[Intro]
"Noll... ett, två, tre"

[Verse 1]
He stands towering over me beside my bed
Losing his head
Tells me I must take him seriously
Droning on, the usual way, he's such a clever guy
Then I wonder, should I laugh or cry?

[Verse 2]
He's dressed in the striped pyjamas that I bought
Trousers too short
Gives me of his small philosophy
Carries on the way he does, and me I get so tired
And I wonder, should I laugh or cry?

[Chorus]
High and mighty his banner flies
A fool's pride in his eyes
Standing there on his toes to grow in size (All I see is...)
All I see is a big balloon
Halfway up to the moon
He's wrapped up in the warm and safe cocoon
Of an eternal lie
So should I laugh or cry?
[Verse 3]
Strange how dangerously indifferent I have grown
Cold as a stone
No more pain where there was pain before
Far away he rambles on, I feel my throat go dry
And I wonder, should I laugh or cry?

[Chorus]
High and mighty his banner flies
A fool's pride in his eyes
Standing there on his toes to grow in size (All I see is...)
All I see is a big balloon
Halfway up to the moon
He's wrapped up in the warm and safe cocoon
Of an eternal lie
So should I laugh or cry?