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Popularized by the recording group Brand New, the term "degausser" refers to a device that degausses, or removes the magnetic field from an item. The term can be broken down for better clarity:

Gauss - a unit of measure of magnetic field intensity

to degauss - to remove magnetism an item

degausser - device that removes magnetism from said item

In the song with the same title, degausser is used in a metaphorical sense to describe a person that steals another's magnetic field, rendering him or her useless.
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