Beneath the Balcony Lyrics

Lyric discussion by paintsusgold 

Cover art for Beneath the Balcony lyrics by Iron & Wine

i'd just like to point out the crime and punishment reference, with the dream of the dying horse. so my guess is that it has something to do with guilt. all of these people are guilty, but they're looking for someone to blame, before they get what's coming to them (the king). so they're basically hiding from their guilt beneath the balcony.