Lyric discussion by Wintermut3 

It's definitely about D/s, pretty standard really. A little conventional, but I'm certain from some subtler expressions (in "Pain that I'm Used to," "Mercy in You," "Behind the Wheel," ect.) that the songwriter is a submissive, he usually just doesn't come out and say it this blatantly.

It's actually a pretty good explanation, though I like "Pain that I'm Used to" better.

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