I think the song's original inspiration was the Solidarity movement in Poland, but this being a U2 song there's more to it than that. There's a strong apocalyptic element to the whole affair. (Remember all the trepidation we experienced leading up to New Year's Y2K? Remember how silly we all felt when nothing happened?)
I think the "you" in the song is God and the singer is impatient to be with Him again. The bit about "arms entwine the chosen few" could refer to the Christian idea of the Rapture, in which at the end of the world the righteous are translated from earth to the presence of God in heaven.
The singer continues to wait for that new beginning, but God hasn't yet brought it about, so he is left in this world where "gold is the reason for the wars we wage." This element of waiting (im)patiently for God to regenerate humanity and bring peace (Though torn in two/We can be one) appears throughout the War album (e.g. "Sunday Bloody Sunday", "Drowning Man", "40") and throughout U2's entire catalog. Yes, it's also a love song, but it becomes much more powerful when the lover is God.
