Lyric discussion by this_is_revolution 

Cover art for The Saga lyrics by Libertines, The

this kind of seems like a different version of the sentiment in babyshambles' la belle et la bete it's about coming to terms with your issues (namely drugs) and realizing that your digging yourself into a hole and then needing drugs even more to escape from the shit-heap reality because "the truth's too hard to comprehend"

and realizing that you let down everyone who was really on your side so your only 'friends' either don't know any better or want to use you