This song has a reoccurring simile that is comparing drug addiction to a twisted magic show, playing with and contrasting the concepts of tragedy and magic. He's saying that addiction is blind - victims see only its magic and not its tragedy. "The children" and "the crowd" in this song are just metaphors for his consciousness. When he's under the influence of these drugs, he's both excited and "loving the show" but also frightened as he realises how oblivious he's been about the anguish the drugs have brought upon him. "Fail to see the tragic, turn it into magic" is describing the problem of a relationship between a creative mind and a harmful drug. "We all know the hat is wearing me" refers to the control his addiction has upon him.
This song has a reoccurring simile that is comparing drug addiction to a twisted magic show, playing with and contrasting the concepts of tragedy and magic. He's saying that addiction is blind - victims see only its magic and not its tragedy. "The children" and "the crowd" in this song are just metaphors for his consciousness. When he's under the influence of these drugs, he's both excited and "loving the show" but also frightened as he realises how oblivious he's been about the anguish the drugs have brought upon him. "Fail to see the tragic, turn it into magic" is describing the problem of a relationship between a creative mind and a harmful drug. "We all know the hat is wearing me" refers to the control his addiction has upon him.