Said it is only a paper moon

Sailing over a cardboard sea,

But it wouldn't be make believe

If you believed in me.

Say it is only a canvas sky

Hanging over a muslin tree,

But it wouldn't be make believe

If you believed in me.

Without your love,

It's a honky-tonk parade.

Without your love,

It's a melody played in a penny arcade.

It's a Barnum and Bailey world,

Just as phony as it can be,

But it wouldn't be make believe

If you believed in me.

(Interlude)

Without your love,

It's a honky-tonk parade.

Without your love,

It's a melody played in a penny arcade.

It's a Barnum and Bailey world

Just as phony as it can be,

But it wouldn't be make believe

If you believed in me.