Lyric discussion by philipriv 

First Stanza - Essentially, a brief insight into the final conversation between the wronged man and the woman who must leave him for what she's done.

Second Stanza - The narrarter is speaking to the man, telling him life will go on. Though he can't depend on the woman, at least nature is reliable ("see the moonlight shining, on your window pane, see it leave you, as faithful as it came"). The narrater tells the man to either solve the problem or move; he chooses to do the latter.

Third Stanza - It is broken up into to parts. In the first section, the narrater is speaking to the woman who broke the man's heart. The narrater questions how she could be so cruel to such a loyal man.

Then in the second part of the stanza, with the line, "coals are hot to walk..." the narration shifts towards both parties in my opinion. The narrater says, "coals are hot to walk across without your shoes, but in the end know that you got nothin to lose." I believe this serves as advice to both parties that life alone may be difficult, but its really all there is left. To the woman: she has nothing to lose as clearly she did not care for the man and will not be as bothered that they parted ways. To the man: he did was necessary and disposed of the woman who was his world, he's lost it all.

Kind of a boring and systematic way at breaking down such a beautiful song, but I thought I might as well post my opinion.

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