This is a rush transcript from "Glenn Beck," February 24, 2009. This copy may not be in its final form and may be updated.

GLENN BECK, HOST: We have a special guest, Ron Paul, joining us here in just a second. First, I want to play — I want to play a piece, in fact — hello, Congressman. How are you, sir?

RON PAUL (R), TEXAS CONGRESSMAN: Good. How are you?

BECK: Very good. I want to play a piece for the American people, something that was said at Columbia University at a dinner on Friday, finally got a hold of the audio and the video of this. This is George Soros and what he said on Friday on how bad things are at Columbia University.

(BEGIN VIDEO CLIP)

GEORGE SOROS, BILLIONAIRE INVESTOR: The seriousness of this crisis cannot be exaggerated. The closest comparison I can think of is actually the collapse of the Soviet system.

(END VIDEO CLIP)

BECK: OK. So, George Soros is now — and I got something on this tomorrow, America, that you just don't want to miss — the collapse of the Soviet system is how serious this is. What scares me about this, Congressman, is, I know there are people all around the world that are licking their chops at, well, wait a minute, if things collapse on capitalism, we're going to have to restart it.

Video: Watch Glenn's interview with Ron Paul

Can you tell me, you know, what is the G-20 doing? What is happening around the world with Gordon Brown — who will be in Congress next week — that says, hey, I think we should have a new New Deal but a Global New Deal?

PAUL: Yes, they're frantic, and they're panicking. And you have the central banks from the G7, and I'm sure, are meeting constantly to plan the next monetary structure. We had a major structure reform in Bretton Woods in '44, it collapsed in '71.

We've had the dollar reserve standard from '71 up until last year. That's collapsed. It's gone. It's done. And they have to have a new monetary standard. And they're planning behind the scenes. We're not entitled to know anything about it. Under the law, they don't have to tell us a thing.

But believe me, they're planning. They're panicky, because they don't have an easy answer but there are major changes going on. I have argued this case for years...

BECK: OK. But...

PAUL: ... that we were working on destroying our whole system the way we were operating.

BECK: OK. So, Congressman, I mean, no offense, because I think you are the one guy who has had this right from the very beginning, but the problem is, if you say stuff like this, it sounds like a conspiracy theory, and I can't get — I mean, there's nobody in the media that is reporting this, there's nobody that's talking about this stuff but it only makes common sense. If people know that the is end is coming of the system that we have, and I'm not saying that, you know, I'm not saying that we're all going to, you know, cats and dogs are going to be sleeping with each other, et cetera, what I saying is, there is going to be a change coming.

Rupert Murdoch said that nations will be redefined in this period. You know that people at the global level are looking at it and saying, OK, what's it going to look like? Where can we find out? Where do we start to look?

PAUL: Well, you should look to the Congress but they pay much attention either.

BECK: No, they're not.

PAUL: And there will be a realignment and there is a struggle going on with us who believe that we should have national sovereignty, we should be out of the U.N., out of the World Bank, out of the IMF, in no world government. But that is the movement that we're going in, that's the direction we're going in.

But others are planning to go one step further. They weren't satisfied with the Bretton Woods; they weren't satisfied with the dollar standard. Now, they want to probably modify the special drawing rights of the IMF which they tried and then failed, but they want to control capital and they want to control the natural resources of the world.

So — and they're not — they're not nationalistic at all. They believe in world government...

BECK: Well...

PAUL: ... and they're more out in the open now than they were 25 years ago.

BECK: Here's the problem — I mean, everybody will say, oh, that Glenn Beck, he's a conservative. He just loved the Bush administration.

No, I didn't. And — while I am a businessman myself, and I like big business, I don't have a problem with Wal-Mart. I do have a problem with people that look at our country as a market, and that's what's happening. These global corporations are just looking at people as consumers and a market, so they don't give a flying crap about our Constitution or anything else, what's good for business. How do you stop that?

PAUL: I think there's a lot of truth to that and — but I concentrate on making sure nobody is big because they'd get a special benefit, either the bankers or the corporation, the international corporations, because inevitably, they get benefits. They get tax subsidies of all sorts, they get contracts, and they are protected, and they get all kinds of benefits from government. When you're big for that reason, let's argue that Wal-Mart got big because they satisfied the consumer, we don't want to — we don't want to come down hard on bigness per se, bigness and capitalism is good...

BECK: Yes.

PAUL: ... as long as they got there by the consumer voting confidence in that particular business.

BECK: Congressman, thank you very much.

By the way, America, I mean, I hope I'm — I hope I'm nuts. I mean, really, you've never met anybody who hopes he's wrong more than I am, or I do.

The solutions are going to be presented as gigantic, and global, and the answer is going to be local. The answer is going to come from you, and your local community, and your state, not the globe. That's where our nightmare is coming.

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