Lyric discussion by JohnnyG 

This song is a culmination of fantasies and imagined dreams by Robert Fripp. Influenced by old world and olde English folklore, he has summarily condensed it down to this song.

Umm, sorry but no, this is a Peter Sinfield and Ian McDonald song. From the wiki:

"More significantly, McDonald brought in lyricist, roadie and art strategist Peter Sinfield, with whom he had been writing songs — a partnership initiated when McDonald had said to Sinfield, regarding his 1968 band Creation, "Peter, I have to tell you that your band is hopeless, but you write some great words. Would you like to get together on a couple of songs?" One of the first songs McDonald and Sinfield wrote together was 'The Court of the Crimson King'".

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