The full transcript is now online of the Bin Laden tape. Excerpts:

People of America this talk of mine is for you and concerns the ideal way to prevent another Manhattan, and deals with the war and its causes and results.

Before I begin, I say to you that security is an indispensable pillar of human life and that free men do not forfeit their security, contrary to Bush's claim that we hate freedom. If so, then let him explain to us why we don't strike for example - Sweden? ...

No, we fight because we are free men who don't sleep under oppression. We want to restore freedom to our nation, just as you lay waste to our nation. So shall we lay waste to yours.

No-one except a dumb thief plays with the security of others and then makes himself believe he will be secure. Whereas thinking people, when disaster strikes, make it their priority to look for its causes, in order to prevent it happening again.

But I am amazed at you. Even though we are in the fourth year after the events of September 11th, Bush is still engaged in distortion, deception and hiding from you the real causes. And thus, the reasons are still there for a repeat of what occurred....

This means the oppressing and embargoing to death of millions as Bush Sr. did in Iraq in the greatest mass slaughter of children mankind has ever known, and it means the throwing of millions of pounds of bombs and explosives at millions of children - also in Iraq - as Bush Jr. Did, in order to remove an old agent and replace him with a new puppet to assist in the pilfering of Iraq's oil and other outrages.

So with these images and their like as their background, the events of September 11th came as a reply to those great wrongs, should a man be blamed for defending his sanctuary?

Is defending oneself and punishing the aggressor in kind, objectionable terrorism? If it is such, then it is unavoidable for us.

This is the message which I sought to communicate to you in word and deed, repeatedly, for years before September 11th.

And you can read this, if you wish, in my interview with Scott in Time Magazine in 1996, or with Peter Arnett on CNN in 1997, or my meeting with John Weiner in 1998.

You can observe it practically, if you wish, in Kenya and Tanzania and in Aden. And you can read it in my interview with Abdul Bari Atwan, as well as my interviews with Robert Fisk.

The latter is one of your compatriots and co-religionists and I consider him to be neutral. ...

At a time when some of our compatriots were dazzled by America and hoping that these visits would have an effect on our countries, all of a sudden he [Bush, Sr.] was affected by those monarchies and military regimes, and became envious of their remaining decades in their positions, to embezzle the public wealth of the nation without supervision or accounting.

So he took dictatorship and suppression of freedoms to his son and they named it the Patriot Act, under the pretense of fighting terrorism. In addition, Bush sanctioned the installing of sons as state governors, and didn't forget to import expertise in election fraud from the region's presidents to Florida to be made use of in moments of difficulty.

All that we have mentioned has made it easy for us to provoke and bait this administration. All that we have to do is to send two Mujahideen to the furthest point East to raise a piece of cloth on which is written al-Qaida, in order to make the generals race there to cause America to suffer human, economic, and political losses without their achieving for it anything of note other than some benefits for their private companies. ...

So we are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah.

That being said, those who say that al-Qaida has won against the administration in the White House or that the administration has lost in this war have not been precise, because when one scrutinizes the results, one cannot say that al-Qaida is the sole factor in achieving those spectacular gains.

Rather, the policy of the White House that demands the opening of war fronts to keep busy their various corporations - whether they be working in the field of arms or oil or reconstruction - has helped al-Qaida to achieve these enormous results. ...

And it was to these sorts of notions and their like that the British diplomat and others were referring in their lectures at the Royal Institute of International Affairs. (When they pointed out that) for example, al-Qaida spent $500 000 on the event, while America, in the incident and its aftermath, lost - according to the lowest estimate - more than 500 billion dollars.

Meaning that every dollar of al-Qaida defeated a million dollars by the permission of Allah, besides the loss of a huge number of jobs.

As for the size of the economic deficit, it has reached record astronomical numbers estimated to total more than a trillion dollars.

And even more dangerous and bitter for America is that the Mujahideen recently forced Bush to resort to emergency funds to continue the fight in Afghanistan and Iraq, which is evidence of the success of the blee-until-bankruptcy plan - with Allah's permission.

It is true that this shows that al-Qaida has gained, but on the other hand, it shows that the Bush administration has also gained, something of which anyone who looks at the size of the contracts acquired by the shady Bush administration-linked mega-corporations, like Haliburton and its kind, will be convinced. And it all shows that the real loser is...you.

It is the American people and their economy. ...

And it's no secret to you that the thinkers and perceptive ones from among the Americans warned Bush before the war and told him, "All that you want for securing America and removing the weapons of mass destruction - assuming they exist - is available to you, and the nations of the world are with you in the inspections, and it is in the interest of America that it not be thrust into an unjustified war with an unknown outcome."

But the darkness of the black gold blurred his vision and insight, and he gave priority to private interests over the public interests of America.

So the war went ahead, the death toll rose, the American economy bled, and Bush became embroiled in the swamps of Iraq that threaten his future. He fits the saying, "Like the naughty she-goat who used her hoof to dig up a knife from under the earth"

So I say to you, over 15 000 of our people have been killed and tens of thousands injured, while more than a thousand of you have been killed and more than 10 000 injured. And Bush's hands are stained with the blood of all those killed from both sides, all for the sake of oil and keeping their private companies in business.

Be aware that it is the nation who punishes the weak man when he causes the killing of one of its citizens for money, while letting the powerful one get off, when he causes the killing of more than 1000 of its sons, also for money. ...

Finally, it behooves you to reflect on the last wills and testaments of the thousands who left you on the 11th as they gestured in despair. They are important testaments, which should be studied and researched.

Among the most important of what I read in them was some prose in their gestures before the collapse, where they say, "How mistaken we were to have allowed the White House to implement its aggressive foreign policies against the weak without supervision." It is as if they were telling you, the people of America, "Hold to account those who have caused us to be killed, and happy is he who learns from others' mistakes," And among that which I read in their gestures is a verse of poetry, "Injustice chases its people, and how unhealthy the bed of tyranny."

As has been said, "An ounce of prevention is better than a pound of cure."

And know that, "It is better to return to the truth than persist in error." And that the wise man doesn't squander his security, wealth and children for the sake of the liar in the White House.

In conclusion, I tell you in truth, that your security is not in the hands of Kerry, nor Bush, nor al-Qaida.

No.

Your security is in your own hands. And every [U.S.] state that doesn't play with our security has automatically guaranteed its own security.

And Allah is our Guardian and Helper, while you have no Guardian or Helper. All Peace be Upon he who follows the Guidance.

I added in brackets the MEMRI translation of one phrase, which has been confirmed by several other sources.

The most disgusting part of Bin Laden's speech is the part where he charaterizes what he believes the people who died in 9/11 were thinking as they gestured while dying. And Bin Laden closes by saying that we "have no Guardian or helper," but that "Peace be Upon he who follows the Guidance," presumably of bin Laden claiming to speak for Allah.