In the Land of the Pig, the Butcher Is King Lyrics

Lyric discussion by underture 

Cover art for In the Land of the Pig, the Butcher Is King lyrics by Meat Loaf

This song was actually written for the aborted Batman musical (as in the Caped Crusader, not a play on words referring to a Bat Out of Hell musical, which Steinman is currently at work on). The demo is available on Jim Steinman's website.

taken from the Batman Musical tribute site: JIM STEINMAN: "... "PIG" is written to be the song of the corrupt bloodsuckers who run GOTHAM CITY, and stare down from their chrome towers that disembowel the sky, pollutants raining down like a thick clotted rain of decay. Its meant to be comically grotesquely frightening."

So basically your assumptions of corrupt priests and other officials are along the right lines. The 'Butchers' are the high-profiled criminals and killers of Gotham, and the 'Pigs' are the average law-abiding citizens.