(Harold Arlen/E.Y. "Yip" Harburg/Billy Rose)
It's only a paper moon
Hanging over a cardboard sea
But it wouldn't be make-believe
If you believed in me
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