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Nick Cave and the Bad Seeds – Straight to You Lyrics 17 years ago
To me this seems to be about his drugs addiction.

The moment when the highs are not so great anymore and the lows are worse and worse. But still he has been captured and keeps going back.
The second verse describes this perfectly:
"Gone are the days of Rainbows"
"For the sea (the low) will swallow up the mountains (the high)"

The recurring sentence "one more time" seems also an obvious pointer towards addiction.

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