You say it's only a paper moon
Sailing over a cardboard sea
But it wouldn't be make believe if you believed in me
Yes, its 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

You say its only a paper moon
Sailing over a cardboard sea
But it wouldn't be make believe if you believed in me
Yes, its 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
But it wouldn't be make-believe, -believe if you believed in me