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Placebo – Peeping Tom Lyrics 18 years ago
I think EmilyTheStrange analysis is almost perfect :)

Brian said once:

"It's about voyeurism. It's about being a peeping tom. I try in the song to place you inside the head and make you feel the emotions of this voyeur and try and make you feel sympathetic because the only ray of light in this person's life is spying on this one particular person."

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