It is 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 Hangin' 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 It is 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 Hangin' 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 If you believed in me