Thursday on his nationally syndicated program, conservative talker Rush Limbaugh warned Wednesday market turmoil was a sign of things to come for the 2020 election.

According to Limbaugh, there could be an effort shortly before the 2020 presidential election to create a sense of fear about the economy and the potential for a recession to prevent President Donald Trump’s reelection.

Partial transcript as follows (courtesy of RushLimbaugh.com):

Okay. Quick, I have a little miniature pop quiz for you. What was all over the news yesterday that you can’t find a single word about today? Dadadadada. What was that? Recession is it, Mr. Snerdley. As an employee you don’t win anything, but that’s exactly right.

The recession was all over the news yesterday. It was all anybody was talking about. It was panic city. It was pack-up-the-kids-and-go-to-New Zealand day. It was get-out-of-America. It was over. We had it. Finally, we’re going to get rid of Trump.

Now, not a word. And, in fact, if there is news about the economy today, it’s about how we are not going into a recession. Shannon Bream last night had Janet Yellen on there, said, “We’re not going into a recession.” Fox News had Art Laffer on. “We’re not going into recession.” Shannon Bream had me on last night via this program as a noted economist theorist. “We’re not going into recession.”

So what the heck was yesterday all about? Stand by and I will tell you. Well, it’s time to broom all the headlines from yesterday and last night all over websites and cable news. Today, retail sales numbers have come in strong. WalMart sales are very strong. The ChiCom foreign minister has announced a desire to talk, to reach a trade agreement.

Can you say blink? The ChiComs want to talk to Trump. Trump has responded by saying (imitating Trump), “You know it might be time to have a personal meeting with my really good friend Xi, Xi Jinping.” Janet Yellen says no recession. Hong Kong protesters continue to wave the American flag and sing the National Anthem in English. Jay-Z has thrown Colin Kaepernick under the bus and overboard in his press conference with Goodell of the NFL.

What recession? Hong Kong officials offer to buy the protesters off with a government-provided country-wide financial package. You didn’t hear about that? The ChiComs have offered to pay the protesters to go away. Now, really, folks, what explains this? Let me just tell you one thing. And I’ve been saying this since the day Trump was inaugurated.

Anytime, anywhere the left went nuts, even on some occasion when Republicans went nuts, this is what pushback looks like. And Trump is not just pushing back against the Washington establishment. Donald Trump is pushing back against a globalist elite whose express purpose is to eliminate the concept of national sovereignty.

This is a much bigger organization loosely fit that Trump is pushing back against than just the Democrat Party. It’s much bigger than just the American media. It’s much bigger than just the Washington establishment. But this is what it looks like. And if anybody thought that all it was going to take was a presidential election to unseat the ChiComs from their global economic dominance, if it was going to be easy to realign the global supply chain, if anybody thought it was going to be easy to eliminate the Saudis in the Middle East as necessary providers and suppliers of oil, you have to think again.

This is what Making America Great Again looks like, because there are so many forces aligned against that concept. And it’s not just people who are aligned against America. That’s part of it. But it is this globalist, anti-sovereignty movement that is occurring, centered in Europe, with a lot of players in the United States as part of it.

So I’ll tell you what I think yesterday was. Are you ready? I think yesterday was a dry run. I think yesterday was a dry run for later on in the election season. I think they wanted to see how they could succeed, if they could succeed, in causing the bottom to fall out of Trump public opinion by claiming that Trump’s policies are destroying the United States economy.

They couldn’t stick with it for more than one day because it isn’t true, folks. There’s no truth to the fact that we’re on the verge of a recession. We’re the only nation in the world with a demonstrably growing economy. We are not on the verge of a recession here. Quite the opposite. We still have economic growth that was not seen in eight years of the Obama Administration, which is another thing that is irritating a lot of people.

So I think it was a dry run. I think it was an attempt to see how it played, an attempt to see if they could do it, an attempt to see if they could affect pretty much blanket media coverage with the drop of a dime that we are in a recession or on the verge of a recession. So they’ve set it up. They didn’t say we’re in a recession. They said we’re on the verge. It’s just around the corner. They’re using the inverted yield curve, which, of course, nobody understands. And it’s even more difficult to try to explain to somebody what it is.

So that fits the bell as well. Come up with some economic calamity that nobody can possibly understand to explain why we’re going into recession. Only the economic wizards of smart understand. So keep a sharp eye, because I think they’ll probably deem what they did yesterday a success. But there’s going to be a price to pay for dropping it.

They took the market down a record number, 800 points in one day. They wanted to see what they, the anti-Trump forces, wherever you find them, folks. And believe me there are plenty of them on Wall Street. There are plenty of financial people who have fully bought into this globalist business. I guess I should expand on that today. I’ve referred to this today and numerous days in the past.

There’s no question here that there is an attempt here to do away with the concept of nation states and replace it with some sort of global elite leadership. And for the global elite leadership to succeed and prosper, you have to get rid of nation states. You have to get rid of the idea of national sovereignty. And if you’re going to do that then you have to get rid of the biggest one. You have to somehow get rid of the United States.

And to do that, do you know what you have to do? You have to get rid of democracy. You have to get rid of the concept that the American people or any people in a country have the right of self-determination. If you can do that, if you can eliminate democracy — and I know we’re a representative republic, but I’m simply talking about the public having a say in how their affairs are governed – if you can get rid of that, then you are well on your way.

And mindless, never-ending invasions of illegal immigrants at the border is all part of it. There’s a massive effort. And, by the way, I will explain this as the program unfolds today. This is the reason why Make America Great has so panicked these people. They really thought they were on the way to accomplishing this with Obama in the White House.

Now, we’ll go back and revisit some of Obama’s quotes regarding this. Obama was all for this in a couple of speeches at the United Nations. Trump coming along, Make America Great Again, all of this talk about nationalism, white nationalism, all of this is made-up bohunk to try to destroy Trump’s effort at protecting, preserving and maintaining the United States of America as a sovereign nation, which is really what this is about when you strip away all the other distractions.