The world has problems,
But my main concern is that
You be my baby.
As far as semi-coherent songs from the Basement Tapes sessions go, this is one of the more coherent ones. That doesn't mean it makes much sense.
1. Bob looks east and west and sees "all mankind in misery," but is more concerned with asking a girl to be his baby.
2. He doesn't see what he likes the best. Then the girl again.
3. She should drop her heavy load.
4. Fire in the east, fire in the west.
5. He's trying to save her time and not trying to mess with her.
Make of that what you will.