This song was written (music and lyrics) by P. Vuković but made popular by Miroslav Ilić. It was released in 1993 during the civil wars in the former Yugoslavia. 

In that context, this song can be viewed as a little dig at the U.S. 

Nevertheless, it’s a catchy tune that in the end, states that a meter (ie 3ft) of his village, is the same as all of America. In other words, he wouldn’t trade his little village for all of America.