Lyric discussion by RayCee 

The song has three parts to it. My take is:

1) The sadness the captive Jews felt when reflecting on the desolation of Zion (Jerusalem).

2) The Babylonian captors mocking them by requesting they sing a song which back then would have a been a song of praise to their God. The captors would have felt their gods gave them victory but the Jew's God had failed in protecting them.

2) The captive Jews felt they couldn't sing such a song in view of their circumstances.

3) They then appeal to God, asking that he see their plight and accept their prayers and thoughts as acceptable to him. In this they must hope he will turn his attention to them and deliver them.

The Bible makes it clear that the Jews being overrun by the Babylonian armies was due to their corrupted worship, not God's inability to defend his people. Point three reflects they understood that and sought forgiveness reconciliation.

The Rastafarian movement probably applied it to themselves as some sort of prophecy of restoration to Africa.

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