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This song is named after Roger Waters' father, Eric Fletcher Waters, who was killed in World War II when Roger was five months old. The song is about Waters' frustration with the leadership of the world since World War II, and him asking if this was what his father died for, that we might be just as well off with the Nazis ruling the world ("Now the final solution can be applied").
Waters' father died in 1944, and over the next few years, more and more men appeared in England as soldiers returned home. For Roger, it was especially difficult, as his father never appeared. Eric Waters' body was never recovered, so Roger and his mother lived with the faint hope that he would someday return.
This song is a lot like the ones on The Wall and could have been one of those that didn't make "the final cut" to that album. It has a similar sound, and mostly the same themes.
After The Final Cut, Waters left the band to pursue his solo career. (thanks, Bill - Erie, PA, for all above)
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