To me, this song is about depression. The wolf is depression, and the point of view belongs to a close friend of someone with depression. When you're depressed, you feel that you don't deserve to be loved by anyone. They "slip your mind". Depression starts with thinking that "you have been found wanting" and then creeps slowly, "closer every night".
This friend realized that the only thing that keeps the "wolf" at bay is actually connecting with the depressed person, supporting him/her and making sure they know how important s/he is.
To me, this song is about depression. The wolf is depression, and the point of view belongs to a close friend of someone with depression. When you're depressed, you feel that you don't deserve to be loved by anyone. They "slip your mind". Depression starts with thinking that "you have been found wanting" and then creeps slowly, "closer every night".
This friend realized that the only thing that keeps the "wolf" at bay is actually connecting with the depressed person, supporting him/her and making sure they know how important s/he is.