This is probably about insanity, something the band was quite familiar with. Ex-singer/guitarist Syd Barrett's experiments with hallucinogens caused his unfortunate fall in the late '60s.
Many people consider this and "Eclipse" one song because they run seamlessly together at the end of the monumental album, The Dark Side of the Moon. Radio stations usually play them together.
The line, "You raise the blade, you make the change" is a reference to frontal lobotomies.
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