Lyric discussion by Fradgenous 

Cover art for Black Swan lyrics by Sunset Rubdown

I think this song is about being brave and taking risks in order to feel something. It's that ol' "heart on your sleeve" thing. Not necessarily willing to be hurt or accepting that that's a risk, it's actually going out of your way to do it. Dude goes into a room, disrobes like, "Take all of me. I'm showing myself!" and is let down when it's not really a ghost after all and is just "made out of paper and glue".

Also, "my heart is a kingdom where the king is a heart. my heart is king...king of hearts." There's definitely a double meaning. He's ruled by his heart which leads to the risk taking behavior which is exemplified by the metaphor for a card in a stack of cards that people use to gamble - king of hearts.

Also, synonymous with the whole album, this song too is about growing older...leaving the past behind. "Passing the baton to from the old mare to the fawn" (silver moons). He knows this disposition of going with his heart in this way can be seen as immature and that he needs time to mature. Or even that his heart itself is immature. In the first stanza, he says the black swan "was appointed by the king and people took it as a sign that he needed more time" That king, we later learn, is his heart.

The song is also called black swan so maybe that's what this whole thing is about.