Lyric discussion by carlyess 

Cover art for Rag & Bone lyrics by White Stripes, The

Definitely about recycling old riffs and songs. Bringing new life to something that someone else once enjoyed and loved so that someone else can enjoy it too. One's man trash is another's treasure; I don't think he's talking about literal objects.

"C'mon and get it granny while it's hot You think it's trash granny but it's not" Probably refering to new music and how older generations just don't have the ear for it.