These poetic words are describing a very depressing situation. The reference to bones sinking indicates many people are dying. The "all that we've fought for" indicates a war was going on. The "places we've grown" is a poetic way of describing a societies' achievements, such as buildings, culture, infrastructure, and the like. The "all of us are done for" is an idiom meaning death, or something extremely bad, is about to happen to the group.