I have to confess I have always liked this song to the point of obsession.  My favorite verses:

A self-ordained professor’s tongue
Too serious to fool
Spouted out that liberty
Is just equality in school
“Equality,” I spoke the word
As if a wedding vow
Ah, but I was so much older then
I’m younger than that now.

In a soldier’s stance, I aimed my hand
At the mongrel dogs who teach
Fearing not that I’d become my enemy
In the instant that I preach
My existence led by confusion boats
Mutiny from stern to bow
Ah, but I was so much older then
I’m younger than that now.

Yes, my guard stood hard when abstract threats
Too noble to neglect
Deceived me into thinking
I had something to protect
Good and bad, I define these terms
Quite clear, no doubt, somehow
Ah, but I was so much older then
I’m younger than that now.

The refrain refers to his realization that the older he got the more he realized how little he knew when he was younger and more certain.

A wonderful blog that digs into the meaning of this and a bunch of other Dylan tunes:  Every Bob Dylan Tune

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