When I first saw the video and listened to the song I thought, "wow, this is stupid if they're gonna keep singing about handlebars" Then it moved on and showed the difference between two friends and how one loves freedom (represented by the dove); and how one becomes arrogant from (I can ride my bike with no handlebars) to (I can end the planet in a holocaust). This isn't just about government arrogance, ignorance, and corruption; it's about human nature and corruption of the mind.
What is your interpretation?