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R.E.M. – It's the End of the World as We Know It Lyrics 20 years ago
This song is written about a policy debate tournament. The line "it's the end of the world as we know it" refers to the habit of high school and college debaters to claim that any course of action agree upon in the debate round will lead to nuclear war or some other catastrophe that will cause the end of the world. The "and I feel fine" reflects that everyone realizes that this is just an extra curricular activity that doesn't really matter.

The line "listen to yourself churn" is another slang word for spewing, the act of debaters reading and making their arguments as quickly as possible to keep within the time limit.
The line "world serves its own needs, dummy serve your own needs" reflects the attitude of debaters, especially high school debaters who will argue anything, even slightly morally reprehensible arguments if these arguments serve their purpose.

The "team by team" line also refers to the debate teams.

The most obvious reference to a debate tournament if the line "A tournament, a tournament, a tournament of lies", cause thst's all debate tourny's really are.

Admittedly there are some non-debate references in there, but considering that Michael Stipe debated, the song makes sense when looked at in this context.

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