This song was sung in Spanish by the actress Rosita Serrano in the 1938 German film Es Luechten die Sterne (The Stars Shine). The story behind the comic song comes as the result of a pancake falling out a window onto Molly’s head, and is mistaken for a new hat style. Here is a loose translation of the text in English:

Have you seen Miss Molly's 
new hat yet?
Oh, it's so chic. Oh, it's so beautiful.
But it's not a hat, it's a chapeau.
It's only available in Paris - and nowhere else.
 
Silver Molly
Wow, the rumba
With a hat, yes
 
She bought it yesterday in Paris
The mania returned
Because of your mania, your mania, your mania...
 
Silver Molly
No, no, don’t think about love anymore
 
From her land that rubber
Heaven saw the flower
No, no, no, don’t think about l'amor
Don’t think about love