Looking at the video now, the word he uses here is actually "Vernichtung" (to bring to nothing), but it has essentially the same meaning. He goes on to explain:

I believe the earlier this problem is resolved, the better. For Europe cannot find peace before it has dealt properly with the Jewish question.

It is possible that the necessity of resolving this problem sooner or later should bring about agreement in Europe, even between nations which otherwise might not have reconciled themselves as readily with one another. There is more than enough room for settlement on this earth. All we need to do is put an end to the prevailing assumption that the Dear Lord chose the Jewish people to be the beneficiaries of a certain percentage of the productive capacities of other peoples’ bodies and their labors. Either the Jews will have to adjust to constructive, respectable activities, such as other people are already engaged in, or, sooner or later, they will succumb to a crisis of yet inconceivable proportions.