To me, it's about a relationship that is over, but he won't admit it. So she's goading him into it, throwing it in his face. "Say it's over, we both know it. There's nothing left to lose."
Also, the part about being a ghost, and something burned out years ago.... makes me think that she's saying there's no way she's going to believe him if he says anything else. She's not willing to give up what she has for something that might not be true, for something that's been gone for a long time.
To me, it's about a relationship that is over, but he won't admit it. So she's goading him into it, throwing it in his face. "Say it's over, we both know it. There's nothing left to lose."
Also, the part about being a ghost, and something burned out years ago.... makes me think that she's saying there's no way she's going to believe him if he says anything else. She's not willing to give up what she has for something that might not be true, for something that's been gone for a long time.
Amazing song. Amazing CD. Epic!