Lyric discussion by sire316 

Cover art for E.T.I. lyrics by Blue Öyster Cult

Last verse should probably read:

Dead leaves always give up motion I no longer feel emotion Where prophecy fails, the foreign notion "Don't report this, Agents of Fortune"

"King In Yellow" probably refers to the collection of gothic horror stories by Robert Chambers featuring the malevolent and supernatural King In Yellow. Then I'd guess "Queen in Red" is a reference to Alice's Adventures Through The Looking Glass.

"Books by the blameless and by the dead"...Seems like they were tying fictional stories and mythological beings together with the story of Jesus and the Ascension, to make a point about myth and religion. Which is to say, one man's myth is another's religion.

Further, if there are ETs out there, maybe Jesus really did rise from the dead, because he was an alien. This story of Balthazar also seems like his discovery of the truth about Jesus.

My Interpretation

I think Balthazar is in reference to Balthazar, in Shakespeare's Romeo and Juliet He is the Romeo's manservant and is the one who tells Romeo the bad news or as the song says "the awful truth" Romeo and Juliet is also mentioned in Don't Fear The Reaper