did not represent America.

Part of the lyrics seem refer to a dying dream, (the American dream?) to promise unfulfilled - "this could be the biggest sky." But instead, the clouds will be bloody tomorrow. So, although it doesn't fit the movie script, the critique of America seems like a main theme.

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