It is in reference to this part of Obama's speech today at West Point:

"The international order we seek is one that can resolve the challenges of our times,'" he said in prepared remarks. "Countering violent extremism and insurgency; stopping the spread of nuclear weapons and securing nuclear materials; combating a changing climate and sustaining global growth; helping countries feed themselves and care for their sick; preventing conflict and healing its wounds."

Of course, as Fox is obviously aware, the phrase New World Order has long been a favorite of the most extreme rightwing fringe groups. Everyone from Christian fundamentalists to The John Birch Society to white supremacists and militia groups. Pat Robertson even wrote a book with that title, which was about a worldwide Jewish conspiracy, among other things.

Perhaps the most famous adherent of this conspiracy was Timothy McVeigh:

McVeigh was convinced that the United Nations planned a "New World Order"—an "establishment of a single world government designed to place severe limits on ... freedom... with American gun owners their prime targets."

And the phrase is alive and well today.

There is currently a wildly popular documentary on the right called The Obama Deception. The "About" page describes the film thusly:

The Obama phenomenon is a hoax carefully crafted by the captains of the New World Order. He is being pushed as savior in an attempt to con the American people into accepting global slavery.

Fox is well aware of what they're doing (the headline is still there as of this writing). They've spent plenty of time riling up the Tea Baggers, of course, but this is taking things to a whole different level. The far right understands this dog whistle very well.

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Judging by the comments section over at Fox, the whistle is having its desired effect:

This new world order is about the destruction of individual freedom & liberty and has been envisioned by the progressives for decades. The result is intended to be a few very powerful men that will reach across the globe to control you. I pray the majority of Americans put a stop to this. I do not want to live in that world.

God please help this country to see that Obama is evil incarnate. He will destroy us if we don't get him and his corhorts out of office......SOON!