Lyric discussion by horafide 

I think the two verses in the song are two separate illustrations of what it means to be "fearless"

Clearly the first verse is about taking on seemingly impossible tasks and the nay-sayers that come with it, and fearlessly rising to the challenge.

The first time I heard this song (~15 years ago), I pictured the magistrate as some political figure - a court official, a judge, or similar. I believe the fool is being unjustly hanged to death. The magistrate's intention is to strike fear in the heart of the fool and the people watching - thus, solidifying his position of great authority. Somehow the fool manages to smile because he knows he is the righteous one. This empowers the people in the crowd and belittles the magistrate. Now the fool is the one with the REAL power "the fool who wears the crown".

"Rising above the fear-lines" is when the rope is pulled tight, pulling the fool up by his neck, and he hears the crowd's uprising as he "goes down in his own way" (the situation obviously didn't go the way the magistrate wanted it to).

It has some similarities to Christ theory, but I think it's more Floydian to mock political authority than it is to draw reference to Christianity. Dying without fear is the ultimate illustration of fearlessness.

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