The words "Everything" in this phrase represent reality. The phrase communicates that current reality can't be changed, so it should be accepted. You can only affect the future, and that is only if you know how to, and have the capability to affect the future.
The phrase is often used as a response in circumstances in which a person is continuously rambling on about a particular issue, but nothing is currently going to change. The current situation is what it is.
but everything is everything mugs, tshirts and magnets
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