Lyric discussion by Volkisher 

Cover art for I-E-A-I-A-I-O lyrics by System of a Down

Idealization without consonants = IEAIAIO. This is the ideal version of America (Sarcasm). The first part is gossip, the affairs and secret meetings and murdered cops. It reflects American "comics" The "Bubbles erotica" part is off of a song on the same album called bubbles, which is about the arms race.

Seeing America thrives on violence and the arms race the plutonium wedding rings is sarcastically saying what sacred unions will come too in the near future. This is all represented by the American flag on the Fourth of July, the bubble is also like an explosion like the fourth of July, but with plutonium.

Red007's review above is also good and plausible.