Here are the English lyrics, the German and a German parody. I think the German text on the last line of the parody should be "noch eins" (once again). "Wie einst" from the original German song means "Like it was once upon a time." Sometimes, German can be very concise - but not usually.

But the song Ferrara is talking about is an answer to the original song. Anybody got the lyrics?
-Joe Offer-