OK, so TO ME, the way the lyrics of this song match up with the video (all shot in a single frame) are just incredible.
Notice that he says, "Ima make a bad wolf," then "..Ima Ima bad wolf," then into, "...Ima make a bad wolf Ima Ima"
So, I think he's basically saying he's creating his own monster. How? Because he has this voice inside of him that is calling to action - calling to be different - and sometimes he makes mistakes when pursuing the unseen excitement in our lives that we all strive for!
I think it could also be about a relationship and the voice down below that makes you question everything.. basically saying, it's not you, it's me.
If you watch the video, the camera zooms across a line of people, and there is sporadic dancing by some people - I think this represents the sporadic way life can effect us.