I guess I should ask Tina Brown, who was inordinately fond of the expression. Maybe it was my balls she was putting “to” the wall? Anyway, it probably doesn’t matter what she meant. From a short history of idioms:
Many figurative expressions have literal origins, but few people stop to think about what they are. For example, the saying “it’s raining cats and dogs” apparently comes from a time when cats and dogs liked to hide in thatched roofs for warmth; when heavy rains fell, the animals would either fall through the roof or jump down in masses, according to etymologist and author Michael Quinion. It’s doubtful that Marvin Gaye knew the roots of his own lyrics, “I heard it through the grapevine”—a term that caught on in the mid-19th century in reference to the twisted vine-like wires of the telegraph and the jumbled messages that would result.
To be fair, it’s hard to believe there was once literal meaning to most phrases. It all seems so violent:
we’d be shooting ourselves in the foot, cutting off our noses, breaking each other’s legs for good luck, shooting messengers, and stabbing friends in the back. We’d be too hurt to dig our own literal graves. We’d be killing birds with stones, breaking camels’ backs, and beating dead horses. Dogs would be eating other dogs, cats would be getting skinned, and Mr Biden would be strangling Republicans. Maybe people would somehow lose their shit, but not before it hits the fan.
Alas, sometimes we think we know the root of a term but we are wrong. “Balls to the wall”, for example, is a term that refers to military pilots accelerating rapidly, thrusting the ball-shaped grip of the throttle lever to the panel firewall, thus gaining full speed. (Naturally Mr Borg was perplexed over this expression as well. “[Putting my balls on the wall] does not help me to do anything, except smell the wall,” he observed.
Another observation from Borg above.