Now, I know this wasn't meant to have this connotation, but after it was used as the theme music to 'The Nazis: A warning From History', that is what I think of when I hear this - It just exudes evil, even at the cheery bits as you know that the 'haves' were living in a make believe world whilst the 'have nots' were living in hell.
I seem to have great difficulty in finding a version of this where the sound quality is really good, especially when it comes to the voices and that hard edged sound they make at times, such as at 3.00 - The recording I have, it is like an ICY BLAST, making it even more sinister, but, on the ones I see on Youtube, including this version, they don't do that, short of you turning the volume right up, so the effect is lost. I will post this anyway:
View: http://youtu.be/l6zpVsGbvNo