Lyric discussion by Intelligentle 

I think it basically means that all of what we collect in our life and cherish as "memorabilia" is ultimately just physical markers of bad memories and experiences, hence it being 'miserabilia'. We may see them as important and impactful, these moments, and they might well be but in the end it sucks and it hurts and such is life. ( "None of it mattered, Nobody cares" )

"Your hands will remain empty when you have stopped clutching at straws Cling to bad memories, forget all the insufferable bores." It doesn't matter if you hold onto to tangible representations of these shitty memories because whether you do or you don't, you're empty handed either way. You gain nothing.

"I'm not saying there's good in none of this Miserabilia to show the kids" The song isn't condemning the collection of these kind of sad trophies, it's only natural that we do it, but in the end just about the only benefit it'll serve is maybe to further illustrate these stories if you choose to tell them to your friends or kids.

Most of the song is illustrating memories which might lead you to collect 'miserabilia' such as loving someone too much and scaring them away, getting cheated on, and your favourite team losing (if datewithikea is right.). As well as further explaining the real nature of the things we collect ( "scabs in lockets, hung them round our necks like nooses" ).

It must also be said that 'miserabilia' and the stuff we collect isn't limited to physical things but memories as well.

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