"This is not merely a local problem, this is a global problem. If Iran acquires nuclear weapons everything we have been talking about will pale in comparison," said Netanyahu.

The former prime minister and head of the Likud opposition party warned that Iran, armed with nuclear weapons, will put the oil reserves of the Gulf under their sway.

A nuclear-armed Iran, said Netanyahu, could easily bring down governments or fold them into Iran's realm; it could also "inspire and encourage various Islamic communities around the world."

"They will have been inspired by the fact that nuclear weapons are a providential sign of the coming victory of the true believers.

"This is a threat to the entire world and it cannot be seen as anything but that," said Netanyahu during a teleconference call early Wednesday.

"We are in the midst of two great transformations in the world," he said. "The first one I believe is positive, the second one is negative. The positive change is the global revolution in information, technology and freedom. A choice that is given to millions, if not billions of people to partake in the world economy; this is a great hope for mankind. The impact is much greater than the industrial revolution. It will improve the general lot of mankind, womankind, childrenkind, people everywhere.

But, warned Netanyahu, there's also "an opposing force that has been unleashed first in the late seventies, in 1979 in Iran and then a decade later in Afghanistan; and these are the latent forces of militant Islam, latent because they've been brewing for centuries under the surface.

Netanyahu said there is "a clear trajectory of the rise of militant Islam."

Although the two strains of this dogma – militant Sunnis and militant Shiism – disagreed with one another, their objective, according to Netanyahu, is the same.

"Their goals are unlimited. Whatever successes they have had so far, they don't intend to stop. The militant Shiites in Iran are openly boasting that they are racing to develop nuclear weapons with the explicit announced goal of wiping Israel off the face of the map, and of reestablishing the caliphate, of course under militant Iranian rule."

Iran's influence in the region is growing, warned Netanyahu. He said that Hezbollah, the Lebanese Shiite movement, considered to be a terrorist organization by Israel and the United States, now has some 40,000 rockets aimed at Israel.

"That's a lot more than they had before the Second Lebanon war," cautioned the Israeli politician.

He said that Hezbollah's newer rockets have a much longer range and are far more lethal than those used in that Lebanon war two years ago. This new generation of Hezbollah rockets, according to Netanyahu, could now reach most of Israel.

"And this is all done by Iran. It cannot be understood as anything but an Iranian operation."

Netanyahu pointed out that Iran, by way of its proxy militia in the Palestinian territories, Hamas, had already taken over half of the Palestinian territory.

"They've taken over Gaza, and they are getting ready to take over even more.

"I said a year and a half ago that the year is 1938 and Iran is Germany and it's racing to acquire nuclear weapons. If that's the case, were now 1939. There is now about two years left before Iran becomes a nuclear power."

Netanyahu said that "the first thing we must do – and by we, I mean the civilized community of nations – we have to do everything in our power to prevent the arming of Iran with nuclear weapons.

"The bottom line is that the army of Iran with nuclear weapons must be stopped. This will in many ways cut down the threat of Iranian backed terror."

Netanyahu said that although the public was not aware of the full dimensions of the problem, Israelis from all political parties are unanimous in recognizing the threat posed by Iran.

"The world will change for the worst if we don't stop it," he said.