"Here is your cart, your cardboard and piss" - a metapor?

I was listening to Leonard Cohen's Here It Is and wondered what the lyrics mean:

Here is your crown
And your seal and rings;
And here is your love
For all things.

Here is your cart,
And your cardboard and piss;
And here is your love
For all of this.

At first I did not get the meaning at all (What? Cart, cardboard and piss? Why would one love them?). However, after some consideration I think I understand what it means but I still have some doubts. In the first verse the objects mentioned represent someone powerful and high-ranking (crown, seal, rings). In the second verse, the objects probably represent someone miserable and low-ranking. So is it a bum pushing his cart, sleeping on a filthy piece of cardboard? These things are the world to him, and they mean as much to him as a crown, seal, and rings mean to a king.