I'm not sure what this song is about, but it references songs by both George Harrison and John Lennon, close friends of Ringo who were both dead, George recently, at the time. Of course, one of John Lennon's most popular songs was Instant Karma, which he references in the line "It's like Instant Karma, you've been there before,". In George's 1979 song Blow Away he says "Hard to remember what a state I was in. Instant amnesia, yang to the yin.". Instant Amnesia was the B side to Never Without You, a tribute song to George Harrison, Starr's recently deceased best friend. Throughout the song Ringo mentions songs written and performed by George Harrison, Within You Without You, Here Comes The Sun, All Things Must Pass, What Is Life, and I Dig Love. They were both released soon after George's death, so it's likely Instant Amnesia is about him.