Library of Congress LC-DIG-ppmsca-57993
Circa 1916 postcard by R. Leoncavallo shows a caricature of Kaiser Wilhelm as a clown, complete with Pickelhaube, holding a knife dripping blood. The Italian lyrics translate as, Yes, Pagliaccio, I have a pale face solely from anger and a desire for revenge.
Ah, the old vendetta.
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The high-heeled shoes are a nice touch. I guess Kaiser Wilhelm was of short stature?