The text below the image reads:

Look at this strange beast, a wolf clad in churchly dress, rampaging among the sheep; a red hat [i.e., a cardinal's hat] runs after it, there is the wolf's cousin. Beware, you sheep, run not away from him who hangs on the cross. Let this wolf run his course, he will sell a kingdom in hell. He has eaten many a sheep, and is to be accounted as equal to Satan. The shepherds have become wolves. They are not content to shear the sheep. The flock that they should shepherd is scattered, strangled by false doctrine. This greatly saddens my heart, as I see the great harm visited upon Christendom by pope, cardinal and bishop. Ezekiel has prophesied of this. Thus I preach and teach and write, even at the cost of my life.