Can you ride a bike, with no handlebars? no handlebars? no handlebars?

It actually has a very deep political meaning. It is about the human potential to be creative and destructive, in this case the focus is nuclear weapons. It is metaphor for the detached nature of the people who would be firing these weapons. E.g. the president wouldn't be to bothered about pushing the red button because he will be safe in his underground bunker.
 
I can do better than riding a bike with no handlebars- I can split the atoms of a molecule...

Haha, my brother loves this song too. I guess it means that everything's possible because so many people nowadays have such great power to do seemingly impossible things. But with power, there comes corruption and implications on many other people.

So I guess the song's hinting at the downside to power while also showing how it has benefitted others, but it ends with something simple like riding a bike with no handlebars- a minor form of power and control, but still power nonetheless.
 
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