The first verse is obviuos as stated before, it’s about news cast paranoia, and by mentioning the lobsterbacks = British imperalists sets tone to the second one wich is sheer genius in my eyes;
"Shadow of the New Praetorian = Praetorian guard = US army
Tipping cows = suggesting IQ levels among the the new praetorians/the guard of the new empire/USA is on cow tipping level, the majority of servicemen comes from rural areas in the US.
in fields Elysian = The fields of paradise = earth/the world

the rest of the verse is harder for me to interprete though…
Saturnalia for all you have
The seven habits of the highly infected calve

Claiming that Neil Fallon doesn’t mean anything with what he writes is an insult to him and those of us who hail Clutch for the fantastic lyrics. There are Clutch songs though were he just "paints with words" but Burning Beard defenitely contains some kind of message.