In the largest ever young audience at Liberty University, Lynchburg, Donald Trump touted the upcoming November elections as 'the most important election that we've ever had.'

"The world is laughing at us," he said to the students gathered at the convocation to hear him speak.

"We just seem to have lost our edge, and now we're in a position that unless things take place and take place fast, we are going to be, for many, many years to come, in serious trouble to the point that I don't know we can really come back."

He spoke about nation's debt, unemployment, dependence on foreign goods, and the oil crisis and also made a sweeping statement that the dollar is being 'devalued.'

Trump even addressed the foreign policy issues and criticized President Obama administration. He said Obama is a 'Teflon' President who is benefitting as a result of a media bias in his favor.

He addressed 10,000 students who attended Convocation in the Vines Center. The Lynchburg community response made the university to establish two satellite locations, Thomas Road Baptist Church and the Towns Alumni Lecture Hall.

Chancellor Jerry Falwell, Jr. along with Dr. Ronald Godwin, senior vice president for academic affairs and provost, awarded Trump an honorary doctorate of business at the event.

Former presidential hopeful, Michele Bachmann, whose daughter is a LU student, was also present during the ceremony.

Trump also mentioned that he waived his usual $5 million fee he would charge for public speeches as a gift to the school which he respected immensely. He said he really wanted to be here because he had 'heard so much about Liberty University.'

"This is an amazing school. ... All over the world they are talking about it - Liberty University, what they've done and in such a short time. You can be very, very proud of yourself and your leaders."

He addressed the students for about 30 minutes and later, took some selective question from the audience as well.

He advised the students to develop an ability to handle pressure to be successful. He also asked them not to let anyone to take advantage of them, 'get even', he said.

"...always have a passion - your family, your life, your church. You gotta love it," he said.

Liberty University is always known for hosting speeches from conservative politicians. Trump is the latest in this trend. Earlier, 2008 GOP presidential candidate Sen. John McCain, former Arkansas Gov. Mike Huckabee and 2012 GOP presidential nominee Mitt Romney have addressed the students.