In the chorus he is also implying that not uttering an honest word, wasn't only what he used to be like but was also what made him 'rule the world'. His 'dishonesty' was the source of his power and the source of his downfall. That's why later he wonders 'who would ever want to be king? '. Cause to 'rule' he would have to 'lie' and by lying he would eventually lose everything. The bells, cavalry and saint peter, are just there to show that he's facing judgement (maybe as his life near it's end) of what he was and he hopes, although he believes he doesn't deserve it, to be saved. And it seems for some unexplainable reason he will be. Even for realizing what he did wrong.

It's about a person who used to have everything, people loved him, he was rich and influential, but because of his arrogance the foundations crumbled and he lost it all. In the chorus he makes a plea to someone to 'be mirror, my sword, my shield', to show him his true self, to fight for him and protect him. He knows he wasted his life, that's why he doesn't hope for 'entry to heaven', but concludes by saying that when he 'ruled the world' he was never truthful but now he is, he was humbled and he wants to change. And that's why by the end of the song, which is mostly a confession and asking to be forgiven, for some reason he can't explain saint peter will call his name. This is all symbolic of course it's about loss, it's about asking for forgiveness for past mistakes and hoping for a better future. It certainly isn't about the crusades, the french revolution and monarchy in general.