Following are excerpts from Al-Qaeda leader Osama bin Laden's latest audio recording, which was aired by Al-Jazeera TV on January 19, 2006.

Osama bin Laden: My message to you refers to the war in Iraq and in Afghanistan, and how to bring about its end. I did not intend to talk with you about this subject because for us, the matter has been decided. Only iron can defeat iron. Our situation, Allah be praised, is getting better and better, while it is the opposite with your situation.

But what has led me to speak is the repeated words of deception by your president Bush, in his interpretation of the results of public opinion polls among you, which showed that the overwhelming majority of your public wants to withdraw the forces from Iraq – but (Bush) opposed this and said that withdrawing the forces would convey the wrong message to the adversaries, and that it is preferable for us to fight them on their soil, rather than for them to fight us on our soil.

My answer to these words of deception is: The war in Iraq is raging without cessation, and the (military) operations in Afghanistan are constantly escalating - to our advantage, Allah be praised. The Pentagon figures indicate a rise in the number of your dead and wounded, in addition to the huge material damage.

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I say that the poll results please the wise (among you), and that Bush's rejection of these results is a mistake, and that reality shows that the war against America and its allies has not remained limited to Iraq, as he claims, but rather, that Iraq has become a source of attraction and recruitment of qualified people.

On the other hand, Allah be praised, the mujahidun have managed repeatedly to break through all security measures taken by the oppressing coalition countries. Proof of this is the bombings you have witnessed in the capitals of the most important European countries that are members of this hostile coalition.

As for the delay in similar operations in America – this has not been due to any inability to break through your security measures. The operations are being prepared, and you will witness them, in your own land, as soon as the preparations are complete, Allah willing.

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Based on what I've said, it can clearly be seen that Bush's words are false, but what he refrained from saying – and this is the essence of the poll results, which favor troop withdrawal - is that it is better that we do not fight the Muslims on their soil, and they will not fight us on our soil. We have no objection to responding to you, regarding a long-term cease fire under fair conditions, which we will uphold. We are a nation forbidden by Allah to betray and lie. Under such a cease fire, both sides will enjoy security and stability, and we will build Iraq and Afghanistan, which have been destroyed by the war. There is nothing wrong with this solution, except that it will prevent the flow of hundreds of billions to people of influence and to the merchants of war in America, who supported Bush's elections campaign with billions of dollars.

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In conclusion, I say to you that the war will be won either by us or by you. If it's the former, loss and disgrace will be your lot for all eternity, and, Allah be praised, this is the way the wind is blowing. If it is the latter, you should read the history (books). We are a nation that does not remain silent over injustice, and we seek blood vengeance all life long. Not (many) days and nights will pass before we take blood vengeance, like we did on 9/11 – Allah willing.

If your minds remain worn out and your lives remain miserable, things will progress towards that which you hate. As for us – we have nothing to lose. He who swims in the sea does not fear the rain. You have occupied our land and violated our honor. You have shed our blood and plundered our property. You have destroyed our homes and banished us. You have harmed our security, and we will pay you back in kind.