Lyric discussion by Worsebrains 

Cover art for Bullet lyrics by Frank Black and the Catholics

It's a father addressing his son. It's clear that the old man isn't all there. His delusions are a mix of Norse mythology, aliens, and imminent violent revolution. Seems as though the guy knows he won't be able to make it, so he's going to commit suicide and pass the mantle on to his son. This is a very very dark song about mental illness. One can only wonder what the boy must have been going through.