Freddie and the Trojan Horse Lyrics
When your time comes it won't be pretty, no
You reap what you sow
You and your friends
The trojan horse you came in left a stench
A carcass in the trench
All of the workers that you led astray
Will make you pay
Oh Freddie, you should now
Can't punish people cause your hair won't grow
It's alright just let go
You waved a banner at our latest show
How so?
And why not the expected slander?
You made me feel like Zarah Leander

When The Radio Dept. plays this song live, singer Johan Duncanson always starts by saying "this song is about the government".
"Freddie" is a pseudonym for Fredrik Reinfeldt, the Swedish prime minister and leader of the swedish Moderate party. The trojan horse is, in this case, a synonym of how Reinfeldt made his way to win the 2006 years elections. He claimed the swedish Moderates to be the new "worker's party" and told everyone everything was going to be waaay much better than when the Social Democrats ruled the country. Obviously, as The Radio Dept. proclaims, it didn't really work out. But we already knew that, didn't we? The lyrics becomes pretty obvious when you know this.
I'm not sure of the Zarah Leander-thingy, though.
And:
"Can't punish people cause your hair won't grow" Fredrik Reinfeldt is bald.

This song has got to be the most politically outspoken song of The Radio Dept. Duncansson seem for the first time really pissed off and doesn't leave much out for speculation in his lyrics about our prime minister.
"You waved a banner at our latest show ...You made me feel like Zarah Leander"
Maybe this means that Freddy "waved their banner" or somehow let people know he liked their music, or just something else in general that they stand for.. (It actually seems likely to me by the way Fredrik acts in the media) And this makes them feel like Zara Leander felt when she was the favourite actor of the Nazis. I don't know how she felt but it's how i've percieved the song.
The trojan horse is (like liebling points out) a clear reference to how Fredrik Reinfeldt chose to "dress out" his political party to look like the new workers party that would put the interests of the working-class upfront. Which was just another dirty trick if you ask me. Although comparing him with the Nazis isn't really fair.

Zarah Leander (March 15, 1907 – June 23, 1981) was a Swedish actress and singer. She became particularly famous throughout the German speaking countries and Scandinavia for her powerful singing voice and moody romantic songs. She is also noted for having been the leading female star of Nazi-Germany's film industry.

I wish I knew what the lyrics meant; it's become my dearest favorite Radio Dept. song so far. The guitar rift is heartbreaking and his voice is so mellow... it just rolls through my head all day.
Falsity (trojan horse); gaining people's trust with lies & scapegoating/hurting other people (Hitler? Nazis?); revealed and bashed it at a Radio Dept show; and an anti-Nazi actress? Hmm...