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 it's 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