Theomg_95 seems to have it right. Sometimes people are blinded by the credit they get when they really aren't living up to what the people giving them credit believe. Eventually the truth comes out and the person receiving credit loses their denial and sees their true self, but more importantly the people behind them also see this; they lose their resources and love from these people. And perceive they have nothing. The last verse, "I know Saint Peter will call my name..." seems to mean that this person sees their true destiny after repenting for their deceitful life. I would say this allegory is true to real life for many people. In various ways. Coldplay members who wrote this song (or someone else?) may have these feelings of their own or have seen this concept within people they know or observations of life in general.