The original videotape of this speech by bin Laden was delivered to al Jazeera and was a full 18 minutes long. The station created an edited-down five-minute version, which is the clip that they aired. The following transcript is from the shorter version of the speech, and was translated by the Middle East Media Research Institute.

“O American people, I address these words to you regarding the best way of avoiding another Manhattan, and regarding the war, its causes and its consequences. But before this, I say to you: Security is one of the important pillars of human life, and free men do not take their security lightly, contrary to Bush's claim that we hate freedom. Let him explain why we did not attack Sweden, for example. Clearly, those who hate freedom – unlike the 19, may Allah have mercy on them – have no self-esteem. We have been fighting you because we are free men who do not remain silent in the face of injustice. We want to restore our [Islamic] nation's freedom. Just as you violate our security, we violate yours. Whoever toys with the security of others, deluding himself that he will remain secure, is nothing but a foolish thief. One of the most important things rational people do when calamities occur is to look for their causes so as to avoid them.

“But I am amazed at you. Although we have entered the fourth year after the events of 9/11, Bush is still practicing distortion and deception against you and he is still concealing the true cause from you.