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, 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 & Bailey world
Just as phony as it can be
But it wouldn't be make-believe if you believed in me

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, 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 & Bailey world
Just as phony as it can be
But it wouldn't be make-believe if you believed in me

It's phony it's plain to see
How happy I would be
If you believed in me