Originally Posted by sleepy jack fire drill

Only the first two lines were written on acid trips most of it were admittedly nonsense and even the opening lines are a play on an old folk song. It's completely a parody on Dylan's lyrics at the time which were frankly 90% rubbish and I'm sure as an excellent lyricist himself John was fully aware Dylan's lyrics we're written for the sake of being written and didn't have any sort of meaning behind it.